THEODORE R. MCKELDIN, GOVERNOR 671

pose of paying all or any part of the cost of any one or
more projects. The principal and interest on such bonds,
certificates or other evidence of indebtedness shall be pay-
able solely from the funds herein provided for such pay-
ment. The bonds of each issue shall be dated, shall bear in-
terest at such rate or rates not exceeding 3½ % per annum,
shall mature at such time or times, not exceeding 30 years
from their date or dates, as may be determined by the
[Authority] University of Maryland. The bonds of each
issue may be made redeemable before maturity at the op-
tion of the [Authority] University of Maryland at such
price or prices and under such terms and conditions as may
be fixed by the [Authority] University of Maryland prior
to the issuance of the bonds. The [Authority] University
of Maryland shall determine the form of the bonds, includ-
ing any interest coupons to be attached thereto, and shall
fix the denomination or denominations of the bonds and the
place or places of payment of principal and interest which
may be at any bank or trust company within or without the
State. The bonds shall be signed by the Chairman of the
[Authority] Board of Regents of the University of Mary-
land and the official seal of [the Authority] said Univer-
sity shall be affixed thereto, and attested by the Secretary
of [the Authority] said Board of Regents and any coupons
attached thereto shall bear the facsimile signature of the
Chairman of [the Authority] said Board of Regents. In
case any officer whose signature or a facsimile of whose sig-
nature shall appear on any bonds or coupons shall cease to
be such officer before the delivery of such bonds, such sig-
nature or such facsimile shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in
office until such delivery. All bonds issued under the pro-
visions of this sub-title shall have and are hereby declared
to have all the qualities and incidents of negotiable instru-
ments under the negotiable instruments law of the State.
The bonds may be issued in coupon or in registered form,
or both, as [the Authority] said Board of Regents may de-
termine, and provision may be made for the registration of
any coupon bonds as to principal alone and also as to both
principal and interest, and for the reconversion into cou-
pon bonds of any bonds registered as to both principal and
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