WILLIAM DONALD SCHAEFER, Governor                   Ch. 685

(ii) The payment is made or assured by the
urban renewal authority; and

(2) Enter into agreements with any urban renewal
authority providing for payment to the WSSC over a period of
time, with the terms of the contract and rate of interest
determined by the WSSC.

SECTION 2. AND BE IT FURTHER ENACTED, That notwithstanding
any other provisions of this Act, all of the powers, functions,
and duties of the Washington Suburban Sanitary Commission with
regard to the design or construction of any stormwater management
project in Montgomery or Prince George's counties which is
substantially in progress prior to July 1, 1987, as jointly
determined by WSSC and the respective county, shall be continued
in full force and effect after July 1, 1987, until the projects
have been completed by the WSSC and the WSSC shall retain the
funds and property jointly determined to be necessary to complete
said projects. The WSSC shall be empowered to issue stormwater
drainage bonds of the WSSC until January 31, 1988, pursuant to

the authorization for such bonds contained in Chapter ___of the

Acts of 1987 (H.B. 740) or any previous Acts of the General
Assembly and to expend the proceeds of such bonds to pay the
costs of completion of the projects to be completed by the WSSC
in accordance with this section. Prince George's County and
Montgomery County shall take all reasonable actions with respect
to the use of bond proceeds and stormwater management projects
deemed necessary by the WSSC to maintain the tax-exempt status
for federal income tax purposes of the interest on drainage bonds
of the WSSC issued on or before January 31, 1988. Any unexpended
bond proceeds shall be used to refund such bonds or shall be
transferred to the respective county for stormwater management
capital facilities. Upon completion of construction, the
projects shall become a part of the respective county's
stormwater management system.

SECTION 3. AND BE IT FURTHER ENACTED, That all the powers,
functions, duties, and authority of the Washington Suburban
Sanitary Commission with respect to all outstanding storm and
surface water drainage and flood control bonds issued by the
Washington Suburban Sanitary District shall be continued in force
from and after July 1, 1987, until such bonds have been paid in
full, including principal, interest, and any redemption premium,
or until sufficient funds for their payment in full are held in
trust therefor. Nothing in this Act is intended to impair nor
shall be construed as impairing in any way the rights and
privileges vested in the holders of such bonds. So long as such
bonds are outstanding, the duties and obligations of Prince
George's County with respect to such bonds issued for projects
and facilities in Prince George's County, of the City "of Bowie
with respect to such bonds issued for projects and facilities in

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