1436                           LAWS OF MARYLAND                     [CH. 619

or times not exceeding twenty (20) years from their date or dates,
as may be determined by the County Commissioners of St. Mary's
County, and may be made redeemable before maturity, at the option
of the County Commissioners, at such price or prices and under such
terms and conditions as may be fixed by the County Commissioners
prior to the issuance of said bonds. In the event any such issue of
bonds shall be issued to mature and be payable on the serial maturity
plan, then the schedule of maturities of said issue of bonds shall be
so arranged that one-twentieth (1/20) of the principal amount thereof
shall mature and be retired in each consecutive year accounting from
the date of issue thereof. The interest to be borne by the bonds of
any such issue shall be limited to such rate or rates as will produce
an average interest cost on said bonds to the County of not exceeding
six per centum (6%) per annum. The County shall determine the
form and the manner of execution of any of said bonds, including
any interest coupons to be attached thereto, and shall fix the denomi-
nation or denominations of the bonds and the place or places of
payment of principal or interest, which may be at any bank or trust
company within or without the State. The County Commissioners are
hereby empowered to provide that the County seal to be affixed to
said bonds may be imprinted thereon in facsimile, and that all sig-
natures and counter-signatures on said bonds and the coupons at-
tached thereto may likewise be in facsimile except that at least one
of said signatures on each bond shall be manually affixed. In case
any official whose signature or facsimile of whose signature shall
appear on any such bonds or coupons shall cease to be such official
before the delivery of such bonds, or shall become such an official
between the date of issue and date of delivery thereof, such signature
or facsimile will nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery or had
taken office prior to said date of issue. The bonds may be issued in
coupon or in registered form, or both, as the County Commissioners
may determine, and provisions 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 any bonds
registered as to both principal and interest, and for the interchange
of registered and coupon bonds. The County Commissioners may
sell any such bonds in such manner either at public or private sale,
and for such price or prices, as it may determine to be for the best
interests of 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 six per centum (6%) per annum, computed
with relation to the absolute maturity of the bonds in accordance
with standard tables of bond values, excluding, however, from s