394                             LAWS OF MARYLAND                      [CH. 221

date of delivery thereof, such signature or such facsimile will never-
theless 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 pro-
visions 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 prin-
cipal 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 five per centum
(5%) per annum, computed with relation to the absolute maturity of
the bonds in accordance with standard tables of bond values, exclud-
ing, 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
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 author-
ity 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 subdivisions 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 amount
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 upon the order of the
County Commissioners of Cecil County. Said County Commissioners
shall not issue any such order except upon deciding that in its best
judgment and discretion an expenditure for any of the aforesaid pur-