30                                Laws of Maryland                         Ch. 10

(20) years from their date or dates, as may be determined by the
County Commissioners of Cecil 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 such
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 willl produce an average interest cost on said
bonds to the County of not exceeding five per centum (5%) 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 denomination 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 with-
out the State. The County Commissioners is hereby empowered to
provide that the County seal to be affixed to said bonds may be
imprinted thereon in facsimile, and that all signatures and counter-
signatures on said bonds and the coupons attached thereto may like-
wise be in facsimile except that at least one of said signatures on
each bond shall be manually affixed. In case any official whose sig-
nature 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 such 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 deter-
mine, 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 five per centum (5%) 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 redemption of
any bonds prior to maturity]. In the event the County shall sell or
offer for sale at public sale any of the bonds hereby authorized, such
sale shall be conducted in the manner prescribed by Sections 10 and
11 of Article 31 of the Annotated Code of Maryland (1957 Edition)
as said sections may be amended from time to time. All action
which the County Commissioners of Cecil County is authorized by
this section to take in the issue and sale of the bonds hereby
authorized, shall be taken by resolution of the Board of County
Commissioners, adopted in accordance with the established practices
of the County.