PARRIS N. GLENDENING, Governor                               Ch. 86

[(b) The notes or bonds issued under subsection (a) of this section are of the
District but are not guaranteed by the county.

(c)] (B) All notes or bonds issued by the [District] COUNTY under subsection
(a) of this section shall constitute obligations of the [District] COUNTY which the
[District] COUNTY shall pay in full.

[(d)](C) (1) Where the proceeds of the note or bond are expended for the costs
of one or more projects, the [Commission] COUNTY shall create a separate capital
account for each project.

(2)     The note or bond proceeds shall be divided among the separate capital
accounts and the separate costs of each project shall be paid from the separate capital
accounts.

(3)     As each project is completed, the special assessments or other charges
imposed or made by the [Commission] COUNTY shall be calculated to provide a
proportion of the annual debt service on the issue of notes or bonds equal to the
proportion of the proceeds expended on the project.

6-404.

(a)     Before the preparation of the definitive bonds authorized to be issued by this
subtitle, the [District] COUNTY, under similar restrictions, may issue interim receipts or
temporary bonds, with or without coupons, that may be exchanged for definitive bonds,
when the definitive bonds have been executed and are available for delivery. In
anticipation of the issuance of any such bonds, the [District] COUNTY may issue bond
anticipation notes under Article 31, § 12 of the Annotated Code of Maryland. With
respect to bonds, coupons, temporary bonds, receipts, or bond anticipation notes which
have matured, been exchanged, or redeemed, the [Commission] COUNTY shall make
arrangements for their mutilation and cremation after an appropriate accounting. Any
mutilated, destroyed, or lost instruments may be replaced upon receipt of such
indemnification and payment of replacement expenses as the [Commission] COUNTY
considers proper and requisite.

(b)     Bonds may be issued under the provisions of this subtitle without obtaining
the approval or consent of any division, commission, board, bureau, or agency of the State
of Maryland and, without any other proceeding or the happening of any other condition
or thing than those proceedings, conditions, or things which are specifically required by
this subtitle.

6-405.

WITH RESPECT TO ANY BONDS ISSUED UNDER THIS TITLE:

(1)     THE BONDS ARE INVESTMENT SECURITIES UNDER THE LAWS OF
THE STATE, NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR ANY RECITALS
IN THE INSTRUMENTS;

(2)     THE BONDS AND THEIR ISSUANCE AND SALE ARE EXEMPT FROM
THE PROVISIONS OF ARTICLE 31, §§ 9, 10, AND 11 OF THE ANNOTATED CODE OF
MARYLAND;

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