Theodore R. McKeldin, Governor                    653

bonds as to principal alone and also as to both principal and interest
and for the reconversion into coupon revenue bonds of any revenue
bonds registered as to both principal and interest.

(f)   The Authority may sell such revenue bonds in such manner,
either at public or private sale, and for such price, as it may deter-
mine to be for the best interests of the Authority, 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 (5%)
per annum, THE MAXIMUM LEGAL RATE PER ANNUM AL-
LOWABLE BY LAW, computed with relation to the absolute matur-
ity of the bonds in accordance with standard tables of bond values,
excluding, however, from such computation the amount of any pre-
mium to be paid on redemption of any revenue bonds prior to matur-
ity. None of the provisions of Sections 32 to 34, inclusive, of Article
31 of the Annotated Code of Maryland (1951 Edition) and any
amendments thereto shall apply to the revenue bonds issued under
the provisions of this Act.

(g)   The proceeds of the revenue bonds of each issue shall be used
solely for the payment of the cost of the project or projects for
which such bonds have been issued, and shall be distributed in such
manner and under such restrictions, if any, as the Authority may
provide in the resolution authorizing the issuance of such bonds or
in the trust agreement hereinafter mentioned securing the same. If
the proceeds of the bonds of any issue, by error of estimate or other-
wise, shall be less than such cost, additional bonds may in like man-
ner be issued to provide the amount of such deficit, and, unless other-
wise 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 into the sinking fund hereinafter provided
for the payment of principal of and interest on the revenue bonds.

(h) Prior to the preparation of definitive revenue bonds, the
Authority may, under like restrictions, issue interim receipts or
temporary bonds, with or without coupons, to be exchanged for
definitive bonds, when such bonds have been executed and are avail-
able for delivery. The Authority may also provide, by resolution, for
the replacement of any bonds which shall become mutilated, de-
stroyed or lost.

(i) The revenue bonds, certificates or other evidence of indebted-
ness, authorized to be issued under this Act may be issued without
an election referendum or any other proceedings or the happening
of any other conditions or things than those proceedings, conditions
or things which are specified and required by this Act.

(j) The Authority is hereby authorized to provide by resolution
for the issuance of its revenue refunding bonds for the purpose of
refunding any revenue bonds then outstanding and issued under the
provisions of this Act. The issuance of such revenue refunding bonds,
the maturities and other details thereof, the rights of the holders
thereof, and the duties of the Authority in respect of the same, shall
be governed by the provisions of this Act insofar as they may be
applicable.