HERBERT R. O'CONOR, GOVERNOR. 1637

the rate or rates of interest payable thereon, not exceeding four
percentum (4%) per annum, which may vary in different issues,
or the method of arriving at the same, the date or dates upon
which said obligations shall mature and be payable, provided
that certificates of indebtedness shall not mature more than
six years from their date and that any bonds issued hereunder
shall be in serial maturities not exceeding thirty (30) years
from their date, the method and manner of sale thereof, and
generally all matters incident or necessary to the issuance, sale,
delivery and payment thereof. The principal of and the in-
terest on said obligations may be made payable in any lawful
medium. Said resolution shall determine the form of said
obligations, including any interest coupons to be attached
thereto, and the manner of their execution, and shall fix the
denomination or denominations and the place or places of pay-
ment of the principal and the interest thereon, which may be
at any bank or trust company within or without the State of
Maryland. In case any officer whose signature shall appear on
any such obligations or on the coupons attached thereto, shall
cease to be such officer before their delivery, such signature shall
nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. All obliga-
tions issued under the provisions of this Act shall have, and are
hereby declared to have, as between successive holders, all the
qualities and incidents of negotiable instruments under the
Negotiable Instruments Law of this State, to the extent pro-
vided in Section 33 of Article 31 of the Code of Public General
Laws of Maryland (1939 Edition). Said obligations may be
issued in coupon or in registered form, or both, as said Board
of County Commissioners of Montgomery County may de-
termine by any such resolution, and provisions may be made
for the registration of said obligations having coupons at-
tached, as to principal alone and also as to both principal and
interest, and for their reconversion into coupon form, if any of
them shall have been registered as to both principal and in-
terest. Such obligations shall not be subject to the provisions
of Sections 34, 35 and 36 of Article 31 of the Annotated Code
of Public General Laws of Maryland (1939 Edition), and said
Board of County Commissioners of Montgomery County may
sell such obligations either at public or private sale in such
manner and for such price or prices as may be determined to be
for the best interests of the County, provided no sale shall be
for less than par. The money so borrowed or the indebtedness
incurred, in evidence of which said obligations shall be issued,
shall be used by the County exclusively and solely for the pur-
poses described in said resolution, and in the event the amounts
so borrowed shall prove inadequate for the financing of any
such purposes, at any time, the County may in the same manner
issue additional obligations for the purpose of evidencing the