64                                     LAWS OF MARYLAND                             [CH. 37

the last series of bonds issued pursuant to the authority of Section
199 of this Article. The bonds authorized by Section 211A of this
subheading shall be known as "State Highway Construction Bonds,
Third Issue," and shall be issued by the Commission on behalf of the
State of Maryland. All of the bonds shall bear interest at a rate or
rates not exceeding five per centum (5%) per annum, payable semi-
annually until the respective maturities of the bonds in accordance
with appropriate coupons to be attached thereto. The bonds of each
series shall be dated as may be determined by the Commission and
shall mature and be payable as may be determined by the Commis-
sion, in equal or varying but consecutive annual installments within
a period of fifteen (15) years from the date of issue of each such
series. The bonds may be made subject to redemption before their
respective maturities, 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; provided, however,
that no bonds issued under the provisions of this subheading shall be
subject to purchase for retirement or be made redeemable at a price
exceeding the principal amount thereof together with the interest
accrued thereon to the date of such purchase or redemption, plus a
premium of five per centum (5%) of the principal amount thereof.
In addition to the foregoing, the authority conferred by Section 211A
of this subheading is subject to the express limitation that at no
time shall the aggregate principal amount of bonds issued under
Section 211A of this subheading, and outstanding and unpaid plus
the aggregate principal amount of bonds issued under Section 191
and Section 199 of this Article, and outstanding and unpaid, together
exceed the sum of three hundred million dollars ($300,000,000.00),
but this limitation shall not be construed to mean that the total
principal amount of bonds which may be issued pursuant to said
Section 191, 199, and 211A may not exceed said sum. In addition to
the foregoing the authority conferred by Section 211A of this sub-
heading is subject to the express limitation that at no time shall the
aggregate principal amount of bonds issued under Section 211A of
this subheading and outstanding and unpaid, exceed the sum of one
hundred fifty million dollars ($150,000,000), but this limitation shall
not be construed to mean that the total principal amount of bonds
which may be issued pursuant to said Section 211A may not exceed
said sum.

211C. Amounts of issuance; advance right-of-way acquisition;
emergency fund provision.

The Commission shall at no one time issue bonds in an amount
greater than twenty-five million dollars ($25,000,000) and it is fur-
ther provided that no bonds shall be issued until the cash balance in
the Commission's Construction Fund is below twenty-five million
dollars ($25,000,000). The Commission by resolution may authorize
expenditures from bond issue proceeds and other funds available to
the Commission during any fiscal year in an amount not to exceed
the sum of two million dollars ($2,000,000) for the purpose of ac-
quiring rights-of-way for future State highway projects included in
the official "Needs Study" program of the Commission. The Com-
mission may authorize expenditures from bond issue proceeds and
other funds available to the Commission during any fiscal year in an
amount not to exceed the sum of one million, five hundred thousand
dollars ($1,500,000) for projects due to storm and flood damage and
other unforeseen causes, of channelization made necessary by in-