HARRY W. NICE, GOVERNOR. 705

tions of the bonds and the place or places of payment of prin-
cipal 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 Sec-
retary 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 nevertheless 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 subtitle shall have and are hereby
declared to have, as between successive holders, all the quali-
ties and incidents of negotiable instruments under the ne-
gotiable 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 pro-
vision 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 manner 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 there-
for at more than live and one-half per centum per annum,
computed with relation to the absolute maturity of the bonds
in accordance with standard tables of bond values. The pro-
ceeds of such bonds shall be used solely for the payment of the
cost of the project or projects, and shall be disbursed upon
requisition of the Chairman of the Commission under such
restrictions, if any, as the resolution authorizing the issuance
of the bonds or the trust indenture hereinafter mentioned may
provide. If the proceeds of such bonds, by error of calculation
or otherwise, shall be less than the cost of the project or proj-
ects, 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 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 pref-
erence or priority of the bonds first issued for the same pur-
pose. 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 pro-
vided for the payment of principal and interest of such bonds.
Prior to the preparation of definitive bonds, the Commission
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