1592 LAWS OF MARYLAND. [CH. 884

147A. The State Roads Commission of Maryland is
hereby authorized and empowered to issue refunding and
improvement bonds of said Commission in an aggregate
principal amount not to exceed $11, 000, 000 for the pur-
poses of (a) refunding the $4, 980, 000 refunding bonds of
the Commission which are now outstanding and which
were issued pursuant to the provisions of Sections 141 to
147 inclusive of Article 89B of the Annotated Code of
Maryland (1939 Edition; (b) for the cost of construction
for relocating ferry terminal or termini and the construc-
tion of approach roadways thereto in order to expeditiously
operate the ferry service within the waters of the Chesa-
peake Bay and its tributaries, the sum of $1, 000, 000; (c)
paying any and all costs and expenses connected with the
issuance of such bonds; (d) supplementing Federal funds
where State funds are required for construction and im-
provements of highways and bridges in connection with
national defense, or otherwise, other than access road-
ways leading to important industrial plants and govern-
ment reservations, to the extent of $4, 000, 000; (e)
providing the Commission with means for needed con-
struction of projects related to the State highway system
from the balance of the proceeds of said refunding and
improvement bonds, said projects to be approved by the
Board of Public Works and the State Roads Commission.

147B. The State Roads Commission of Maryland shall
have 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
2%% per annum, payable semi-annually, and shall like-
wise 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 fourteen
annual installments within fifteen years from their date,
the amount of such annual installments to be determined
by the Commission. The bonds shall be signed by the
Chairman of the Commission and countersigned by the
Comptroller of Maryland, and the official seal of the Com-
mission shall be affixed thereto and attested by the Sec-
retary of the Commission, and the interest coupons shall
be executed with the facsimile signatures of said Chairman
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 nevertheless
be valid and sufficient for all purposes, the same as if they
had remained in office until such delivery. The bonds may