WM. PRESTON LANE, JR., GOVERNOR. 2023

such bonds or on the coupons attached thereto, shall cease
to be such officer before their delivery, such signature shall
nevertheless be valid and sufficient for all purposes the same
as if he "had remaiend in office until such delivery. All bonds
issued under the provisions of this Act 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 this State, to the extent
provided in Section 33 of Article 31 of the Code of Public
General Laws of Maryland (1939 Edition). Said bonds may
be issued in coupon or in registered form, or both, as said
Board of County Commissioners of Montgomery County may
determine by any such resolution, and provisions may be
made for the registration of said bonds having coupons at-
tached, as to principal alone and also as to both principal
and interest, and for their reconversion into coupon form,
if any of them shall have been registered as to both prin-
cipal and interest. Such bonds shall not be subject to the
provisions of Sections 34, 35 and 36 of Article 31 of the
Annotated Code of Public General Laws of Maryland (1939
Edition), and said Board of County Commissioners of Mont-
gomery County may sell such bonds either at public or private
sale in such manner and for such price or prices as may be
determined to be for the best interests of the County, pro-
vided no sale shall be for less than par. The money so bor-
rowed or the indebtedness incurred, in evidence of which
said bonds shall be issued, shall be used by the County ex-
clusively and solely for the project or purposes described in
said resolution, and for the purpose of paying for the cost
of printing and delivering said bonds and other expenses of
issuance, and in the event the amounts so borrowed shall
prove inadequate for the financing of any such project or
purposes, at any time, the County may in the same manner
issue additional bonds for the purpose of evidencing the bor-
rowing of additional funds for any such project or purposes,
but if the funds derived from the sale of any issue of any
such bonds shall exceed the amount needed to finance the
projects or purposes described in said resolution, the ex-
cess funds so borrowed shall be set apart by the County and
applied in payment of the first principal maturity of the
bonds so issued. Said resolution shall provide that said bonds
shall be issued upon the full faith and credit of the County
and shall be payable from unlimited ad valorem taxes levied
upon all assessable property within the corporate limits of
said County. In each and every fiscal year that any bonds
issued pursuant to the authority of this Act are outstanding
the County shall levy or cause to be levied ad valorem taxes
upon all the assessable property within the corporate limits