THEODORE R. MCKELDIN, GOVERNOR                      333

Indebtedness are to be issued, and to provide funds for paying the
current expenses of the Authority prior to the time when monies will
be available for such purpose under the provisions of this section,
and issue its tax anticipation notes for the monies so borrowed. Such
notes may be renewed or extended from time to time. All such notes
shall be signed by the State Treasurer and by the Chairman of the
Authority or with a facsimile signature of said Chairman and counter-
signed by the State Comptroller, and a facsimile of the official seal
of the Authority shall be imprinted on the notes and attested by the
Secretary-Treasurer of the Authority. Upon the issuance of said
bonds or Certificates of Indebtedness a sufficient amount of the pro-
ceeds thereof (excluding accrued interest) shall be applied to the pay-
ment of such notes.

9. (Payment of Current Expenses.) The monies received [remain-
ing] to the credit of the Maryland Port Authority Fund [after mak-
ing the transfers to the credit of the sinking fund under the pro-
visions of Sub-section (e) of Section 8 of this Article] shall be applied
and such monies shall be and hereby are specifically appropriated to
the payment of Current Expenses of the Authority. Any surplus of
such monies after providing for the payment of such Current Ex-
penses may be expended by the Authority for paying the cost of
enlarging, extending, reconstructing or improving any project [under
the control of] owned or controlled by the Authority.

11. (Provisions Applicable to [All] Revenue Bonds.) (a) The
Authority shall determine the form of the bonds of each series issued
under the provisions of Section 10 or 17 of this Article, including any
interest coupons to be attached thereto, the date of the bonds, 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 of Maryland. The bonds
of each such series may be made redeemable before their maturity
or maturities, at the option of the Authority, at such price or prices
and under such terms and conditions as may be fixed by the authority
prior to the issuance of the bonds.

(b)   In case any officer whose signature or a facsimile of whose
signature shall appear on any bonds or coupons shall cease to be such
officer before the delivery of such bonds, such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery. Notwith-
standing any other provision of this Article or any recitals in any
bonds issued under the provisions of Section 10 or 17 of this Article,
all such bonds shall be deemed to be negotiable instruments under the
laws of the State. The bonds may be issued in coupon or in registered
form or both, as the Authority may determine, and provision may
be made for the registration of any coupon bonds as to principal
alone and also as to both principal and interest, for the reconversion
into coupon bonds of any bonds registered as to both principal and
interest, and for the interchange of coupon and registered bonds.

(c)   The bonds of each series issued under the provisions of Sec-
tion 10 or 17 of this Article shall be exempt from the provisions of
Sections 9, 10 and 11 of Article 31 of the Annotated Code of Mary-
land (1957 Edition, as amended), and the Authority may sell such
bonds in such manner, either at public or at private sale, and for
such price as it may determine, but [no such sale of special obliga-