666                              Laws of Maryland                        Ch. 283

interest [at such rate or rates not exceeding six 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 Com-
mission, and may be made redeemable before maturity, at the op-
tion of the Commission, 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 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 or shall become
such after the date of issue thereof, such signature or such fac-
simile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery or had held
said office on said date of issue. All bonds issued under the pro-
visions 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; 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 private sale, and for such price, as it may determine
to be for the best interests of the Commission and the county. [but
no such sale shall be made at a price so low as to require the pay-
ment of interest on the money received therefor at more than
six per centum 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 the redemption of any bonds prior to
maturity.] Said bonds shall be issued under the signature and seal
of the Commission and shall be guaranteed as to payment of princi-
pal and interest by the county, which guarantee shall be endorsed
on each of said bonds in the following language: "The payment of
interest when due and the principal at maturity is guaranteed by
the County Commissioners of Carroll County, Maryland." Such en-
dorsement shall be signed on each of said bonds by the chief execu-
tive officer of the County, with the seal of the County affixed
thereto attested by the signature of the Administrative Assistant
to the County within ten days after the bonds are presented by the
Commission to the County for such endorsement. At any time prior
to the issuance of any such bonds the County may, in addition to
any sums appropriated under any other provision of law, advance
to the Commission such sums as may be necessary to cover the
expense of issuance of such bonds, which shall be treated and re-
paid as part of the cost of the project or projects financed with
the proceeds of any such bonds.

Sec. 2. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the im-
mediate preservation of the public health and safety and having