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1389
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HARRY HUGHES, Governor
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BY renumbering
Article 66D - Maryland-National Capital Park and
Planning Commission
Section 8-116 through 8-126, respectively
to be Section 8-115 through 8-125, respectively
Annotated Code of Maryland
(1978 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 66D - Maryland-National Capital Park and
Planning Commission
[6-101.
(a) For the purpose of securing any of the advances
authorized by and generally for the purpose of enabling the
Commission to comply with paragraphs (a) and (b) of § 1 of Public
Law 284, as amended, the Commission may enter into any contract
or commitment with the United States or any bureau or agency
thereof or the National Capital Planning Commission. In addition,
the Commission may issue serial maturity bonds or term notes and
deliver them to the National Capital Planning Commission or other
like agency of the United States, in full or partial payment of
such commitments or obligations, as the Commission makes,
assumes, or incurs in complying with the provisions of Public Law
284.
(b) The bonds or notes are to be issued and delivered upon
terms and conditions, not contrary to this title, that the
Commission agrees to with the National Capital Planning
Commission. As an alternative, the Commission may sell the bonds
or notes at public sale or by private negotiation at not less
than their par value and may use the proceeds to meet the
obligations or commitments to which reference was made above.
(c) The bonds or notes, if and when issued under either
alternative, may be of a denomination, bear a rate of interest
(not exceeding five percent a year) payable at times or places,
and be of a form or tenor as the Commission determines.
(d) The bonds authorized shall all be issued to mature in
varying or equal annual serial installments, beginning not later
than ten years from date of issue, but none of the bonds may
mature more than 60 years from its date of issue. The notes
authorized shall be issued to mature at one time as to each
issue, not later than ten years from their respective date or
dates of issue, and they may not be subject to renewal or
extension.
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