THEODORE R. McKELDIN, GOVERNOR                     925

as may be fixed by the Morgan State College prior to the issuance
of the bonds. The Morgan State College shall determine the form
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. The
bonds shall be signed by the Chairman of the Board of Trustees of
Morgan State College and the official seal of said College shall be
affixed thereto and attested by the Secretary of said Board of
Trustees and any coupons attached thereto shall bear the facsimile
signature of the Chairman of said Board of Trustees. 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. All bonds issued
under the provisions 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 said
Board of Trustees 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, and for the reconversion into
coupon bonds of any bonds registered as to both principal and
interest. Said College 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 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 3 1/2% per annum, com-
puted with relation to the absolute maturity of the bonds in accord-
ance with standard tables of bond values, excluding, however, from
such computation the amount of any premium to be paid on redemp-
tion of any bonds prior to maturity.

(b)   The proceeds of the bonds of each issue shall be used solely
for the payment of the cost of the project or projects for which
such bonds shall have been issued, and shall be disbursed in such
manner and under such restrictions, if any, as the Morgan State
College may provide in the resolution authorizing the issuance of
such bonds or in the trust agreement hereinafter mentioned secur-
ing the same. If the proceeds of the bonds of any issue, 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 of any issue
shall exceed the cost of the project or projects for which the same
shall have been issued, the surplus shall be deposited to the credit
of the sinking funds for such bonds.

(c)  Prior to the preparation of definitive bonds, said College
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. Said College may also provide for the replacement of any
bonds which shall become mutilated or shall be destroyed or lost.