Ch. 489

1997 LAWS OF MARYLAND

(E) (1) IN THIS SUBSECTION, "BOND" MEANS ANY DEBT INSTRUMENT
ISSUED BY THE WSSC AS PART OF A BOND ISSUE THAT WILL NOT REACH FULL
MATURITY WITHIN 5 YEARS FROM THE DATE OF ISSUE

(2) SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION, THE AGGREGATE
PRINCIPAL AMOUNT OF BONDS OUTSTANDING AT ANY TIME, WHETHER ISSUED
UNDER THIS SECTION OR UNDER ANY OTHER PROVISION OF LAW, MAY NOT
EXCEED THE LARGER OF 7.0 PERCENT OF THE TOTAL ASSESSABLE BASE OF ALL
PROPERTY ASSESSED FOR COUNTY TAXATION PURPOSES WITHIN THE SANITARY
DISTRICT OR 7.0 PERCENT OF THE ASSESSABLE BASE AS OF JULY 1, 1997. THE
MAXIMUM DEBT LEVEL AUTHORIZED UNDER THIS SUBSECTION SHALL APPLY TO
ANY BOND ISSUED UNDER AN ENABLING ACT OF THE GENERAL ASSEMBLY OF
MARYLAND ENACTED ON OR AFTER JULY 1, 1997, UNLESS THE ENABLING ACT
SPECIFICALLY EXEMPTS THE BOND BY REFERENCE TO OR MODIFICATION OF THIS
SUBSECTION.

(3) (I) IN THIS PARAGRAPH, "GOVERNMENT OBLIGATION" MEANS:

1. A DIRECT OBLIGATION OF THE UNITED STATES OF

AMERICA; OR

2. AN OBLIGATION, THE TIMELY PAYMENT OF PRINCIPAL
OF AND INTEREST ON WHICH IS UNCONDITIONALLY GUARANTEED BY THE UNITED
STATES OF AMERICA

(II) IN CALCULATING THE MAXIMUM DEBT AUTHORIZED UNDER
THIS SECTION, THE AGGREGATE AMOUNT OF BONDS OUTSTANDING SHALL BE
REDUCED BY:

1. ANY AMOUNT HELD IN THE JOINT SINKING FUND
ACCOUNT FOR THE PAYMENT OF PRINCIPAL OF THE BONDS; AND

2 THE AMOUNT OF ANY BOND FOR WHICH THERE HAS
BEEN IRREVOCABLY DEPOSITED CASH OR GOVERNMENT OBLIGATIONS MATURING
AS TO PRINCIPAL AND INTEREST AT TIMES AND IN AMOUNTS SUFFICIENT TO
PROVIDE ADEQUATE AND COMPLETE PAYMENT OF THE PRINCIPAL OR
REDEMPTION PRICE AND INTEREST AS REQUIRED ON THE BOND.

4-108.

(a) With the written approval of the County Executives and County Councils of
Montgomery and Prince George's 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 issued under the authority
of this section in anticipation of the issuance of bonds which are subject to the [14] 7.0

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