Theodore R. McKeldin, Governor                    465

on said bonds and the coupons attached thereto may likewise be in
facsimile except that at least one of said signatures on each bond
shall be manually affixed. In case any official whose signature or fac-
simile of whose signature shall appear on any such bonds or coupons
shall cease to be such official before the delivery of such bonds, or
shall become such an official between the date of issue and date of de-
livery thereof, such signature or such facsimile will nevertheless be
valid and sufficient for all purposes the same as if he had remained
in office until such delivery or had taken office prior to said date
of issue. The bonds may be issued in coupon or in registered form,
or both, as the County Commissioners may determine, and provi-
sions 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 any bonds registered as to both
principal and interest, and for the interchange of registered and
coupon bonds. The County Commissioners may sell any such bonds
in such manner either at public or private sale, and for such price
or prices, as it may determine to be for the best interests of the
County, 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 four per centum (4%) per annum, computed with rela-
tion to the absolute maturity of the bonds in accordance with
standard tables of bond values, excluding, however, from such com-
putation the amount of any premium to be paid on redemption of
any bonds prior to maturity. In the event the County shall sell or
offer for sale at public sale any of the bonds hereby authorized,
such sale shall be conducted in the manner prescribed by Sections
33 and 34 of Article 31 of the Annotated Code of Maryland (1951
Edition) as said sections may be amended from time to time. All
action which the County Commissioners of Cecil County is author-
ized by this section to take in the issue and sale of the bonds hereby
authorized, shall be taken by resolution of the Board of County
Commissioners, adopted in accordance with the established practices
of the County.

Sec. 3. And be it further enacted, That all bonds issued pursu-
ant to the authority of this Act shall, notwithstanding the provi-
sions hereof or of said bonds, be deemed to be negotiable instru-
ments, and shall have and possess all the attributes of negotiable
instruments, under the laws of this State. All bonds issued pursuant
to the authority of this Act, their transfer and the income therefrom
shall at all times be free from taxation by the State of Maryland
or by any of its political sub-divisions or by any town or municipal
corporation or by any other public agency of the State of Maryland.

Sec. 4. And be it further enacted, That from the actual pro-
ceeds of sale of any issue of said bonds there shall first be paid the
cost of preparing the same, and all other outlays and expenses
incurred by the County Commissioners in connection with the issue
of said bonds. In addition there shall be deducted from said proceeds
all amounts received on account of accrued interest which shall be
set apart by the County Treasurer for application on account of
the first maturing interest liability on said bonds, and in addition
said County Treasurer shall set apart any premium received on the
sale of any issue of said bonds which shall be used for the purpose
of paying the principal thereof at maturity or on prior redemption.
The entire balance of said proceeds shall be retained by the County