STATE ROADS 3315

Bonds.

1933, ch. 463, sec. 69.

88. The State Roads Commission of Maryland is hereby authorized
and empowered to borrow from time to time from any person, firm or
corporation, including the Reconstruction Finance Corporation or any
other Federal agency, a sum or sums of money not to exceed, in the aggre-
gate, the sum of $4,000,000, at a rate of interest not to exceed six (6%)
percentum per annum, for the purpose of constructing, reconstructing,
relocating, widening and improving State roads and bridges of Maryland.
Sections 88-101 probably superseded by secs. 123-147.

1933, ch. 463, sec. 70.

89. As evidence of any indebtedness created pursuant to the provisions
of the preceding section, the said State Roads Commission is authorized
to execute and deliver its negotiable promissory note or notes, bond or
bonds, or other evidence or evidences of indebtedness, to be signed by at
least two members of the said Commission.

The said promissory note or notes, bond or bonds or other evidence or
evidences of indebtedness shall be in such denomination or denominations,
and payable at such place or places and at such date or dates as the said
Commission shall by resolution provide.

The said promissory notes, bonds or other evidences of indebtedness
shall bear interest at such rate or rates, not exceeding six (6%) percentum
per annum, as shall be provided by resolution of the said Commission,
and such interest may be evidenced by semi-annual coupons attached to
said promissory notes, bonds, or other evidences of indebtedness and bear-
ing the facsimile signature of the Chairman of the said Commission.

No promissory note, bond or other evidence of indebtedness issued under
the provisions of this sub-title shall be sold by said Commission for less
than the par or face value thereof.

1933, ch. 463, sec. 71.

90. All promissory notes, bonds or other evidences of indebtedness
issued by the State Roads Commission under the provisions of this sub-
title shall be exempt from assessment and from State, County and City taxes
in this State. None of the said promissory notes, bonds or other evidences
of indebtedness shall be deemed to be an obligation or debt contracted by
the General Assembly of Maryland or a pledge of the faith or credit of the
State of Maryland within the meaning of Section 34 of Article III of the
Constitution of this State, but the indebtedness so evidenced shall be pay-
able exclusively from revenue from truck licenses and franchises as herein-
after provided or out of such monies as shall be duly appropriated from
time to time for that purpose by the General Assembly of Maryland, it
being understood, however, that the said Commission shall have the power
and authority, as hereinafter provided, to pledge as security for such
indebtedness the tolls levied on bridges now erected or to be erected on
the State Roads system, and/or the license fees and franchise fees now or
hereinafter levied by the State system in respect to commercial motor
vehicles.

1933, ch. 463, sec. 72.

91. The actual cash proceeds of the sale of any promissory notes,
bonds or other evidences of indebtedness, issued under the provisions of