STATE ROADS 3335

tions of the bonds and the place or places of payment of principal and
interest thereof, which may be at any bank or trust company within or
without the State. The bonds shall be signed by the Chairman of the
Commission, and countersigned by the Comptroller of the State, and the
official seal of the Commission shall be affixed thereto and attested by the
Secretary of the Commission, and any coupons attached thereto shall bear
the facsimile signature of the Chairman of the Commission. In case any
officer whose signature shall appear on any bonds or coupons shall cease to
be such officer before the delivery of such bonds, such signature shall never-
theless be valid and sufficient for all purposes the same as if he had re-
mained in office until such delivery. All revenue bonds issued under the
provisions of this sub-title shall have and are hereby declared to have, as
between successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the State. Such
bonds and the income thereof shall be exempt from all taxation within the
State. The bonds may be issued in coupon or in registered form, or both,
as the Commission may determine, and provision may be made for the
registration of any coupon bond as to principal alone and also as to both
principal and interest. The Commission may sell such bonds in such man-
ner and for such price as it may determine to be for the best interests of
the State, but no such sale shall be made at a price so low as to require
the payment of interest on the money received therefor at more than five
and one-half per centum per annum, computed with relation to the abso-
lute maturity of the bonds in accordance with standard tables of bond
values. The proceeds of such bonds shall be used solely for the payment
of the cost of the project or projects, and shall be disbursed upon requisi-
tion of the Chairman of the Commission under such restrictions, if any,
as the resolution authorizing the issuance of the bonds or the trust inden-
ture hereinafter mentioned may provide. If the proceeds of such bonds,
by error of calculation or otherwise, shall be less than the cost of the proj-
ect or projects, additional bonds may in like manner be issued to provide
the amount of such deficit, and unless otherwise provided in the resolu-
tion authorizing the issuance of the bonds or in the trust indenture, shall
be deemed to be of the same issue and shall be entitled to payment from
the same fund without preference or priority of the bonds first issued for
the same purpose. If the proceeds of the bonds of any issue shall exceed
the amount required for the purpose for which such bonds are issued, the
surplus shall be paid into the fund hereinafter provided for the payment
of principal and interest of such bonds. Prior to the preparation of defini-
tive bonds, the Commission may, under like restrictions, issue temporary
bonds, with or without coupons, exchangeable for definitive bonds upon
the issuance of the latter. The Commission may also provide for the re-
placement of any bond which shall become mutilated or be destroyed or
lost. Such revenue bonds may be issued without any other proceedings or
the happening of any other conditions or things than those proceedings,
conditions and things which are specified and required by this sub-title.
In the discretion of the Commission, revenue bonds of a single issue may
be issued for the purpose of paying the cost of any one or more projects.
Secs. 123-147 held valid in Wyatt v. State Roads Comm., 175 Md. 258.

1937, ch. 356, sec. 111.

129. (All Moneys to be Trust Funds.) All moneys received pursuant
to the authority of this sub-title, whether as proceeds from the sale of reve-