PARRIS N. GLENDENING, Governor

Ch. 489

percent limitation, together with the aggregate amount of bonds then outstanding which
are subject to the limitation, may not exceed that limitation.

4-109.

(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 least 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
approve 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 Councils. In case any officer whose signature or a
facsimile of whose signature shall appear on any refunding bond or coupon shall cease to
be an officer before the delivery of the refunding bond, the signature or facsimile shall
nevertheless be valid and sufficient for all purposes just as if the officer had remained in
office until the delivery. Any refunding bonds issued to refund bonds guaranteed as to the
payment of principal and interest by Montgomery or Prince George's Counties, may be
guaranteed in like manner in the form and under the provisions of § 4-101 of this title.
Refunding bonds authorized under this section shall be in addition to any other bonds
authorized to be issued under this article or any amendments of this article, and shall be
included in computing the amount of bonds which may be issued under the [14] 7.0
percent limitation of § [4-101(a)] 4-101(E) of this title. The provisions of § 4-101(a) of
this title exempting from taxation other bonds of the sanitary district shall apply to
refunding bonds. Any power expressly granted under this section is not subject to the
provisions of any other law or other section of this article in conflict with that power.

4-110.

(a) For the purpose of providing funds for the design and construction of trunk
sewers and those sewers or portions of sewer lines required to relieve septic tank failures
and for which no front foot benefit charges can be collected as determined by the WSSC,

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