MARVIN MANDEL, Governor                      1201

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 the man-
ner of execution of the bonds, 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.
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 or shall become such after the
date of issue thereof, such signature or such facsimile shall never-
theless be valid and sufficient for all purposes the same as if he had
remained in office until such delivery or had held said office on said
date of issue. All bonds issued under the provisions of this subtitle
shall have and are hereby declared to have, as between successive
holders, all the qualities and incidents of negotiable instruments
under the negotiable instruments law of the State of Maryland.
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; 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 issuance of such bonds shall not be subject to any
limitations or conditions contained in any other law and the Com-
mission may sell such bonds in such manner, either at public or
private sale, and for such price, as it may determine to be for the
best interests of the Commission and 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] six per centum
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 the redemption of any bonds prior to maturity. Said
bonds shall be issued under the signature and seal of the Commission
and shall be guaranteed as to payment of principal and interest by
the county, which guarantee shall be endorsed on each of said bonds
in the following language: "The payment of interest when due and
the principal at maturity is guaranteed by the County Commis-
sioners of Carroll County, Maryland." Such endorsement shall be
signed on each of said bonds by the chief executive officer of the
County, with the seal of the County affixed thereto attested by the
signature of the Administrative Assistant to the County within ten
days after the bonds are presented by the Commission to the County
for such endorsement. At any time prior to the issuance of any
such bonds the County may, in addition to any sums appropriated
under any other provision of law, advance to the Commission such
sums as may be necessary to cover the expense of issuance of such
bonds, which shall be treated and repaid as part of the cost of the
project or projects financed with the proceeds of any such bonds.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1969.

Approved May 2, 1969.