SPIRO T. AGNEW, Governor                       755

(b)  Signing officer ceasing to be such before delivery; bonds may
be coupon or registered.

If any officer whose signature or a facsimile of whose signature
appears on any bonds or coupons ceases to be such officer before the
delivery of the bonds, the signature or the facsimile nevertheless
shall be valid and sufficient for all purposes as if he had remained
in office until their delivery. Notwithstanding any other provision of
this Article or any recitals in any bonds issued under the provisions
of this section or of Section 17 of this Article, all bonds shall be
deemed to be negotiable instruments under the laws of the State.
The bonds may be issued in coupon or registered form or both, as
the Authority determines, and provision may be made for the regis-
tration of any coupon bonds as to the principal alone and also as to
both principal and interest, for the reconversion into coupon bonds
of any bonds registered as to both principal and interest, and for the
interchange of coupon and registered bonds.

(c)  Manner of sale; maximum interest rate.

The bonds of each series issued under the provisions of this sec-
tion or of Section 17 of this Article shall be exempt from the pro-
visions of Sections 9, 10, and 11 of Article 81 of the Annotated Code
of Maryland (1957 Edition, as amended). The Authority may sell
the bonds in such manner, either at public or at private sale, for
such price as it determines.

(d)  Interim receipts or temporary bonds; replacement of lost, etc.,
bonds.

Prior to the preparation of definitive bonds, the Authority, under
like restrictions, may issue interim receipts or temporary bonds,
with or without coupons, exchangeable for bonds when such bonds
shall have been executed and are available for delivery. The Author-
ity also may provide for the replacement of any bonds which are
mutilated, destroyed, or lost.

(e)  No other consent, proceedings, etc., required.

Bonds may be issued by the Authority under the provisions of
this section or of Section 17 of this Article 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 this Article.

12. Trust agreement.

Revenue bonds issued under this Article shall be secured by a
trust agreement by and between the Authority and a corporate
trustee, which may be any trust company, or bank having the powers
of a trust company, within or without the State. The trust agree-
ment may pledge or assign the rentals and other revenues of the
Authority and, if the bonds are issued for the purpose of providing
funds for paying the cost of any airport facility, may convey or
assign the airport facility as security for the payment of the prin-
cipal of and the interest on the bonds. The trust agreement shall
contain such provisions for the protecting and enforcing the rights
and remedies of the bondholders as may be reasonable and proper
and not in violation of law, including covenants setting forth the