1172 LAWS OF MARYLAND. [CH. 563

of $3, 000, 000 at a rate of interest not to exceed six (6%)
percentum per annum, for the purpose of constructing, re-
constructing, relocating, widening and improving State
Roads and bridges of Maryland.

76. As evidence of any indebtedness created pursuant
to the provisions of the preceding Section, the said State
Roads Commission is authorized and empowered to execute
and deliver/its promissory note or notes, bond or bonds,
or other evidence or evidences of indebtedness, to be signed
by at least two members of the said Commission, -by the
Treasurer of Maryland, and to be countersigned by the
Comptroller of Maryland.

The said promissory note or notes, bond or bonds, or other
evidence or evidences of indebtedness shall be in such de-
nomination or denominations, may be either negotiable or
non-negotiable, and payable at such place or places and on
such date or dates as the Commission shall by resolution
provide. Provided, however, that the same shall mature
serially in such installments as the said Commission may
prescribe within fifteen (15) years from their respective
date or dates of issue.

The said promissory notes, bonds or other evidences of
indebtedness shall bear interest at such rate or rates, not
exceeding six (&%) percentum per annum as shall be pro-
vided for by resolution of the said Commission, and such
interest may be evidenced by semi-annual coupons attached
to said notes, bonds or other evidences of indebtedness and
bearing the facsimile signature of the Chairman of said
Commission and of the Treasurer of Maryland, and the fac-
simile countersignature of the Comptroller of Maryland.
No promissory note, bond or other evidence of indebted-
ness issued under the provisions of this Act shall be sold
by the said Commission for less than the par or face value
thereof.

77. All promissory notes, bonds or other evidences of
indebtedness issued by the State Roads Commission under
the provisions of this Act shall be exempt from assessment
and from State, County and Municipal taxes in Maryland.
None of said promissory notes, bonds or other evidences of
indebtedness shall be deemed to be an obligation or debt of
the State of Maryland or a pledge of the faith and credit
of said State, but the said indebtedness so evidenced shall
be payable exclusively from the revenue from truck licenses
and franchise taxes and from the revenue from the gas tax