792

LAWS OF MARYLAND

Ch. 255

(b) The WSSC and the respective counties shall, from time
to time, invest the sinking fund in any bond or bonds in which
savings or trust funds are authorized to be invested by national
banks by the U.S. treasury department. Should receipts from the
tax or other sources be inadequate to pay the principal of the
serial bonds maturing in the taxable year and to deposit the
principal payment on the sinking fund bonds, by reason of
defaults or otherwise, such [deficiency,] DEFICIENCY shall be
added to and collected in the next year's tax. The WSSC is
authorized to pay the interest on any bonds it may issue prior to
the first tax levying period out of the proceeds of the sale of
the bonds. For the purpose of paying the principal and/or
interest of bonds due or to become due within 4 months and for
paying the interest maturing on any bonds within 4 months and not
otherwise adequately provided for, or for meeting payments
required to be made to its employees and laborers and not
otherwise provided for, the WSSC may borrow money in anticipation
of taxes, sale of bonds or other revenue of the fiscal year in
which the loan is made or in anticipation of the taxes, sale of
bonds or other revenue of the next succeeding fiscal year, and
such loan shall be payable not later than the end of the fiscal
year next succeeding the year in which the loan was made.
Negotiable notes shall be issued for all money so borrowed, which
notes may be renewed from time to time, and money may be borrowed
upon new notes from time to time for the payment of any
indebtedness evidenced thereby; but all such notes and loans
shall mature within the time limited for the payment of the
original loan. Such notes may be disposed of in such manner as
the WSSC may determine, provided, however, that there shall never
be outstanding at any 1 time any such notes in an aggregate
amount in excess of an amount equal to the total principal of and
interest on bonds of the sanitary district provided to be due and
payable in the fiscal year in which such notes are issued. All
such notes shall be authorized by resolution of the WSSC, which
shall fix the actual or maximum face amount of the notes, the
actual or maximum rate of interest to be paid upon the amount
borrowed and the actual or approximate maturity of the notes.
The form and manner of execution of such notes shall be
determined by the WSSC.

4-108.

(a) With the written approval of the County Executives and
County Councils of Montgomery and Prince George's [County]
COUNTIES, 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
$85,000,000. The aggregate amount of bond anticipation notes