Marvin Mandel, Governor                         649

ment Volume), title "State Roads," subtitle "Bonds, Notes or Other
Evidence of Indebtedness," subheading "Bridge, Tunnel and Motor-
way Revenue Bonds," increasing the maximum interest rate for
Bridge, Tunnel and Motorway Revenue Bonds issued by the State
Roads Commission.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 126 (a) of Article 89B of the Annotated Code of Mary-
land (1969 Replacement Volume), title "State Roads," subtitle
"Bonds, Notes or Other Evidence of Indebtedness," subheading
"Bridge, Tunnel and Motorway Revenue Bonds," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

126.

(a) The Commission is hereby authorized to provide by resolution,
at one time or from time to time, for the issuance of revenue bonds
of the State for the purpose of paying all or any part of the costs of
any one or more projects or any part or parts thereof, and the cost
of improvements. The principal of and interest on such bonds shall
be payable solely from the funds herein provided for such payment.
The bonds of each issue shall be dated, shall bear interest at such
rate or rates not exceeding [five] seven and one-half per centum per
annum, shall mature at such time or times not exceeding forty years
from their date or dates, as may be determined by the Commission,
and may be made redeemable before maturity, at the option of the
Commission, at such price or prices and under such terms and con-
ditions 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 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, within or without the State.

The bonds shall bear the manual or facsimile signature of the
chairman or one of the other members of the Commission and the
official seal of the Commission or a facsimile thereof shall be affixed
to said bonds, attested by the manual or facsimile signature of the
secretary or an assistant secretary of the Commission, provided that
at least one of said signatures with respect to each of said bonds
shall be a manual signature, and any coupons attached thereto shall
bear the facsimile signature of the chairman of the Commission.
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 signatures 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 all the qualities and incidents of
negotiable instruments under the negotiable instruments law of the
State. 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.