SPIRO T. AGNEW, Governor                        165

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved April 10, 1968.

CHAPTER 132
(Senate Bill 292)

AN ACT to repeal and re-enact, with amendments, Section 126 (a)
of Article 89B of the Annotated Code of Maryland (1964 Replace-
ment Volume and 1967 Cumulative Supplement), title "State
Roads," subtitle "Bridge, Tunnel and Motorway Revenue Bonds,"
changing the interest rate which may be paid on such bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 126 (a) of Article 89B of the Annotated Code of Mary-
land (1964 Replacement Volume and 1967 Cumulative Supplement),
title "State Roads," subtitle "Bridge, Tunnel and Motorway Revenue
Bonds," be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows:

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
cost 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 pay-
ment. The bonds of each issue shall be dated, shall bear interest at
such rate or rates not exceeding [five] five and one-half 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 issu-
ance 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 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 or such facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery.