1290                             Laws of Maryland                      [Ch. 619

or such facsimile shall nevertheless be valid and sufficient for all pur-
poses the same as if he had remained in office until such delivery.

(b) Notwithstanding any other provision of this Article or any
recitals in any bonds and notes issued hereunder, all such bonds and
notes shall be deemed to be negotiable instruments under the laws
of this State.

(d)    The bonds and notes shall be exempt from the provisions of
Sections [9, 10, and 11] 1 to 12, inclusive, of Article 31 of the Anno-
tated Code of Maryland, and the Service may sell such bonds and
notes in such manner, either at public or at private sale, and for
such price as it may determine.

(e)    The bonds and notes may be issued by the Service without
obtaining the consent of any department, division, commission,
board, bureau or agency of the State, and without any other proceed-
ings or the happening of any other conditions or things than those
specifically required hereunder.

13.

[If the proceeds of the bonds of any issue shall, by reason of in-
creased construction costs or error in estimates or otherwise, be less
than the amount required for the purpose for which such bonds are
authorized, additional bonds may in like manner be issued to provide
the amount of such deficiency and shall be deemed to be of the same
issue and shall be entitled to payment from the same fund without
preference or priority of the bonds first issued. If the proceeds of
such bonds shall exceed the amount so required, such excess shall be
deposited to the credit of any reserve fund for such bonds or, if so
provided in the trust agreement securing such bonds, may be applied
to the cost of any additional project.]

Except as may otherwise be expressly provided by the Service,
every issue of its bonds or notes shall be general obligations of the
Service payable out of any revenues or other monies of the Service,
subject only to any agreements with the holders of particular bonds
or notes pledging any particular receipts or revenues.

14.

The Service is further authorized and empowered to provide, by
resolution adopted by a majority of the Board of Directors, for the
issuance of its [revenue] renewal notes or of refunding bonds for
the purpose of refunding any [revenue] bonds or notes then out-
standing which had been issued under the provisions of this Article,
whether the bonds or notes to be refunded have or have not matured,
including the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of such bonds
or notes, and, if deemed advisable by the Board of Directors, for
either or both of the following combined additional purposes: (i)
paying all or any part of the cost of constructing improvements or
extensions to or enlargements of any existing project or projects and
(ii) paying all or any part of the cost of any additional project or
projects. The issuance of such refunding bonds or renewal notes
and the details thereof, the rights of the holders thereof, and the
rights, duties and obligations of the Service in respect thereto, shall