J. MILLARD TAWES, GOVERNOR                            451

payment. The bonds of each issue shall he dated, shall bear interest,
and shall mature at such time or times, not exceeding 40 years from
their date or dates, as may be determined by the University of Mary-
land. The bonds of each issue may be made redeemable before ma-
turity at the option of the University of Maryland at such price or
prices and under such terms and conditions as may be fixed by the
University of Maryland prior to the issuance of the bonds. The
University of Maryland shall determine the form of the bonds, in-
cluding 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 and interest which may be at any bank
or trust company within or without the State. The bonds shall bear
the manual or facsimile signature of the chairman or one of the
other members of the Board of Regents of said University and the
official seal of the University or a facsimile thereof shall be affixed
to said bonds, attested by the manual or facsimile signature of
the secretary or an assistant secretary of said Board of Regents,
provided that at least one of said signatures with respect to each
of said bonds shall be a manual signature, and any coupons attached
thereto shall bear the facsimile signature of the chairman of said
Board of Regents. 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
purposes the same as if he had remained in office until such delivery.
All bonds issued under the provisions of Sections 259A-259J, in-
clusive, of this sub-title shall have and are hereby declared to have
all the qualities and incidents of negotiable instruments under the
negotiable instruments law of the State. The bonds may be issued
in coupon or in registered form, or both, as said Board of Regents
may determine, 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 reconversion into coupon bonds of any bonds
registered as to both principal and interest. Said University may sell
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 State.

(b)  The proceeds of the bonds of each issue shall be used solely
for the payment of the cost of the housing unit or housing units
for which such bonds shall have been issued and shall be disbursed
in such manner and under such restrictions, if any, as the University
of Maryland may provide in the resolution authorizing the issuance
of such bonds or in the trust agreement hereinafter mentioned secur-
ing the same. If the proceeds of the bonds of any issue, by error of
estimates or otherwise, shall be less than such cost, additional bonds
without limitation as to the aggregate principal amount thereof may
in like manner be issued to provide the amount of such deficit, and,
unless otherwise 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 housing unit or housing units for which the same shall
have been issued, the surplus shall be deposited to the credit of the
sinking fund for such bonds.

(c)  Prior to the preparation of definitive bonds, said University