Ch. 494

1997 LAWS OF MARYLAND

(V) The bonds may be either registered or coupon bonds, or
registerable as to principal with interest represented by coupons and issued in such
denomination or denominations as shall be determined by the WSSC, shall bear interest
as provided in § 4-104 of this title payable semi-annually and shall mature [not
exceeding] NO LATER THAN 40 years [from] AFTER the date of issue[, and all] OF
THE BONDS.

(VI) ALL bonds of the sanitary district or of the WSSC, including those
heretofore issued, shall be forever exempt from taxation by the State of Maryland and by
the counties and municipalities in the State.

(VII) Any bonds hereafter issued by the WSSC in its name or in the
name of the sanitary district may be made redeemable before maturity at the option of
the WSSC, at such price or prices and under such terms and conditions as may be fixed by
the WSSC prior to the issuance of such bonds.

(E) AS TO BONDS ISSUED UNDER SUBSECTION (A)(1)(II) OF THIS SECTION, IN
ADDITION TO THE CONDITIONS AND LIMITATIONS OTHERWISE PROVIDED IN THIS
SECTION:

(1) THE BONDS MAY BE ISSUED ONLY TO FINANCE THE ACQUISITION
OR PURCHASE OF EQUIPMENT WITH A USEFUL LIFE OF 4 TO 7 YEARS, THAT WSSC
EXPECTS TO FINANCE OVER A PERIOD OF 4 YEARS OR LESS, AND FOR WHICH WSSC
SHALL BUDGET ACCORDINGLY;

(2) THE PRINCIPAL OF ANY GIVEN BOND ISSUE SHALL BE PAYABLE
ANNUALLY STARTING NOT MORE THAN 1 YEAR AFTER THE DATE OF ISSUE OF THE
BONDS;

(3) THE BONDS SHALL MATURE NOT MORE THAN 4 YEARS AFTER THE
DATE OF ISSUE OF THE BONDS; AND

(4) THE AGGREGATE AMOUNT OF BONDS OUTSTANDING AT ANY TIME
MAY NOT EXCEED $15,000,000, SUBJECT TO ANNUAL UPWARD ADJUSTMENT IN
ACCORDANCE WITH THE CONSUMER PRICE INDEX - ALL URBAN CONSUMERS
(CPI-U), FOR THE WASHINGTON, DC-MD-VA METROPOLITAN AREA OVER THE BASE
YEAR 1997.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved May 8, 1997.

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