(a)      In case any bond heretofore or hereafter issued by the sanitary district, or by the WSSC, the governing body of the sanitary district, shall have become mutilated or shall have been destroyed or lost, the WSSC may provide for the execution and delivery to the holder or registered owner thereof of a new bond of like date, number, maturity and tenor in exchange and substitution for and upon the cancellation of the mutilated bond and its interest coupons, if any, or in lieu of and in substitution for the bond and its coupons, if any, destroyed or lost, upon such conditions as to evidence of ownership, the destruction or loss of such bond, indemnity and payment of charges in connection with such exchange or substitution as the WSSC shall determine.

      (b)      If such mutilated or destroyed or lost bond shall have been guaranteed as to payment of principal and interest by Montgomery and Prince George's counties, there shall be endorsed on the new bonds issued in substitution for such mutilated or destroyed or lost bond a guaranty identical with the guaranty on such mutilated or destroyed or lost bond, and such endorsement shall be signed as provided in § 4-101 of this subtitle, as amended.