HARRY HUGHES, Governor

4051

trustee, in a trust fund established in the name of the
sanitary district. Money in the trust fund may be invested
and reinvested in direct obligations of, or obligations the
principal of and the interest on which are guaranteed by,
the United States of America. Money in the trust fund shall
be available, as provided by the [commission] WSSC, for the
payment of all or any part of the principal, interest, and
redemption premium, if any, of the bonds or notes, or any of
them, being refunded and of the refunding bonds, or any of
them, as the [commission] WSSC, in its discretion, shall
prescribe. Proceeds of refunding bonds shall be so invested
and applied as to assure that the principal, interest, and
redemption premium, if any, on the bonds or notes being
refunded shall be paid in full on their respective maturity,
redemption, or interest payment dates. The bonds or notes
being refunded which are subject to redemption prior to
their stated maturity dates may be called for redemption on
the earliest redemption date or at such later date as the
[commission] WSSC shall determine. Refunding bonds may be
issued in one or more series, each series being in whatever
principal amount the [commission] WSSC determines shall be
required to achieve the purpose for the issuance of the
refunding bonds, which amount may be in excess of the
principal amount of bonds or notes being refunded thereby.
All or any part of the refunding bonds may be made payable
from money in, and secured by, the trust fund in addition to
or in lieu of any other money or security that the
[commission] WSSC may provide for the payment or security of
the refunding bonds.

(d) For the purpose of retiring the refunding bonds
issued under the provisions of this section and the payment
of the interest thereon, there shall be levied annually
against all of the assessable property within the sanitary
district by the county councils of Montgomery and Prince
George's Counties, so long as the bonds are outstanding and
unpaid, a tax sufficient to pay the interest on the bonds as
it becomes due and to pay the principal and redemption
premium, if any, of the bonds at their maturity or
redemption; provided that as to any series of refunding
bonds issued to refund storm and surface water drainage
bonds, the tax shall be levied by the county council of the
respective [county] COUNTIES in which the storm or surface
water drainage systems provided with the proceeds of the
bonds thus being refunded shall be located. Such tax shall
be determined, levied, collected and paid over to the
[Washington Suburban Sanitary Commission] WSSC in the manner
provided by § [4-5] 4-105 of this [article] TITLE, and all
of the provisions of § [4-5] 4-105 of this [article] TITLE
shall apply to the refunding bonds issued under this
section. The [commission] WSSC shall make adequate
provision for extending to the rate payers of the
[commission] WSSC the benefit of savings in debt service
costs derived through the issuance of any refunding bonds
hereunder.