HARRY HUGHES, Governor

2365

(c) The Commission is authorized and empowered to issue its
negotiable notes from time to time in anticipation of the
issuance of bonds authorized by this Act. The notes may be
issued for periods not exceeding 5 years and may be renewed from
time to time for periods not exceeding 1 year. The notes,
including renewals, shall mature and be paid not more than 5
years from the date of the note or notes first issued. The notes
shall bear interest at such rate or rates as the Commission
determines to be advantageous to the Sanitary District and
otherwise in the public interest. The interest on the notes
shall be payable at such time or times on or before the maturity
of the notes as the Commission shall determine. The notes shall
be in such form and shall be executed in such manner as the
Commission shall provide. The notes shall be payable from the
proceeds of the bonds in anticipation of which they are issued;
provided, however, that the Commission, in its discretion, in
lieu of retiring the notes by means of bonds, may retire the
notes from any funds available for the payment of bonds
authorized by this Act for the project or projects for which the
notes were issued, in which event the maximum amount of bonds
which may be issued under the provisions of this Act shall be
reduced by the amount of the notes so retired.

SECTION 2. AND BE IT FURTHER ENACTED, That the Commission
may provide in any resolution authorizing issuance of the bonds
that the proceeds of the sale of the bonds or notes may be used
to pay either the first installment, or both the first and second
installments, of interest accruing on the bonds, pending the levy
and collection of the taxes as provided by this Act for the
payment of principal and interest.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.

CHAPTER 416

(House Bill 1143)

AN ACT concerning

Maryland-National Capital Park and Planning Commission -

Prince George's County - Budgetary Procedures
MC/PG 25-85

FOR the purpose of altering the date by which the Prince George's
County Council must approve the portion of the
Maryland-National Capital Park and Planning Commission
budget that is allocated to Prince George's County.

BY repealing and reenacting, with amendments,