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Ch. 631
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2016
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LAWS OF MARYLAND
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 67 - Washington Suburban Sanitary District
4-108.
(a) The WITH THE WRITTEN APPROVAL OF THE COUNTY EXECUTIVES
AND COUNTY COUNCILS OF MONTGOMERY AND PRINCE GEORGE'S COUNTY, THE
WSSC, on behalf of the sanitary district, at any time and from
time to time and in such manner as it determines, may borrow
money for any of the purposes for which any bonds of the sanitary
district are to be issued, and to issue negotiable bond
anticipation notes of the sanitary district for the money so
borrowed in anticipation of the issuance of such bonds, or in
anticipation of other revenues for capital expenditures. The
aggregate amount of all bond anticipation notes outstanding under
the authority of this section at any one time may not exceed
[$30,000,000] $85,000,000. The aggregate amount of bond
anticipation notes issued under the authority of this section in
anticipation of the issuance of bonds which are subject to the 14
percent limitation, together with the aggregate amount of bonds
then outstanding which are subject to the limitation, may not
exceed that limitation.
(b) Such bond anticipation notes, except those which may be
issued for emergent purposes as hereinafter mentioned and within
the hereinafter specified limitation therefor, shall mature
within a period of not exceeding 5 years, or if issued for a
period of less than 5 years they may be renewed from time to time
for successive periods of not exceeding 1 year each, but such
notes, including renewals, shall be payable not more than 5 years
from the date of the notes first issued. Such notes shall be in
such denomination or denominations, shall bear interest as
provided in § 4-104 of this title, payable at such time or times
at or before the maturity of the notes, shall be in such form and
shall be executed in such manner as the WSSC shall prescribe.
Such bond anticipation notes shall be sold at public sale or, if
the notes be renewal notes, they may be exchanged for notes then
outstanding on such terms as the WSSC shall determine; provided,
however, that of the aforegoing authorized bond anticipation
notes such notes in an amount of not more than [$1,000,000]
$10,000,000, either at one time or outstanding at any one time,
may be sold by a negotiated sale, i.e., without the requirement
of a public sale, where from an economic or engineering or
orderly financial administration point of view the WSSC finds the
requirements for the funds are such as to require the sale of the
notes at an immediate or earlier time than would be possible
through the procedures of public sale. Before concluding a
negotiated sale, however, the WSSC shall negotiate with at least
2 recognized banking institutions which generally purchase bond
anticipation notes and obtain the terms most favorable in the
WSSC's interest. Further, any bond anticipation notes sold at a
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