814                               LAWS OF MARYLAND                        [CH. 391

ity date herein authorized shall be calculated from the date on the
face of each bond separately, irrespective of the fact that different
dates may be prescribed for the bonds of each separate series or
division of any authorized issue.

13.8—Tax Exemption. All bonds issued by the commission under
the provisions of this compact and the interest thereon shall at all
times be free and exempt from all taxation by or under authority
of any of the signatory parties, except for transfer, inheritance, and
estate taxes.

13.9—Interest. Bonds shall bear interest at a rate of not to exceed
six percent per annum, payable annually or semi-annually.

13.10—Place of Payment. The commission may provide for the
payment of the principal and interest of bonds at any place or places
within or without the signatory states, and in any specified lawful
coin or currency of the United States of America.

13.11—Execution. The commission may provide for the execution
and authentication of bonds by the manual, lithographed, or printed
facsimile signature of officers of the commission, and by additional
authentication by a trustee or fiscal agent appointed by the com-
mission. If any of the officers whose signatures or countersignatures
appear upon the bonds or coupons ceases to be an officer before the
delivery of the bonds or coupons, his signature or countersignature
is nevertheless valid and of the same force and effect as if the officer
had remained in office until the delivery of the bonds and coupons.

13.12—Holding Own Bonds. The commission shall have power out
of any funds available therefor to purchase its bonds and may hold,
cancel, or resell such bonds.

13.13—Sale. The commission may fix terms and conditions for
the sale or other disposition of any authorized issue of bonds. The
commission may sell at less than their par or face value, but no issue
of bonds may be sold at an aggregate price below the par or face
value thereof if such sale would result in a net interest cost to the
commission calculated upon the entire issue so sold of more than six
percent per annum payable semi-annually, according to standard
tables of bond values. All bonds issued and sold for cash pursuant to
this compact shall be sold on sealed proposals to the highest bidder.
Prior to such sale, the commission shall advertise for bids by publi-
cation of a notice of sale not less than ten days prior to the date of
sale, at least once in a newspaper of general circulation printed and
published in New York City carrying municipal bonds notices and
devoted primarily to financial news. The commission may reject any
and all bids submitted and may thereafter sell the bonds so adver-
tised for sale at private sale to any financially responsible bidder
under such terms and conditions as it deems most advantageous to
the public interest, but the bonds shall not be sold at a net interest
cost calculated upon the entire issue so advertised, greater than the
lowest bid which was rejected. In the event the commission desires
to issue its bonds in exchange for an existing facility or portion
thereof, or in exchange for bonds secured by the revenues of an
existing facility, it may exchange such bonds for the existing facility
or portion thereof or for the bonds so secured, plus an additional
amount of cash, without advertising such bonds for sale.