316                               LAWS OF MARYLAND                        [CH. 223

principal and interest, and for the interchange of registered and
coupon bonds. The County Commissioners may sell any such bonds
in such manner either at public or private sale, and for such price
or prices, as it may determine to be for the best interests of the
County, 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 four per centum (4%) per annum, computed with rela-
tion to the absolute maturity of the bonds in accordance with
standard tables of bond values, excluding, however, from such com-
putation the amount of any premium to be paid on redemption of
any bonds prior to maturity. In the event the County shall sell or
offer for sale at public sale any of the bonds hereby authorized,
such sale shall be conducted in the manner prescribed by Sections
33 and 34 of Article 31 of the Annotated Code of Maryland (1951
Edition) as said sections may be amended from time to time. All
action which the County Commissioners of Cecil County is author-
ized by this section to take in the issue and sale of the bonds hereby
authorized, shall be taken by resolution of the Board of County
Commissioners, adopted in accordance with the established practices
of the County.

SEC. 3. And be it further enacted, That all bonds issued pursu-
ant to the authority of this Act shall, notwithstanding the provi-
sions hereof or of said bonds, be deemed to be negotiable instru-
ments, and shall have and possess all the attributes of negotiable
instruments, under the laws of this State. All bonds issued pursuant
to the authority of this Act, their transfer and the income therefrom
shall at all times be free from taxation by the State of Maryland
or by any of its political sub-divisions or by any town or municipal
corporation or by any other public agency of the State of Maryland.

SEC. 4. And be it further enacted, That from the actual pro-
ceeds of sale of any issue of said bonds there shall first be paid the
cost of preparing the same, and all other outlays and expenses
incurred by the County Commissioners in connection with the issue
of said bonds. In addition there shall be deducted from said proceeds
all amounts received on account of accrued interest which shall be
set apart by the County Treasurer for application on account of
the first maturing interest liability on said bonds, and in addition
said County Treasurer shall set apart any premium received on the
sale of any issue of said bonds which shall be used for the purpose
of paying the principal thereof at maturity or on prior redemption.
The entire balance of said proceeds shall be retained by the County
Treasurer until needed to pay for the purposes specified in Section
1 hereof. Said payments for the aforesaid purposes, and for no
other purposes, shall be made from time to time by the County
Treasurer to the Board of Education of Cecil County upon the
order of the County Commissioners of Cecil County. Said County
Commissioners shall not issue any such order except upon written
notification from said Board of Education that in its best judg-
ment and discretion an expenditure for any of the aforesaid pur-
poses is necessary, such notification setting forth the approximate
amount of each expenditure and the specific use to be made of it.
Said Board of Education shall receive and expend the money so paid
to it only for the purposes authorized by Section 1 hereof, and said
Board shall account for said money so paid to it and the expendi-