Theodore R. McKeldin, Governor                    1125

interest coupons to be attached thereto, and the manner of execution
of the bonds, 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. 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, as between
successive holders, all the qualities and incidents of negotiable instru-
ments under the negotiable instruments law of the State of Mary-
land. The bonds may be issued in coupon or in registered form, or
both, as the Commission 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. The issuance of such bonds shall not be subject to any
limitations or conditions contained in any other law and the Com-
mission may sell such bonds in such manner, either at private sale,
and for such price, as it may determine to be for the best interests
of the District and the county to be served thereby, 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 the redemption of any bonds prior to maturity. Said bonds
shall be forever exempt from State, city and county taxation. They
shall be issued under the signature and seal of the Commission and
shall be guaranteed as to payment of principal and interest by the
county in which said District lies, which guarantee shall be endorsed
on each of said bonds in the following language: "The payment
of interest when due and the principal at maturity is guaranteed by
Washington County, Maryland". Such endorsement shall be signed
on each of said bonds by the chief executive officer and by the Clerk
or Secretary of the particular governing body within ten days
after the bonds are presented by the Commission to them for endorse-
ment. At any time prior to the issuance of any such bonds the gov-
erning body of a particular county is hereby authorized and directed
to furnish to the Commission a sum not exceeding Five Thousand
Dollars ($5,000.00) which shall be repaid out of the first available
moneys derived from the sale of the first bonds issued, if any.

(b) The proceeds of such bonds shall be used solely for the pay-
ment of the cost of the project or projects on account of which such
bonds are issued and shall be disbursed in such manner and under
such restrictions, if any, as the Commission may provide in the
authorizing resolution. If the proceeds of such bonds, 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 authorizing resolution 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 for the same purpose. If the proceeds of the bonds of
any issue shall exceed the amount required for the purpose for which
such bonds shall have been issued, the surplus shall be used for the