HARRY HUGHES, Governor

533

any debt restructuring which in the aggregate effects a reduction
in the cost of debt service]:

(1)  REALIZING SAVINGS TO THE ISSUER IN THE AGGREGATE
COST OF DEBT SERVICE ON EITHER A DIRECT COMPARISON OR PRESENT
VALUE BASIS; OR

(2)  DEBT RESTRUCTURING THAT:

(I)   IN THE AGGREGATE EFFECTS SUCH A REDUCTION
IN THE COST OF DEBT SERVICE; OR

(II)   IS DETERMINED BY THE GOVERNING BODY TO BE
IN THE BEST INTERESTS OF THE ISSUER, TO BE CONSISTENT WITH THE
ISSUER'S LONG-TERM FINANCIAL PLAN, AND TO REALIZE A FINANCIAL
OBJECTIVE OF THE ISSUER INCLUDING, IMPROVING THE RELATIONSHIP OF
DEBT SERVICE TO A SOURCE OF PAYMENT SUCH AS TAXES, ASSESSMENTS,
OR OTHER CHANGES CHARGES.

The power to issue refunding bonds under this section shall be
deemed additional and supplemental to the issuer's existing
borrowing power. The procedures for the issuance of refunding
bonds shall be the same as those applicable to the bonds or other
obligations being refunded, except that refunding bonds may be
sold on a negotiated basis without solicitation of bids if the
issuer determines in a public meeting that such procedure is in
the public interest.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
apply to any refunding bond issue on or after June 1, 1984.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall

take effect July 1, 1984.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 8, 1984.

CHAPTER 133

(Senate Bill 777)

AN ACT concerning

Baltimore County - Hunting on Private Land

FOR the purpose of requiring that a person who comes to hunt with
a gun on land in Baltimore County owned by another person