J. MILLARD TAWES, GOVERNOR                          1055

serial maturity plan, then the schedule of maturities of said issue
of bonds shall be so arranged that one-twentieth (1/20) of the prin-
cipal amount thereof shall mature and be retired in each consecutive
year accounting from the date of issue thereof. The interest to be
borne by the bonds of any such issue shall be limited to such rate
or rates as will produce an average interest cost on said bonds to
the County of not exceeding four per centum (4%) per annum. The
County shall determine the form and the manner of execution of
any of said bonds, including any interest coupons to be attached
thereto, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal or interest,
which may be at any bank or trust company within or without the
State. The County Commissioners is hereby empowered to provide
that the County seal to be affixed to said bonds may be imprinted
thereon in facsimile, and that all signatures and counter-signatures
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
delivery 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
10 and 11 of Article 31 of the Annotated Code of Maryland (1957
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