1874 LAWS OF MARYLAND [CH. 629

interest. [The Authority] Said University may sell such
bonds in such manner, either at public or private sale, and
for such price, as it may determine to be for the best in-
terests 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 received therefor at more than 3½% per annum,
computed with relation to the absolute maturity of the
bonds in accordance with standard tables of bond values,
excluding, however, from such computation the amount of
any premium to be paid on redemption of any bonds prior
to maturity.

(b) The proceeds of the bonds of each issue shall be
used solely for the payment of the cost of the project or
projects for which such bonds shall have been issued, and
shall be disbursed in such manner and under such restric-
tions, if any, as [the Authority] the University of Mary-
land may provide in the resolution authorizing the issuance
of such bonds or in the trust agreement hereinafter men-
tioned securing the same. If the proceeds of the bonds of
any issue, by error of estimates or otherwise, shall be less
than such cost, additional bonds may in like manner be
issued to provide the amount of such deficit, and, unless
otherwise provided in the resolution authorizing the issu-
ance of such bonds or in the trust agreement securing the
same, shall be deemed to be of the same issue and shall be
entitled to payment from the same fund without preference
or priority of the bonds first issued. If the proceeds of the
bonds of any issue shall exceed the cost of the project or
projects for which the same shall have been issued, the
surplus shall be deposited to the credit of the [funds for
the payment of the interest and principal of said bonds]
sinking funds for such bonds.

(c) Prior to the preparation of definitive bonds, [the
Authority] said University may, under like restrictions,
issue interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such
bonds shall have been executed and are available for de-
livery. [The Authority] Said University may also provide
for the replacement of any bonds which shall become muti-
lated or shall be destroyed or lost.

(d) Bonds may be issued under the provisions of this
sub-title without obtaining the consent of any department,
division, commission, board, bureau, or agency of the State,
and without any other proceedings or the happening of any
other conditions or things than those proceedings, condi-
tions or things which are specifically required by this sub-
title. The provisions of Sections 34 to 36, inclusive, of