696 LAWS OF MARYLAND. [CH. 355

added to Article 89B of the 1935 Supplement to the Annotated
Code of Maryland (1924 Edition), title "State Roads", such
new sections to constitute a new sub-title "Refunding Bonds",
to be known as Sections 123 to 129, inclusive, and to read as
follows:

REFUNDING BONDS.

123. The State Roads Commission of Maryland is hereby
authorized and empowered to issue at one time refunding
bonds of said Commission in the amount of $5, 516, 000 for the
purpose of refunding

(a) the $3, 554, 000 bonds of the Commission which are now
outstanding and which were issued pursuant to the provisions
of Sections 70 to 75, inclusive, of Article 89B of the Code of
Public General Laws of Maryland as enacted by Chapter 463
of the Acts of 1933 and amended by Chapter 93 of the Acts
of 1933 Extraordinary Session, and

(b) the $1, 962, 000 bonds of the Commission which are now
outstanding and which were issued pursuant to the provisions
of Sections 78 to 83, inclusive, of said Article 89B, as enacted
by Chapter 563 of the Acts of 1935.

124. The State Roads Commission of Maryland shall have
full authority by resolution to carry out all of the powers
conferred by this sub-title, and shall determine the rate or
rates of interest to be paid on the bonds, not exceeding three
(3%) per centum per annum, payable semi-annually, and shall
likewise determine the form of the bonds, the medium of pay-
ment and the place or places in Maryland or in any other
State at which the principal and interest shall be payable.
The bonds shall mature serially in not less than twelve annual
installments within thirteen years from their date, the amount
of such annual installments to be determined by the Commis-
sion and by the Treasurer of Maryland and countersigned by
the Comptroller of Maryland, and the interest coupons shall
be executed with the facsimile signatures of said Chairman
and said Treasurer and the facsimile countersignature of said
Comptroller. In case any of the officers whose signatures
appear on the bonds or coupons shall cease to be such officers
before the delivery of such bonds, such signatures shall never-
theless be valid and sufficient for all purposes, the same as if
they had remained in office until such delivery. The bonds
may be made registerable as to principal alone and as to both
principal and interest, under such terms and conditions as
may be determined by the Commission. The bonds may be
made redeemable before maturity, at the option of the Com-
mission, at such price and under such terms and conditions as
may be determined by the Commission prior to the issuance