558 LAWS OF MARYLAND. [CH. 339

between successive holders, all the qualities and incidents
of negotiable instruments under the negotiable instruments
law of the State to the extent provided by Section 33 of
Article 31, Code of Public General Laws of Maryland (1939
Edition). Provision may be made for the registration of
any of the bonds in the name of the owner as to principal
alone and also as to both principal and interest, and for the
reconversion of any of the bonds registered as to both princi-
pal and interest into coupon bonds. Such bonds may be
issued without regards to any limitation on indebtedness
prescribed by any other law and shall not be included in the
amount of bonds which the City may be authorized to issue
under any statute or under its charter. The City may sell
such bonds in such manner and for such price as it may
determine to be for the best interests of the City, 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 four per centum per annum, computed with relation
to the absolute maturity of the bonds in accordance with
standard tables of bond values, excluding, however, from
such computation the amount of any redemption premium.
Such bonds shall not be subject to the provisions of Sections
34, 35 and 36 of Article 31, Code of Public General Laws
of Maryland (1939 Edition).

The proceeds of such bonds shall be used solely for the
payment of the costs of acquisition or construction of the
project they are issued to defray, or applied to the sinking
fund created for the payment of such bonds, and such pro-
ceeds shall be disbursed in such manner and under such re-
strictions, if any, as the City may provide. There shall be
and there hereby is created and granted a lien upon such
moneys until so used in favor of the holders of such bonds
or the trustee hereinafter provided for in respect of such
bonds. If the proceeds of such bonds, by error of calculation
or otherwise, shall be less than said costs, additional bonds
may in like manner be issued to provide the amount of such
deficit, and, unless otherwise provided in the ordinance or in
the trust agreement hereinafter mentioned, shall be deemed
to be of the same issue and shall be entitled to payment from
the same fund without preference or priority over the bonds
first issued for the project. If the proceeds of bonds issued
for the project shall exceed said costs 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 definitive bonds, the City may,
under like restrictions, issue interim receipts, interim certi-
ficates, or temporary bonds, with or without coupons, ex-
changeable for definitive bonds when such bonds have been