10                               LAWS OF MARYLAND                         [CH. 9

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 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
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 Com-
mission, 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 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 signa-
ture 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 signature
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 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 de-
termine 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 [bonds] bond 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
July 1, 1968.

Approved March 22, 1968.