Marvin Mandel, Governor                        1633

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. 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 (1967
Replacement Volume), as said sections may be amended from time
to time. All action which the County Commissioners of St. Mary's
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.

Sec. 3. And be it further enacted, That all bonds issued pur-
suant to the authority of this Act shall, notwithstanding the pro-
visions hereof or of said bonds, be deemed to be negotiable instru-
ments, and shall have and possess all the attributes of negotiable
instruments, under the laws of this State. All bonds issued pursuant
to the authority of this Act, their transfer and the income there-
from shall at all times be free from taxation by the State of Mary-
land or by any of its political subdivisions or by any town or munic-
ipal corporation or by any other public agency of the State of
Maryland.

Sec. 4. And be it further enacted, That from the actual proceeds
of sale of any issue of said bonds there shall first be paid the cost
of preparing the same, and all other outlays and expenses incurred
by the County Commissioners in connection with the issue of said
bonds. In addition there shall be deducted from said proceeds all
amounts received on account of accrued interest which shall be
set apart by the County Treasurer for application on account of the
first maturing interest liability on said bonds, and in addition said
County Treasurer shall set apart any premium received on the sale
of any issue of said bonds which shall be used for the purpose of
paying the principal thereof at maturity or on prior redemption.
The entire balance of said proceeds shall be retained by the County
Treasurer until needed to pay for the purposes specified in Section 1
hereof. Said payments for the aforesaid purposes, and for no other
purposes, shall be made from time to time by the County Treasurer
to the Board of Education of St. Mary's County upon the order
of the County Commissioners of St. Mary's County. Said County
Commissioners shall not issue any such order except upon written
notification from said Board of Education that in its best judgment
and discretion an expenditure for any of the aforesaid purposes is
necessary, such notification setting forth the approximate amount of
each expenditure and the specific use to be made of it. Said Board
of Education shall receive and expend the money so paid to it only
for the purposes authorized by Section 1 hereof, and said Board
shall account for said money so paid to it and the expenditures
thereof in the same manner as it accounts for other moneys passing
through its hands.