1770                               Laws of Maryland                          Ch. 626

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 654(a) of Article 43 of the Annotated Code of Mary-
land (1965 Replacement Volume), title "Health," subtitle "Sanitary
Districts," be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows:

654.

(a) For the purpose of providing funds for the design, con-
struction, establishment, purchase or condemnation of water and
sewerage systems in any of the sanitary districts, and after the ap-
proval of the governing body or governing bodies of the county or
counties in which said sanitary district or sanitary districts are
located, the commission of any particular district is authorized and
empowered to issue bonds, in the name of such district, from time
to time upon the full faith and credit of such district and of the
county or counties, in which said district is located, in such amounts
as it may deem to be necessary to carry on its work and to provide
the funds necessary to meet the cost of any project, as such cost is
estimated at the time of the adoption of the resolution authorizing
the bonds, but at no time shall the total issue of bonds outstanding
and unpaid in any sanitary district for all purposes under this sub-
title exceed twenty-five per centum of the total value of the property
assessed for county taxation purposes within said sanitary district.
The bonds of each issue shall be dated, shall bear interest at such
rate or rates not exceeding six per centum per annum, except that
in Calvert County, there shall be no interest ceiling, shall mature
at such time or times not exceeding forty years from their date
or dates of issue, as may be determined by the commission, and
may be made redeemable before maturity, at the option of the com-
mission, at such price or prices and under such terms and condi-
tions 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, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. All bonds issued
under the provisions of this subtitle shall have and are hereby de-
clared 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 and also as to both principal and in-
terest, 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 commission may sell such bonds in such
manner, either at public or at private sale, and for such price, as
it may determine to be for the best interests of the district and the
county to be served thereby, but no such sale shall be made at a
price so low as to require the payment of interest on the money