WILLIAM DONALD SCHAEFER, Governor                   Ch. 685

(2) (i) In this paragraph, "bonds" means bonds,
notes, and other obligations.

(ii) Notwithstanding any provision of law to
the contrary, including, without limitation, this article and the
State Finance and Procurement Article, the WSSC may issue bonds,
notes, and other obligations that have a maturity at the date of
issue of more than 1 year, as fully registered bonds without
coupons in a form that the WSSC deems necessary or desirable for
the purposes of:

1.  Qualifying the interest on the bonds
for exemption from federal income tax; and

2.  Conforming to standards and practices
for the registration and transfer of bonds generally followed by
banks and trust companies acting as registrars and transfer
agents of bonds. These standards and practices include signing
of bonds by facsimile signatures of WSSC officers, authentication
of bonds by the manual signature of any officer of any bank or
trust company signing as the registrar or transfer agent,
maintenance by registrars or transfer agents of records of owners
of bonds, complying with the standard record date system for
payment of interest, issuing bonds on the basis of book entries
and certificates, and complying with requirements for the form of
bond that is acceptable to central depositories used in the
marketing and trading of municipal bond issues.

4-107.

All sums collected by the WSSC for benefits levied against
property for water supply[,] AND sewerage [and drainage]
construction, as provided in § 5-101 of this article, shall be
set aside as a separate fund to be known and designated as the
"Current Bond Fund," from which fund interest shall be paid on
all outstanding bonds, and the balance of the Fund shall be
prorated monthly, and applied to the payment of the principal of
maturing serial bonds and the payment into the joint "sinking
fund" account, as provided under § 4-105 of this title, of the
proportionate part of the principal of outstanding sinking fund
bonds as the outstanding par value of both types of bonds bear to
each other. The WSSC, in order to determine the amount necessary
to be levied under § 4-105 of this title, shall deduct the amount
to its credit in the "Current Bond Fund" account from the whole
amount necessary to be raised in any 1 year for interest on all
of its outstanding bonds, the payment of the principal of its
maturing serial bonds and the proportionate part of principal of
all outstanding sinking fund bonds, and the balance remaining to
be raised shall be the amount to be certified to the County
Councils of Montgomery and Prince George's counties for
collection by taxation as provided under § 4-105 of this title.

[4-111.

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