24                                Laws of Maryland                          [Ch. 2

(b)  The bonds of each series issued under the provisions of this
Section shall bear interest at a rate or rates not exceeding five per
centum (5%) per annum, payable semi-annually, and shall be stated
to mature at such time or times, not exceeding forty (40) years from
their date, as may be determined by the Authority.

(c)  The proceeds of the bonds of each series issued under the pro-
visions of this Section shall be paid to the trustee under the trust
agreement securing such bonds and shall be disbursed in such manner
and under such restrictions, if any, as may be provided in such trust
agreement.

(d) Revenue bonds issued under the provisions of this Section shall
not be deemed to constitute a debt of the State or of any political sub-
division thereof or a pledge of the faith and credit of the State or of
any such political subdivision, but such bonds shall be payable solely
from the funds herein provided therefor from revenues of the
projects. All such revenue bonds shall contain on the face thereof a
statement to the effect that neither the Authority nor the State nor
any political subdivision thereof shall be obligated to pay the same
or the interest thereon except from revenues and that neither the
faith and credit nor the taxing power of the State or any political
sub-division thereof is pledged to the payment of the principal of or
the interest on such bonds.

(e) If the proceeds of the revenue bonds of any series issued under
the provisions of this Section, by reason of increased construction
costs or error in estimates or otherwise, shall be less than the amount
required for the purpose for which such bonds are authorized, addi-
tional bonds may in like manner be issued to provide the amount
of such deficiency and 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 such bonds
shall exceed the amount so required, such excess shall be deposited to
the credit of the sinking fund for such bonds or, if so provided in the
trust agreement securing such bonds, may be applied to the cost of
any additional port facility.

11. (Provisions Applicable to All Bonds.) (a) The Authority
shall determine the form of the bonds of each series issued under the
provisions of this Article, including any interest coupons to be at-
tached thereto, the date of the bonds, the denomination or denomina-
tions 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. Not-
withstanding any other provision of this Article or any recitals in
any bonds issued under the provisions of this Article, all such bonds
shall be deemed to be negotiable instruments under the laws of the