1058                                       LAWS OF MARYLAND                            [Ch.

13.08.   TAX EXEMPTION. —ALL BONDS AND ALL
OTHER EVIDENCES OF DIET ISSUED BY THE COMMISSION UNDER
THE PROVISIONS OF THIS COMPACT AND THE INTEREST
THEREON SHALL AT ALL TIMES BE FREE AND EXEMPT FROM ALL
TAXATION BY OR UNDER AUTHORITY OF ANY OF THE
SIGNATORIES, EXCEPT FOR TRANSFER, INHERITANCE, AND
ESTATE TAXES.

13.09.   PLACE OF PAYMENT. —THE COMMISSION MAY
PROVIDE FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST
OF BONDS AT ANY PLACE OR PLACES WITHIN OR WITHOUT THE
SIGNATORY STATES, AND IN ANY SPECIFIED LAWFUL COIN OR
CURRENCY OF THE UNITED STATES OF AMERICA.

13.10.   EXECUTION. —THE COMMISSION MAY PROVIDE
FOR THE EXECUTION AND AUTHENTICATION OF BONDS BY THE
MANUAL, LITHOGRAPHED, OR PRINTED FACSIMILE SIGNATURE
OF THE OFFICERS OF THE COMMISSION, AND BY ADDITIONAL
AUTHENTICATION BY A TRUSTEE OR FISCAL AGENT APPOINTED
BY THE COMMISSION; PROVIDED, HOWEVER, THAT ONE OF SUCH
SIGNATURES SHALL BE MANUAL. IF ANY OF THE OFFICERS
WHOSE SIGNATURES OR COUNTERSIGNATURES APPEAR UPON THE
BONDS OR COUPONS CEASES TO BE AN OFFICER BEFORE THE
DELIVERY OF THE BONDS OR COUPONS, HIS SIGNATURE OR
COUNTERSIGNATURE IS NEVERTHELESS VALID AND OF THE SAME
FORCE AND EFFECT AS IF THE OFFICER HAD REMAINED IN
OFFICE UNTIL THE DELIVERY OF THE BONDS AND COUPONS.

13.11.     HOLDING OWN BONDS. —THE COMMISSION
SHALL HAVE POWER, OUT OF ANY FUNDS AVAILABLE THEREFOR,
TO PURCHASE ITS BONDS AND MAY HOLE, CANCEL, OR RESELL
SUCH BONDS.

13.12.    SALE. —THE COMMISSION MAY FIX TERMS
AND CONDITIONS FOR THE SALE OR OTHER DISPOSITION OF
ANY AUTHORIZED ISSUE OF BONDS. THE COMMISSION MAY
SELL BONDS AT LESS THAN THEIR PAR OR FACE VALUE. ALL
BONDS ISSUED AND SOLD PURSUANT TO THIS COMPACT MAY BE
SOLD IN SUCH MANNER, EITHER AT PUBLIC OR PRIVATE SALE,
AS THE COMMISSION SHALL DETERMINE. IN THE EVENT THE
COMMISSION DESIRES TO ISSUE ITS BONDS IN EXCHANGE FOR
AN EXISTING FACILITY OR PORTION THEREOF, OR IN
EXCHANGE FOR BONDS SECURED BY THE REVENUES OF AN
EXISTING FACILITY, IT MAY EXCHANGE SUCH BONDS FOR THE
EXISTING FACILITY OR PORTION THEREOF OR FOR THE BONDS
SO SECURED, WITH OR WITHOUT AN ADDITIONAL AMOUNT OF
CASH.

13.13.   NEGOTIABILITY. —ALL BONDS ISSUED UNDER
THE PROVISIONS OF THIS COMPACT ARE NEGOTIABLE
INSTRUMENTS.