940                              LAWS OF MARYLAND                      [CH. 550

211B. Issue in series; designation; terms; limitation of amount
outstanding.

The bonds authorized by Section 211A of this subheading may be
issued in one or more series as the Commission may determine, pro-
vided the issue of each series, prior to sale thereof, shall first be
approved by resolution of the Board of Public Works. Each such
series shall bear a separate series letter in the order of the alphabet,
beginning, however, with the letter next after the one designating
the last series of bonds issued pursuant to the authority of Sec-
tion 199 of this article. The bonds authorized by Section 211A of
this subheading shall be known as "State Highway Construction
Bonds, third issue," and shall be issued by the Commission on behalf
of the State of Maryland. All of the bonds shall bear interest at a
rate or rates not exceeding five per centum (5%) per annum, pay-
able semi-annually until the respective maturities of the bonds in
accordance with appropriate coupons to be attached thereto. The
bonds of each series shall be dated as may be determined by the
Commission and shall mature and be payable as may be determined
by the Commission, in equal or varying but consecutive annual in-
stallments within a period of fifteen (15) years from the date of
issue of each such series. The bonds may be made subject to re-
demption before their respective maturities, at the option of the
Commission, at such price or prices and under such terms and con-
ditions as may be fixed by the Commission prior to the issuance of
the bonds; provided, however, that no bonds issued under the pro-
visions of this subheading shall be subject to purchase for retirement
or be made redeemable at a price exceeding the principal amount
thereof together with the interest accrued thereon to the date of
such purchase or redemption, plus a premium of five per centim
(5%) of the principal amount thereof. In addition to the foregoing
the authority conferred by Section 211A of this subheading is sub-
ject to the express limitation that at no time shall the aggregate
principal amount of bonds issued under Section 211A of this sub-
heading, and outstanding and unpaid plus the aggregate principal
amount of bonds issued under Section 191 and Section 199 of this
article, and outstanding and unpaid, together exceed the sum of
[three hundred million dollars ($300,000,000.00)] three hundred
and sixty million dollars ($360,000,000.00), but this limitation shall
not be construed to mean that the total principal amount of bonds
which may be issued pursuant to said Sections 191, 199 and 211A
may not exceed said sum. [In addition to the foregoing the authority
conferred by Section 211A of this subheading is subject to the ex-
press limitation that at no time shall the aggregate principal amount
of bonds issued under Section 211A of this subheading and outstand-
ing and unpaid, exceed the sum of one hundred and fifty million
($150 000,000), but this limitation shall not be construed to mean
that the total principal amount of bonds which may be issued pur-
suant to said Section 211A may not exceed said sum].

211C. Amounts of issuance; advance right of way acquisition;
emergency fund provision.

The Commission shall at no one time issue bonds in an amount
greater than twenty-five million dollars ($25,000,000). [and it is
further provided that no bonds shall be issued until the cash balance
in the Commission's Construction Fund is below twenty-five million
dollars ($25,000,000).] The Commission by resolution may author-