1076                                Laws of Maryland                         [Ch. 644

made in any sanitary district lying in two or more counties, such
contemplated improvements shall not be made.

654. (a) For the purpose of providing funds for the design,
construction, establishment, purchase or condemnation of water
[supply,] and sewerage [, and drainage] systems in any of the
sanitary districts, and after the approval of the governing body or
governing bodies of the county or counties in which said sanitary
district or sanitary districts are located, the Commission of any
particular District is authorized and empowered to issue bonds, in the
name of such District, from time to time upon the full faith and
credit of such District and of the county or counties, in which said
District is located, in such amounts as it may deem to be necessary
to carry on its work and to provide the funds necessary to meet the
cost of any project, as such cost is estimated at the time of the
adoption of the resolution authorizing the bonds, but at no time shall
the total issue of bonds outstanding AND UNPAID in any sanitary
district for all purposes under this sub-title exceed twenty-five per
centum of the total value of the property assessed for county taxation
purposes within said sanitary district. The bonds of each issue shall
be dated, shall bear interest at such rate or rates not exceeding [five]
six per centum per annum, shall mature at such time or times not
exceeding forty years from their date or dates of issue, as may be de-
termined by the Commission, and may be made redeemable before
maturity, at the option of the Commission, at such price or prices and
under such terms and conditions as may be fixed by the Commission
prior to the issuance of the bonds. The Commission shall determine
the form of the bonds, including any 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 pur-
poses 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 quali-
ties and incidents of negotiable instruments under the negotiable in-
struments law of the State of Maryland. The bonds may be issued in
coupon or in registered form, or both, as the Commission may deter-
mine, 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 re-conversion 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 Commission may sell such bonds in such manner, either
at public or 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] six per centum per annum, computed with re-
lation 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 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