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Ch. 449
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1398
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LAWS OF MARYLAND
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of the Commission to issue bonds [or notes] as contained in §§
6-101[, 6-102] and [6-105] 6-104 of this title or in any other
law.
[6-104.] 6-103.
[The bonds or notes authorized, and the interest payable
thereon, in the hands of the persons entitled thereto from time
to time, shall be and remain forever exempt from all State,
county, and municipal taxation of every kind and nature
whatsoever in the State of Maryland.] THE PRINCIPAL AMOUNT OF
ANY BONDS ISSUED UNDER THIS TITLE, THE INTEREST PAYABLE THEREON,
THEIR TRANSFER, AND ANY INCOME DERIVED THEREFROM, INCLUDING ANY
PROFIT MADE IN THE SALE OR TRANSFER THEREOF, SHALL BE AND REMAIN
EXEMPT FROM TAXATION BY THE STATE OF MARYLAND AND THE SEVERAL
COUNTIES AND MUNICIPALITIES OF THIS STATE.
[6-105.] 6-104.
(a) [If any of the bonds or notes authorized to be issued
hereinabove in this title are issued and delivered to the
National Capital Planning Commission in part payment for any park
lands acquired under subsections (a) and (b) of § 1 of Public Law
284, as amended, and pursuant to any contracts under which the
National Capital Planning Commission may offer the bonds or notes
for sale to the public at a fixed time after the issue and
delivery, or if] IF any bonds are issued UNDER THIS TITLE subject
to redemption or repurchase, at the option of the Commission,
then the Commission may redeem or repurchase [the] SUCH bonds [or
notes] at the redemption prices therein stated, plus accrued
interest and provide funds for the redemption or repurchase by
the issue and sale from time to time of refunding bonds in the
manner and upon the terms and conditions hereinafter set forth.
(b) The refunding bonds may be issued in amounts sufficient
to accomplish the redemption or repurchase and in units [or
series] corresponding to the bonds [or notes] to be repurchased
or refunded [and bearing the same series letters as the bonds or
notes to be refunded,] or an issue of refunding bonds may be made
in an amount sufficient to provide for the refunding or
repurchase of several [series] ISSUES of bonds [or notes]. In no
event may bonds [or notes] initially issued on account of lands
purchased in Prince George's County and bonds [or notes]
initially issued on account of lands purchased in Montgomery
County be refunded or repurchased through the flotation of a
single issue of refunding bonds authorized hereinabove.
(c) The refunding bonds so authorized may be identified as
refunding bonds or designated in any other appropriate fashion.
The Commission may determine the terms and conditions of the
bonds and the manner, method, and place of sale thereof, subject
only to the condition that in no event may any issue of the bonds
mature later than 60 years from the earliest of the respective
dates of issue of the corresponding series of bonds or notes in
substitution for which any issue of bonds hereby authorized are
issued.
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