(a)      Beginning at the time that it is levied the benefit charge shall be paid annually by all properties that are required to pay the benefit charge for a period of years co-extensive with the period of maturity of the bonds the proceeds of which financed the construction of the water mains or sewers.

      (b)      (1)      Subject to the provisions of this section, the benefit charge may be extinguished or redeemed, at any time, upon the payment to the WSSC of a sum equal to the amount of annual benefit charge, calculated for this purpose at the base rate applicable to the class in which the property may then be by reason of its use and disregarding any allowance for excess. However, this sum may not be less than the base rate applicable to subdivision residential property, multiplied by the number of years that it has yet to run, less the interest, at the rate of interest of the bonds the proceeds of which financed the construction of the water mains or sewers upon which the benefit charge is based.

            (2)      However, if the benefit charge is being paid and redeemed because of the acquisition of the property by a State, county, or other governmental authority or agency, under the provisions of any law that requires redemption, the payment to the WSSC shall be the capitalized amount of the actual benefit charge. However, it may not be less than the charge which would develop if the property were in the small acreage classification, with the redemption amount calculated as provided in this section.

      (c)      Upon the receipt of a sum from the extinguishment or redemption of one or more front foot benefit charges, the WSSC:

            (1)      Shall purchase and cancel one or more bonds out of the series of bonds issued for the construction that was the basis of the front foot benefit charge; or

            (2)      May invest or use the sum paid to:

                  (i)      Construct other water and sanitary sewer lines for which benefit charges are levied; or

                  (ii)      Amortize any bonds issued for the purpose of constructing water and sanitary sewer lines for which benefit charges are levied under § 5-101 of this title.

      (d)      (1)      The WSSC may make up any deficiency in the purchase of a bond or pay a premium out of any surplus funds available.

            (2)      The extinguishment or redemption of any benefit charge shall be conditional until the last year of maturity of the bonds from the proceeds of which the construction was done.

            (3)      If after redemption or extinguishment the use of the property changes to another class so that the property would be placed in a different class yielding a greater annual benefit charge than that utilized for computing the redemption amount, the WSSC may reclassify the property and reimpose a benefit charge for the remaining number of years, calculating the benefit charge to give credit for the sum paid for extinguishment or redemption.