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

      (b)      Such bond anticipation notes, except those which may be issued for emergent purposes as hereinafter mentioned and within the hereinafter specified limitation therefor, shall mature within a period of not exceeding 5 years, or if issued for a period of less than 5 years they may be renewed from time to time for successive periods of not exceeding 1 year each, but such notes, including renewals, shall be payable not more than 5 years from the date of the notes first issued. Such notes shall be in such denomination or denominations, shall bear interest as provided in § 4-104 of this subtitle, payable at such time or times at or before the maturity of the notes, shall be in such form and shall be executed in such manner as the WSSC shall prescribe. Such bond anticipation notes shall be sold at public sale or, if the notes be renewal notes, they may be exchanged for notes then outstanding on such terms as the WSSC shall determine; provided, however, that of the aforegoing authorized bond anticipation notes such notes in an amount of not more than $10,000,000, either at one time or outstanding at any one time, may be sold by a negotiated sale, i.e., without the requirement of a public sale, where from an economic or engineering or orderly financial administration point of view the WSSC finds the requirements for the funds are such as to require the sale of the notes at an immediate or earlier time than would be possible through the procedures of public sale. Before concluding a negotiated sale, however, the WSSC shall negotiate with at least 2 recognized banking institutions which generally purchase bond anticipation notes and obtain the terms most favorable in the WSSC's interest. Further, any bond anticipation notes sold at a negotiated sale shall mature within a period of not exceeding 180 days and may be renewed not more than one time for an additional period not exceeding 180 days.

      (c)      Such bond anticipation notes shall be payable from the proceeds of the bonds in anticipation of which they shall be issued, but the WSSC may, in its discretion, in lieu of retiring such notes by means of bonds, retire the notes from any funds available for the payment of such bonds authorized by the WSSC, in which event the amount of such bonds so authorized shall be reduced by the amount of such notes so retired. Bond anticipation notes issued under this authority shall be general obligations of the sanitary district for which the full faith, credit and taxing power of the sanitary district shall be pledged and shall be guaranteed as to payment of principal and interest by the County Councils of Montgomery and Prince George's counties, and the County Councils of Montgomery and Prince George's counties are hereby authorized and directed to guarantee such notes substantially in the manner and form and with the effect provided for the guarantee of the construction bonds of the sanitary district. The WSSC may, however, at its option, waive the guarantee by the counties herein prescribed. Bond anticipation notes issued under the provisions hereof, including interest thereon, shall be forever exempt from taxation by the State of Maryland and by the counties and municipalities in said State.

      (d)      The powers and authority conferred by this section shall be additional and supplemental to those conferred by any other law and shall be liberally construed to effectuate the purposes hereof.