SPIRO T. AGNEW, Governor                     1613

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 sufficient 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 provi-
sions 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 five per centum (5%) 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 sections 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 author-
ized, shall be taken by resolution of the Board of County Commis-
sioners, 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 instru-
ments, under the laws of this State. All bonds issued pursuant to
the authority 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 subdivisions 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
bonds. In addition there shall be deducted from said proceeds all
amounts received on account of accrued interest which shall be set
apart by the County Treasurer for application on account of the first
maturing interest liability on said bonds, and in addition said County
Treasurer shall set apart any premium received on the sale of any
issue of said bonds which shall be used for the purpose of paying
the principal thereof at maturity or on prior redemption. The entire
balance of said proceeds shall be retained by the County Treasurer
until needed to pay for the purposes specified in Section 1 hereof.