STATE ROADS 3323

indebtedness, such bonds, notes or other evidences of indebtedness to be
authorized by resolution of the Board, to bear such date or dates, mature
at such time or times as hereinafter limited, to bear interest at such rate
or rates not exceeding five per centum (5%) per annum, payable semi-
annually, to be in such form, either coupon or registered, to be in such
denominations (which may be made interchangeable), to carry such regis-
tration privileges, to be executed in such manner, to be payable in such
medium of payment, at such place or places, to be subject to such terms
of redemptions as such resolution or resolutions may provide. Such bonds,
notes or other evidences of indebtedness may be sold at public or private
sale for such price or prices as the Authority may determine, provided
that the interest cost to maturity of the money received for any issue of
said bonds, notes or other evidences of indebtedness shall not exceed five
per centum (5%) per annum.

Any provision of any law to the contrary notwithstanding, any bonds
issued pursuant to this sub-title shall be fully negotiable.

Pending the authorization, preparation, execution or delivery of defini-
tive bonds, the Authority may issue interim certificates, or other temporary
obligations to the purchaser of such bonds. Such interim certificates, or
other temporary obligations, shall be in such form, contain such terms,
conditions and provisions, bear such date or dates, and evidence such
agreements relating to their discharge or payment by the delivery of defini-
tive bonds as the Authority may by resolution determine.

In case any of the members or officers whose signatures appear on any
bonds or coupons shall cease to be such members or officers before the de-
livery of such bonds, such signatures shall, nevertheless, be valid and suf-
ficient for all purposes, the same as if they had remained in office until such
delivery.

1935, ch. 330, sec. 81.

108. A. The bonds, notes or other evidences of indebtedness may be
issued for any corporate purpose of the Authority.

B. Any resolution or resolutions authorizing any bonds may contain
provisions which shall be a part of the contract with the holders of the
bonds as to—

(1) pledging the gross tolls and revenues of either of the projects to
secure the payment of such bonds and of the interest thereon;

(2) pledging any funds which may be provided by the State of Mary-
land as additional security for payment of such bonds;

(3) the rates and the tolls to be charged and the amounts to be raised
in each year by tolls and the use and disposition of the tolls and other
revenues;

(4) the setting aside of reserves for payments of principal and interest
on its bonds and other (funded) indebtedness, or of operating or other
reserves, and the regulation and disposition thereof;

(5) the limitations on the right of the Authority to restrict and regu-
late the use of the Project;

(6) the limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied;

(7) the limitations on the issuance of additional bonds, notes or other
evidences of indebtedness;

(8) the procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds, the