1846                             Laws of Maryland                      [Ch. 733

registration of any coupon bonds as to principal alone and also as
to both principal and interest, and for the reconversion into coupon
bonds any bonds registered as to both principal and interest, and
for the interchange of registered and coupon bonds. The County
Commissioners may sell any such bonds in such manner either at
public or private sale, and for such price or prices, as it may deter-
mine to be for the best interests of the County. In the event the
County shall sell or offer for sale at public sale any of the bonds
hereby authorized, such sale shall be conducted in the manner pre-
scribed by Sections 10 and 11 of Article 31 of the Annotated Code
of Maryland (1971 Replacement Volume) as said sections may be
amended from time to time. All action which the County Commis-
sioners of Cecil County is authorized by this section to take in the
issue and sale of the bonds hereby authorized, shall be taken by
resolution of the Board of County Commissioners, adopted in accord-
ance with the established practices of the County.

Sec. 3. And be it further enacted, That all bonds issued pursuant
to the authority of this Act shall, notwithstanding the provisions
hereof or of said bonds, be deemed to be negotiable instruments,
and shall have and possess all the attributes of negotiable instru-
ments, under the laws of this State. Any and all obligations issued
pursuant to the authority of this Act, their transfer, the interest
payable thereon, and the income derived therefrom in the hands of
the holders thereof from time to time (including any profit made
in the sale thereof) shall be and are hereby declared to be at all
times exempt from taxation of every kind and nature whatsoever by
the State of Maryland or by any of its political subdivisions, or
by any town or incorporated municipality or by any other public
agency within the State of Maryland.

Sec. 4. And be it further enacted, That from the actual proceeds
of sale of any issue of said bonds there shall first be paid the cost
of preparing the same, and all other outlays and expenses incurred
by the County Commissioners in connection with the issue of said
bonds. In addition there shall be deducted from said proceeds
all amounts received on account of accrued interest which shall be
set apart by the County Treasurer for application on account of
the first maturing interest liability on said bonds, and in addition
said County Treasurer shall set apart any premium received on the
sale of any issue of said bonds which shall be used for the purpose
of paying the principal thereof at maturity or on prior redemption.
The entire balance of said proceeds shall be retained by the County
Treasurer until needed to pay for the purposes specified in Section
1 hereof. Said payments for the aforesaid purposes, and for no other
purposes, shall be made from time to time by the County Treasurer
to the Union Hospital Board upon the order of the County Commis-
sioners of Cecil County. Said County Commissioners shall not issue
any such order except upon written notification from said Union
Hospital Board that in its best judgment and discretion an expen-
diture for any of the aforesaid purposes is necessary, such notifi-
cation setting forth the approximate amount of each expenditure
and the specific use to be made of it. Said Union Hospital Board
shall receive and expend the money so paid to it only for the pur-
poses authorized by Section 1 hereof, and said Board shall account
for said money so paid to it and the expenditures thereof in the
same manner as it accounts for other moneys passing through its