Marvin Mandel, Governor                         595

said improvements will be heard by the commission at a time to be
specified in the notice which shall be not more than five days after
last publication thereof.

654.

(a) For the purpose of providing funds for the design, construc-
tion, establishment, purchase or condemnation of water [and] ,
sewerage and solid waste disposal systems and solid waste accept-
ance facilities in any of the sanitary districts, and after the approval
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 coun-
ties, in which said district is located, in such amounts as it may
deem to be necessary to carry on it 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 subtitle 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

rate not exceeding six per centum per annum, AS MAY BE DE-

TERMINED BY THE COMMISSION, 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 commis-
sion, at such price or prices and under such terms and conditions 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 manner of
execution of the bonds, and shall fix the denomination or denomi-
nations 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 declared
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 interest, 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 deter-
mine 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 received therefor
at more than [six] eight per centum per annum, THE INTEREST
RATE OR RATES AS ARE DETERMINED BY THE COMMIS-