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Ch. 470
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1448
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LAWS OF MARYLAND
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to be Section 4-101(a)(l)
Annotated Code of Maryland
(1978 Replacement Volume and 1982 Supplement)
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BY adding to
Article 67 - Washington Suburban Sanitary District
Section 4-101(a)(2)
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 Section(s) 4-101(a), of Article 67 - Washington
Suburban Sanitary District, of the Annotated Code of Maryland be
renumbered to be Section(s) 4-101(a)(l).
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SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:
Article 67 - Washington Suburban Sanitary District
4-101.
(a) (2) (I) IN THIS PARAGRAPH, "BONDS" MEANS BONDS, NOTES,
AND OTHER OBLIGATIONS.
(II) NOTWITHSTANDING ANY PROVISION OF LAW TO
THE CONTRARY, INCLUDING WITHOUT LIMITATION, THIS ARTICLE AND
ARTICLE 31 OF THE CODE, THE WSSC MAY ISSUE BONDS, NOTES, AND
OTHER OBLIGATIONS THAT HAVE A MATURITY AT THE DATE OF ISSUE OF
MORE THAN 1 YEAR, AS FULLY REGISTERED BONDS WITHOUT COUPONS IN A
FORM THAT THE WSSC DEEMS NECESSARY OR DESIRABLE FOR THE PURPOSES
OF:
1. QUALIFYING THE INTEREST ON THE BONDS
FOR EXEMPTION FROM FEDERAL INCOME TAX; AND
2. CONFORMING TO STANDARDS AND PRACTICES
FOR THE REGISTRATION AND TRANSFER OF BONDS GENERALLY FOLLOWED BY
BANKS AND TRUST COMPANIES ACTING AS REGISTRARS AND TRANSFER
AGENTS OF BONDS. THESE STANDARDS AND PRACTICES INCLUDE SIGNING
OF BONDS BY FACSIMILE SIGNATURES OF WSSC OFFICERS, AUTHENTICATION
OF BONDS BY THE MANUAL SIGNATURE OF ANY OFFICER OF ANY BANK OR
TRUST COMPANY SIGNING AS THE REGISTRAR OR TRANSFER AGENT,
MAINTENANCE BY REGISTRARS OR TRANSFER AGENTS OF RECORDS OF OWNERS
OF BONDS, COMPLYING WITH THE STANDARD RECORD DATE SYSTEM FOR
PAYMENT OF INTEREST, ISSUING BONDS ON THE BASIS OF BOOK ENTRIES
AND CERTIFICATES, AND COMPLYING WITH REQUIREMENTS FOR THE FORM OF
BOND THAT IS ACCEPTABLE TO CENTRAL DEPOSITORIES USED IN THE
MARKETING AND TRADING OF MUNICIPAL BOND ISSUES.
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