1492                                 LAWS OF MARYLAND                          [CH. 693

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 248L-248U, in-
clusive, of this subtitle shall have and are hereby declared to have all
the qualities and incidents of negotiable instruments under the Ne-
gotiable 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 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 reg-
istered 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 determine to be for the best inter-
ests 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 securing
the same. If the proceeds of the bonds of any issue, by error of esti-
mates or otherwise, shall be less than such cost, additional bonds
without limitation as to the aggregate principal amount thereof 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 is-
sued. If the proceeds of the bonds of any issue shall exceed the cost of
the housing unit or housing units for which the same shall have been
issued, the surplus shall be deposited to the credit of the sinking fund
for such bonds.

(c)  Prior to the preparation of definitive bonds, said Board of
Trustees may, under like restrictions, issue interim receipts or
temporary bonds, with or without coupons, exchangeable for defini-
tive bonds when such bonds shall have been executed and are avail-
able for delivery. Said Board of Trustees may also provide for the
replacement of any bonds which shall become mutilated or shall be
destroyed or lost.

(d)  Bonds may be issued under the provisions of Sections 248L-
248U, inclusive, of this subtitle without obtaining the consent of any
department, division, commission, board, bureau, or agency of the
State, and without any other proceedings or the happening of any
other conditions or things than those proceedings, conditions or
things which are specifically required by the provisions of Sections
248L-248U, inclusive, of this subtitle. The provisions of Sections 9-
11, inclusive, of Article 31 of the Annotated Code of Maryland (1957
Edition), and any amendments thereto, shall not apply to revenue
bonds issued under the provisions of Sections 248L-248U, inclusive,
of this subtitle.

(e)  Any bonds issued under the authority of Sections 248L-248U,
inclusive, of this subtitle shall not create or constitute any indebted-
ness or obligation of the State of Maryland or of any political sub-
division thereof, except said Board of Trustees, either legal, equi-