HERBERT R. O'CONOR, GOVERNOR. 1593

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 Commission, at such price and under such terms
and conditions as may be determined by the Commission
prior to the issuance of the bonds; provided, however, that
no bond issued under the provisions of this sub-title shall
be made redeemable at a greater amount than the prin-
cipal thereof plus accrued interest to the date of redemp-
tion, plus a premium of 5% of the principal thereof. The
Commission shall sell such bonds, by a method in compli-
ance with the provisions of Section 35 of Article 31 of the
Annotated Code of Maryland (1939 Edition) 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 re-
ceived therefor at more than 2%% per annum, computed
with relation to the absolute maturity of the bonds in ac-
cordance with standard tables of bond values.

147C. The refunding and improvement bonds issued
under the provisions of this sub-title shall be exempt from
assessment and from State, County and Municipal taxes
in Maryland. None of the bonds 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 principal and
interest of such refunding and improvement bonds shall
be payable exclusively from the revenues received by the
Commission from truck licenses, franchise taxes and a
part of the gasoline tax, as hereinafter provided, or out
of such monies as shall be duly appropriated from time
to time for that purpose by the General Assembly of
Maryland.

147D. The proceeds derived from the sale of such re-
funding and improvement bonds shall be used exclusively
for the purposes for which the bonds shall be authorized
and for paying the cost of engraving and printing the bonds
and all other incidental costs and expenses connected with
the issuance of such bonds.

147E. While any of such refunding and improvement
bonds shall be outstanding, there shall be laid and collected
an annual tax sufficient to pay the principal of and the
Interest on the bonds as the same shall fall due. Such
annual tax shall consist of such part of the license fees
and franchise taxes with respect to trucks and commercial
vehicles required to be paid pursuant to the provisions of
Article 56 of the Annotated Code of Maryland (1939 Edi-