1540                           laws of Maryland                     [Ch. 567

without the State. The bonds shall bear the manual or facsimile sig-
nature of the chairman or one of the other members of the said
board of trustees and the official seal of the said board of trustees or
a facsimile thereof shall be affixed to said bonds, attested by the man-
ual or facsimile signature of the secretary or an assistant secretary
of said board of trustees, provided that at least one of said signa-
tures 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 said board of trustees. 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 of-
fice until such delivery. All bonds issued under the provisions of
Sections 165A-165J, inclusive, of this subtitle 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 said
board of trustees 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 inter-
est. Said board of trustees may sell such bonds in such manner, either
at public or private sale, and for such price or prices, as it may de-
termine to be for the best interests of the State.

(b)    The proceeds of the bonds of each issue shall be used solely
for the payment of the cost of the [housing unit or housing units]
auxiliary facility or auxiliary facilities for which such bonds shall
have been issued or the refunding of bonds issued under Sections
165A-165J, inclusive, and shall be disbursed in such manner and un-
der such restrictions, if any, as the said board of trustees may pro-
vide in the resolution authorizing the issuance of such bonds or in
the trust agreement hereinafter mentioned securing the same. If the
proceeds of the bonds of any issue, by error of estimates or otherwise,
shall be less than such cost, additional bonds [within the limitations
herein contained as to the aggregate principal amount thereof} may
in like manner be issued to provide the amount of such deficit, and,
unless otherwise provided in the resolution authorizing the issuance
of such bonds or in the trust agreement securing the same, shall be
deemed to be of the same issue and shall be entitled to payment from
the same fund, without preference or priority of the bonds first is-
sued. If the proceeds of the bonds of any issue shall exceed the cost
of the [housing unit or housing units] auxiliary facility or auxiliary