Theodore R. McKeldin, Governor                      25

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 this
Article shall be exempt from the provisions of Sections 32, 33 and
34 of Article 81 of the Annotated Code of Maryland (1951 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 deter-
mine, but no such sale of special obligation bonds issued tender the
provisions of Section S of this Article 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, and no such sale of
revenue bonds issued under the provisions of Section 10 or Section 17
of this Article shall be made at a price so low as to require the pay-
ment of interest on the money received therefor at more than five
per centum (5%) per annum, computed in each case 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.

(d)  Prior to the preparation of definitive bonds, the Authority
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 de-
livery. The Authority may also provide for the replacement of any
bonds which shall become mutilated or shall be destroyed or lost.

(e)  Bonds may be issued by the Authority under the provisions of
this Article without obtaining the consent of any department, divi-
sion, commission, board, bureau or agency of the State, and without
any other proceedings or the happening of any other conditions or
things than those proceedings, conditions or things which are spe-
cifically required by this Article.

12. (Trust Agreement.) Revenue bonds issued under the pro-
visions of this Article shall be secured by a trust agreement by and
between the Authority and a corporate trustee, which may be any
trust company, or bank having the powers of a trust company, within
or without the State. Such trust agreement may pledge or assign the
rentals and other revenues of the Authority, but shall not convey or
mortgage any project or any part thereof. Such trust agreement
shall contain such provisions for protecting and enforcing the rights
and remedies of the bondholders as may be reasonable and proper
and not in violation of law, including covenants setting forth the
duties of the Authority in relation to the acquisition or construction
of any project and the extension, enlargement, improvement, main-
tenance, operation, repair and insurance of the projects and the
custody, safeguarding and application of cull moneys and may contain
provisions for the employment of consulting engineers in connection
with any such construction and the operation of such projects. It
shall be lawful for any bank or trust company incorporated under
the laws of this State which may act as depositary of the proceeds of