J. MILLARD TAWES, Governor                        271

denominations of the bonds, and the place or places of payment of
principal and interest thereof, which may be at any bank or trust
company within or without the State of Maryland. The bonds shall
bear the facsimile signatures of the State Treasurer and the Chair-
man of the Commission and the facsimile counter signature of the
State Comptroller, and a facsimile of the official seal of the Commis-
sion shall be affixed to said bonds, attested by the manual signature
of the Secretary or an authorized Assistant Secretary of the Commis-
sion. Any coupons attached to said bonds shall bear the facsimile
signatures of the Chairman of the Commission, the State Treasurer,
and the State Comptroller. 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 after the Resolution of the Commission
authorizing such issue and 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 this sub-heading
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 authorized by Section 211A of this sub-
heading shall be sold by competitive bidding at public sale in the
manner prescribed by Section 10 of Article 31 of the Annotated Code
of Maryland. The bonds may be issued in coupon or in registered
form, or both, as the Commission may determine, and provision may
be made for the registration of any coupon bond as to the principal
alone and also as to both principal and interest, and for the recon-
version into coupon bonds of any bonds registered as to both prin-
cipal and interest. The Commission is authorized to issue temporary
or interim bonds or certificates in such form or tenor as the Com-
mission may determine, in anticipation of and exchangeable for the
definitive bonds authorized by Section 211A, and authority is also
specifically conferred hereby on the Commission to make appropriate
provisions for the replacement of any lost or mutilated bonds or
temporary certificates. In neither case shall the exercise of any such
authority constitute a breach of any of the limitations contained in
Section 211B of this subheading. All bonds issued under this sub-
heading, their transfer and the income therefrom (including any
profit made in the sale thereof) shall at all times be free from taxation
by the State of Maryland, any of its political subdivisions, any town
or incorporated municipality, or any other public agency within the
State.

211E. Use of proceeds of sale.

The proceeds of each series of the bonds sold pursuant to the
authority of Section 211A of this subheading shall be paid to the
State Treasurer and shall be paid out from time to time by the State
Treasurer upon the orders of the Commission and upon warrants of
the State Comptroller, for the following purposes: (1) The portion
of the proceeds representing accrued interest shall be deposited in
the sinking fund provided for in Section 211F of this subheading for
application on account of the first installment of interest due on such
bonds; (2) the portion of the proceeds representing any premium
received on the sale of said bonds shall likewise be deposited in said
sinking fund for application on account of the first installment of
the maturing principal of the bonds; (3) there shall be payable from
the proceeds the cost of engraving, printing, advertising, attorney's