J. MILLARD TAWES, Governor                        63

four per centum (4%) per annum. The County shall determine the
form and the manner of execution of any of said bonds, including
any interest coupons to be attached thereto, and shall fix the de-
nomination or denominations of the bonds and the place or places
of payment of principal or interest, which may be at any bank or
trust company within or without the State. The County Commis-
sioners is hereby empowered to provide that the County seal to be
affixed to said bonds may be imprinted thereon in facsimile, and
that all signatures and counter-signatures on said bonds and the
coupons attached thereto may likewise be in facsimile except that
at least one of said signatures on each bond shall be manually
affixed. In case any official whose signature or facsimile of whose
signature shall appear on any such bonds or coupons shall cease to
be such official before the delivery of such bonds, or shall become
such an official between the date of issue and date of delivery thereof,
such signature or such facsimile will nevertheless be valid and suffi-
cient 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 provisions 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 principal 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 four per
centum (4%) per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables of bond
values, excluding, 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 prescribed by Sections 10 and 11 of Article
31 of the Annotated Code of Maryland (1957 Edition) as said sec-
tions 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 the 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 sub-divisions 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