70                                 Laws of Maryland                         [Ch. 30

the interest thereon shall at all times be free and exempt from all
taxation by or under authority of any of the signatories, except for
transfer, inheritance, and estate taxes.

13.09.    Place of Payment.—The Commission may provide for the
payment of the principal and interest of bonds at any place or places
within or without the signatory states, and in any specified lawful
coin or currency of the United States of America.

13.10.    Execution.—The Commission may provide for the execu-
tion and authentication of bonds by the manual, lithographed, or
printed facsimile signature of the officers of the Commission, and by
additional authentication by a trustee or fiscal agent appointed by
the Commission; provided, however, that one of such signatures shall
be manual. If any of the officers whose signatures or counter-sig-
natures appear upon the bonds or coupons ceases to be an officer
before the delivery of the bonds or coupons, his signature or counter-
signature is nevertheless valid and of the same force and effect as
if the officer had remained in office until the delivery of the bonds
and coupons.

13.11.    Holding Own Bonds.—The Commission shall have power,
out of any funds available therefor, to purchase its bonds and may
hold, cancel, or resell such bonds.

13.12.    Sale.—The Commission may fix terms and conditions for
the sale or other disposition of any authorized issue of bonds. The
Commission may sell bonds at less than their par or face value. All
bonds issued and sold pursuant to this compact may be sold in such
manner, either at public or private sale, as the Commission shall
determine. In the event the Commission desires to issue its bonds in
exchange for an existing facility or portion thereof, or in exchange
for bonds secured by the revenues of an existing facility, it may ex-
change such bonds for the existing facility or portion thereof or for
the bonds so secured, with or without an additional amount of cash.

13.13.    Negotiability.—All bonds issued under the provisions of
this compact are negotiable instruments.

13.14.    Bonds Eligible for Investment and Deposit.—Bonds issued
under the provisions of this compact are hereby made securities in
which all public officers and governmental agencies of the signatories
and all banks, trust companies, savings and loan associations, invest-
ment companies and others carrying on a banking business, all
insurance companies and insurance associations and others carrying
on an insurance business, all administrators, executors, guardians,
trustees and other fiduciaries, and all other persons may legally and
properly invest funds, including capital in their control or belonging
to them. Such bonds are hereby made securities which may properly
and legally be deposited with and received by an officer of any
governmental agency for any purpose for which the deposit of bonds
or other obligations of such signatory is now or may hereafter be
authorized by law.

13.15.    Validation Proceedings.—Prior to the issuance of any
bonds, the Commission may institute a special proceeding to deter-
mine the legality of proceedings to issue the bonds and their validity
under the laws of any of the signatories. Such proceedings shall be
instituted and prosecuted in rem, and the final judgment rendered