888                              LAWS OF MARYLAND                       [CH. 518

be valid and sufficient for all purposes the same as if he had re-
mained in office until such delivery. All bonds issued under the pro-
visions of this subheading 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 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 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. The Commission
may sell such bonds in such manner, either at public or private sale,
and for such price, as it may determine to be for the best interests
of the State, 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 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.

(b) The proceeds of the bonds of each issue shall be used solely for
the payment of the cost of the project or projects [for WHICH] or the
improvements for or in connection with which such bonds shall have
been issued, and shall be disbursed in such manner and under such
restrictions, if any, as the Commission may provide in the resolution
authorizing the issuance of such bonds or in the trust agreement
hereinafter mentioned securing 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 may in like manner be issued to
provide the amount of such deficit, and, unless otherwise provided
in the resolution authorizing the issuance of such bonds or in the
trust agreement securing the same, shall be deemed to be of the
same issue and shall be entitled to payment from the same fund
without preference or priority of the bonds first issued. If the pro-
ceeds of the bonds of any issue shall exceed the cost of the project
or projects for which the same shall have been issued, the surplus
shall be deposited to the credit of the sinking fund for such bonds.

129.

(a) The Commission is hereby authorized to fix, revise, charge
and collect tolls for the use of each project and the different parts
or sections thereof, and to contract with any person, partnership,
association or corporation desiring the use of any part thereof for
placing thereon telephone, telegraph, electric light or power lines,
gas stations, garages, stores, hotels, restaurants and advertising
signs, or for any other purpose, and to fix the terms, condition,
rents and rates of charges for such use. Such tolls shall be so fixed
and adjusted in respect to the aggregate of tolls from the project or
projects in connection with which the bonds of any issue shall have
been issued as to provide a fund sufficient with other revenues, if
any, to pay (A) the cost of maintaining, repairing and operating
such project or projects, and (B) the principal of and the interest
on such bonds as the same shall become due and payable, and to
create reserves for such purposes, (C) to provide funds for paying
the cost of replacements, renewals and improvements, and (D) to
provide funds for paying the cost of constructing, maintaining, re-