1320 LAWS OF MARYLAND [CH. 657

each series shall be dated as may be determined by the
Commission and shall mature and be payable, as may be
determined by the Commission, in equal or varying but
consecutive annual installments within a period of fifteen
(15) years from the date of issue of each such series. Said
bonds may be made subject to redemption before their re-
spective maturities, at the option of the Commission, at
such price or prices and under such terms and conditions
as may be fixed by the Commission prior to the issuance
of said bonds; provided, however, that no bonds issued
under the provisions of this sub-title shall be subject to
purchase for retirement or be made redeemable at a price
exceeding the principal amount thereof together with the
interest accrued thereon to the date of such purchase or
redemption, plus a premium of five per centum (5%) of
the principal amount thereof. In addition to the foregoing,
(2) (A) the authority conferred by Section 162A of this
sub-title is subject to the express limitation that at no time
shall the aggregate principal amount of bonds issued under
Section 162A of this sub-title, and outstanding and unpaid,
plus the aggregate principal amount of bonds issued under
Section 155 of this Article, and outstanding and unpaid,
together exceed the sum of Three Hundred Million Dollars
($300, 000, 000. 00), but this limitation shall not be con-
strued to mean that the total principal amount of bonds
which may be issued pursuant to said Sections 155 and
162A during the period specified in said latter section may
not exceed said sum, WHICH TOTAL PRINCIPAL
AMOUNT OF BONDS FOR STATE ROADS COMMIS-
SION PURPOSES UNDER SECTION 162A SHALL BE
LIMITED TO $330, 000, 000, and (b) the authority to issue
bonds conferred by Section 155 of this Article is subject to
the express limitation that said authority shall cease and
terminate as soon as any bonds are issued by the Commis-
sion pursuant to said Section 162A, so that upon the is-
suance of said bonds no additional bonds may be issued
pursuant to the authority of said Section 155. For the
purposes of these limitations, the phrase "outstanding and
unpaid" shall not be deemed to include bonds of the issues
above described, purchased by the Commission and held
by or for it in the sinking funds provided for in Sections
160 and 162D of this Article, nor to matured or redeemed
bonds of said issues for the full payment of which pro-
vision has been made in accordance with their terms.

162C. The form, tenor, incidents, tax exemption and
other characteristics of the bonds authorized by Section
162A of this sub-title shall be governed by Section 156 of