Marvin Mandel, Governor                         769

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 be-
fore the delivery of such bonds or shall become such after the
date of issue thereof, such signature or such facsimile shall never-
theless 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 provisions of
this subtitle shall have and are hereby declared to have, as be-
tween successive holders, all the qualities and incidents of negotia-
ble 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 prin-
cipal alone; also as to both principal and interest, and for the re-
conversion 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 [c] County
[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 per centum per annum, computed with relation to the ab-
solute 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 pay-
ment of principal and interest by the [c] 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 endorsement shall be signed on each of said bonds
by the chief executive officer of the County, with the seal of the
County affixed thereto attested by the signature of either the Ad-
ministrative Assistant or the Clerk 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 repaid 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 de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and, having been pass-
ed by a yea and nay vote supported by three-fifths of all the mem-
bers elected to each of the two houses of the General Assembly of
Maryland, the same shall take effect from the date of its passage.

Approved April 22, 1970