SPIRO T. AGNEW, Governor                        1.41

126.

(a) The Commission is hereby authorized to provide by resolu-
tion, at one time or from time to time, for the issuance of revenue
bonds of the State for the purpose of paying all or any part of the
costs of any one or more projects or any part [of] or parts thereof,
and the cost of improvements. The principal of and interest on such
bonds shall be payable solely from the funds herein provided for
such payment. The bonds of each issue shall be dated, shall bear
[interests] interest at such rate or rates not exceeding five per
centum per annum, shall mature at such time or times not exceeding
forty years from their date or dates, as may be determined by the
Commission, and may be made redeemable before maturity, 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. The Commission 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 [of] or facsimile signature of the
chairman or one of the other members of the Commission and the
official seal of the Commission or a facsimile thereof shall be affixed
to said bonds, attested by the manual or facsimile signature of the
secretary or an assistant secretary of the Commission, 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 the Commission.
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 [signatures] signature or
such facsimile shall nevertheless be valid and sufficient for all pur-
poses the same as if he had remained in office until such delivery.
All bonds issued under the provisions 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, com-
puted with relation to the absolute maturity of the bonds in accord-
ance with standard tables of bonds values, excluding, however,
from such computation the amount of any premium to be paid on
redemption of any bonds prior to maturity.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved March 24, 1967.