Page:United States Statutes at Large Volume 86.djvu/509

 86 STAT. ]

PUBLIC LAW 92-349-JULY 13, 1972

467

(1) Section 1(g) of article I is amended to read as follows: so Stat. 1325. D.C. Code " (g) 'Transit services' means the transportation of persons and their 1-1431 note. packages and baggage by means of transit facilities between points " Transit servwithin the Zone including the transportation of newspapers, express, ""^^ and mail between such points, and charter service which originates within the Zone but does not include taxicab service or individualticket-sales sightseeing operations; and". (2) Section 5(a) of article III is amended to read as follows: "5. (a) The Authority shall be governed by a Board of six Directors consisting of two Directors for each signatory. For Virginia, the Directors shall be appointed by the Northern Virginia Transportation Commission; for the District of Columbia by the City Council of the District of Columbia from among its members, the Commissioner and the Assistant to the Commissioner of the District of Columbia; and for Maryland, by the Washington Suburban Transit Commission. In each instance the Director shall be appointed from among the members of the appointing body^ except as otherwise provided herein, and shall serve for a term coincident with his term on the body by which he was appointed. A director may be removed or suspended from office only as provided by the law of the signatory from which he was appointed. The appointing authorities shall also appoint an alternate for each Director, who may act only in the absence of the Director for whom he has been appointed an alternate, except that, in the case of the District of Columbia where only one Director and his alternate are present, such alternate may act on behalf of the absent Director. Each alternate shall serve at the pleasure of the appointing authority. In the event of a vacancy in the office of Director or alternate, it shall be filled in the same manner as an original appointment." (3) Section 21 of article VII is amended to read as follows: "Temporary Borrowing "21. The Board may borrow, in anticipation of receipts, from any signatory, the Washington Suburban Transit District, the Northern Virginia Transportation District or any component government thereof, or from any lending institution for any purposes of this title, including administrative expenses. Such loans shall be for a term not to exceed two years and at such rates of interest as shall be acceptable to the Board. The signatories and any such political subdivision or agency may, in its discretion, make such loans from any available money." (4) Section 35 of article IX is amended to read as follows: "Interest "35. Bonds shall bear interest at such rate or rates as may be determined by the Board, payable annually or semiannually." (5) Section 39 of article IX is amended to read as follows: "Sale "39. The Board may fix terms and conditions for the sale or other disposition of any authorized issue of bonds. The Board may sell bonds at less than their par or face value but no issue of bonds may be sold at an aggregate price below the par or face value thereof if such sale would result in a net interest cost to the Authority calculated upon the entire issue so sold in excess of the applicable rate determined by the

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