736                               LAWS OF MARYLAND                        [CH. 437

not exceeding five (per centum per annum, shall mature at such time
or times not exceeding forty years from their date or dates, as may
be determined by the Commission, and may be made redeemable
before maturity, 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 the bonds. The Commission
shall determine the form and the manner of execution of the bonds,
including 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. 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 be-
fore 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. The bonds may
be issued in cou/pon or in registered form, or both, as the Commis-
sion may determine, and provisions may be made for the registra-
tion of any coupon bonds as to principal alone and also as to both
principal and interest, and for the reconversion into coupon bonds
of any bonds registered as to both principal and interest, and for
the interchange of registered and coupon bonds. The Commission
may sell such bonds in such manner, either at public or at private
sale, and for such price, as it may determine to be for the best
interests 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 five per centum 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 shall be used solely for the pay-
ment of the cost of the Expressway, and shall be disbursed in such
manner and under such restrictions if any, as the Commission may
provide in the resolution authorizing the issuance of such bonds
or in the trust agreement hereinafter mentioned securing the same.
If the proceeds of the bonds initially issued, 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 issuance
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 shall exceed such cost, the
surplus shall be deposited to the credit of the sinking fund for such
bonds.

(c)  Prior to the preparation of definitive bonds, the Commission
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
delivery. The Commission may also provide for the replacement of
any bonds which shall become mutilated 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, com-