446                               Laws of Maryland                      [Ch. 332

Commissioners may sell any such bonds in such manner either at
public or private sale, and for such price or prices, as it may de-
termine 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 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. 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 pre-
scribed 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 authorized 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 pursuant
to the authority of this Act shall, notwithstanding the provisions
hereof or of said bonds, be deemed to be negotiable instruments, 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 proceeds
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
Treasurer until needed to pay for the purposes specified in Section
1 hereof. Said payments for the aforesaid purposes, and for no
other purposes, shall be made from time to time by the County
Treasurer to the Union Hospital Board upon the order of the County
Commissioners of Cecil County. Said County Commissioners shall
not issue any such order except upon written notification from said
Union Hospital Board that in its best judgment and discretion an
expenditure for any of the aforesaid purposes is necessary, such
notification setting forth the approximate amount of each expendi-
ture and the specific use to be made of it. Said Union Hospital Board
shall receive and expend the money so paid to it only for the purposes
authorized by Section 1 hereof, and said Board shall account for
said money so paid to it and the expenditures thereof in the same
manner as it accounts for other moneys passing through its hands.