HARRY HUGHES, Governor

793

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.

4-109.

(a) Subject to the approval of the County Executives and
County Councils of Montgomery and Prince George's counties of the
plan for the issuance of refunding bonds pursuant to the
provisions of this section, the WSSC is authorized to borrow
money and to issue refunding bonds of the sanitary district from
time to time to refund any bonds or notes issued by the sanitary
district, at any time outstanding, for the purpose of effecting
savings in debt service costs, directly or through any debt
[restructuring,] RESTRUCTURING; however, the WSSC may issue
refunding bonds only upon a finding that such refunding will
result in total savings in debt service costs.

(b) Refunding bonds may bear such date or dates, may mature
at such time or times not exceeding 40 years from their
respective dates, may bear interest at such rate or rates, not to
exceed 10 percent per annum, may be made redeemable before
maturity upon such terms, may be in such denomination or
denominations, may be in such form, either coupon or registered,
may carry such registration and conversion privileges, may be
executed in such manner, may be payable in such medium of payment
at such place or places, within or without the State of Maryland,
may provide for the replacement of mutilated, destroyed, stolen
or lost bonds, and may contain such other terms, conditions and
covenants, as may be provided in the resolution or resolutions of
the WSSC authorizing the issuance of the refunding bonds.
Refunding bonds issued to refund outstanding bonds respecting
which front foot benefit charges shall have been levied shall be
stated to mature not later than 1 year from the date fixed for
the payment of the final installment of such front foot benefit

charges. Refunding bonds may be exchanged for bonds being

refunded or may be sold at public sale or, if the WSSC shall find
and determine that a public sale would be impracticable in
effectuating the purpose of the refunding bonds, at a negotiated
sale in open meeting, at such price, terms and conditions as the
WSSC shall determine to be for the best interest of the sanitary
district. At leas 45 days prior to the sale or exchange of any
refunding bonds, the WSSC shall deliver its plan respecting the
issuance of such refunding bonds to the County Executives and
County Councils of Montgomery and Prince George's counties and
such sale or exchange shall not be made unless such plan is
approved by the County Executives and County Councils of each of
the 2 counties; provided that if, during the period of 30 days
from the date of the delivery of the plan any County Executive or
County Council shall have failed to approved or disapprove the
plan, such failure shall be deemed an approval of the plan by
such County Executive or County Council. The foregoing time
periods may be waived by the County Executives and County