WM. PRESTON LANE, JR., GOVERNOR. 1391

bonds, including any interest coupons to be attached thereto,
and shall fix the denomination or denominations of the bonds
and the place or places of payment of principal and interest,
which may be at any bank or trust company within or with-
out the State. The bonds shall be signed by the Chairman
of the Commission, 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 or a facsimile of whose
signature shall appear on any bonds or coupons shall cease
to be such officer before the delivery of such bonds, such
signature or such facsimile shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in
office until such delivery. All bonds issued under the pro-
visions of this sub-title shall have and are hereby declared
to have all the qualities and incidents of negotiable instru-
ments under the negotiable instruments law of 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 bonds as to
principal alone and also as to both principal and interest,
and for the reconversion into coupon bonds of any bonds
registered as to both principal and interest. The Commis-
sion may sell such bonds in such manner, either at public
or at private sale, 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
per centum per annum, computed with relation to the abso-
lute maturity of the bonds in accordance with standard
tables of bond values, excluding, however, from such compu-
tation the amount of any premium to be paid on redemption
of any bonds prior to maturity.

The proceeds of the bonds of each issue shall be used solely
for the payment of the cost of the project or projects for
which such bonds shall have been issued, and shall be dis-
bursed in such manner and under such restrictions, if any,
as the Commission may provide in the resolution authorizing
the issuance of such bonds or in the trust agreement herein-
after mentioned securing the same. If the proceeds of the
bonds of any issue, by error of estimates or otherwise, shall
be less than such cost, additional bonds may in like manner
be issued to provide the amount of such deficit, and, unless
otherwise provided in the resolution authorizing the issuance
of such bonds or in the trust agreement securing the same,
shall be deemed to be of the same issue and shall be entitled