1082                            LAWS OF MARYLAND                      [CH. 739

165C.

(a)   The Board of Trustees of the State Colleges is hereby author-
ized and empowered to provide, by resolution, from time to time,
for the issuance, in series, of its negotiable bonds, certificates or
other evidence of indebtedness for the purpose of paying all or any
part of the cost of any one or more of said housing units. The prin-
cipal and interest on such bonds, certificates or other evidence or
indebtedness shall be payable solely from the funds herein provided
for such payment. The bonds of each issue shall be 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 said
Board of Trustees. The bonds of each issue may be made redeem-
able before maturity at the option of the said Board of Trustees at
such price or prices and under such terms and conditions as may
be fixed by the said Board of Trustees prior to the issuance of the
bonds. The said Board of Trustees shall determine the form of the
bonds, including 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 said Board of Trustees and the
official seal of the said Board of Trustees or a facsimile thereof shall
be affixed to said bonds, attested by the manual or facsimile signa-
ture of the secretary or an assistant secretary of said Board of
Trustees, 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 Trustees. 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 165A-
165J, inclusive, of this sub-title shall have and are hereby declared
to have all the qualities and incidents of negotiable instruments
under the Negotiable Instrument Law of the State. The bonds may
be issued in coupon or in registered form, or both, as said Board of
Trustees may determine, and provision may be made for the regis-
tration 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
Board of Trustees may sell such bonds in such manner, either at
public or private sale, and for such price or prices, as it may deter-
mine 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 said Board
of Trustees 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 WITHIN THE LIMITATIONS HEREIN CON-
TAINED as to the aggregate principal amount thereof may in