HERBERT R. O'CONOR, GOVERNOR. 1557

(a) No revenue refunding bonds shall be delivered unless
delivered in exchange for revenue bonds to be refunded there-
by, except in the amount necessary to provide for the pay-
ment of matured or redeemable revenue bonds or revenue
bonds maturing or redeemable within three months, including
any redemption premium thereon.

(b) No revenue refunding bonds shall be issued for the sole
purpose of refunding revenue bonds outstanding under the
provisions of this sub-title unless issued to refund revenue
bonds which have matured or will mature within three months,
or unless the interest rate of the revenue refunding bonds
shall be at least one-fourth of one per centum less than the
interest rate borne by the revenue bonds to be refunded.

122-O. Notwithstanding any other provisions of this sub-
title, and in addition to all other powers granted thereby, the
Commission is hereby authorized to provide by resolution for
the issuance of a single issue of revenue bonds of the State
In accordance with the provisions of this sub-title for any one
or more of the following purposes:

(a) Refunding revenue bonds of the State which shall have
been issued under the provisions of this sub-title and shall
then be outstanding and which shall then be subject to redemp-
tion or which can be acquired for retirement and of paying
the cost of constructing any other motorway, and

(b) Refunding any such outstanding revenue bonds and
paying the cost of constructing improvements, extensions or
enlargements of the motorway.

122P. The accomplishment by the Commission of the au-
thorized purposes stated in this sub-title being for the benefit
of the people of the State and for the improvement of their
commerce and prosperity, in which accomplishment the Com-
mission will be performing essential governmental functions,
the Commission shall not be required to pay any taxes on
any property acquired by it in the name of the State, or used
by it for the purposes provided in this Act, and all such
property at all times shall be free from taxation within the
State.

122Q. Notwithstanding any of the foregoing provisions of
this sub-title, the Commission may exercise any and all powers
which it may now or hereafter possess under the laws of the
State of Maryland and not inconsistent with the powers
hereby granted, relating to or which may be in any manner
in aid of any of the powers granted hereby.

12211. The provisions of this sub-title are severable, and if
any of its provisions shall be held unconstitutional by any