2632

LAWS OF MARYLAND

[Ch. 550

CASE ANY OFFICER WHOSE SIGNATURE OR FACSIMILE APPEARS ON
ANY BONDS OR COUPONS CEASES TO BE AN OFFICER BEFORE THE
DELIVERY OF THE BONDS, THE SIGNATURE OR FACSIMILE IS
VALID AND SUFFICIENT FOR ALL PURPOSES AS IF HE HAD
REMAINED IN OFFICE UNTIL DELIVERY.

(D)    ALL BONDS ISSUE UNDER THE PROVISIONS OF THIS
SUBTITLE SHALL HAVE THE QUALITIES AND INCIDENTS OF
NEGOTIABLE INSTRUMENTS UNDER THE LAWS OF THE STATE
RELATING TO NEGOTIABLE INSTRUMENTS. THE BONDS WAY BE
ISSUED IN COUPON OR REGISTERED FORM. PROVISION MAY BE
MADE FOR THE REGISTRATION OF ANY COUPON BONDS AS TO
PRINCIPAL ALONE AND AS TO PRINCIPAL AND INTEREST, AND FOR
THE RECONVERSION INTO COUPON BONDS OF ANY BONDS
REGISTERED AS TO PRINCIPAL AND INTEREST. THE BOARD MAY
SELL BONDS AT PUBLIC OR PRIVATE SALE FOR ANY PRICE.

(E)    THE PROCEEDS OF THE BONDS OF EACH ISSUE SHALL
BE USED: (1) FOR THE PAYMENT OF THE COST OF THE HOUSING
UNIT OR HOUSING UNITS FOR WHICH THE BONDS ARE ISSUED AND
DISBURSED AS THE BOARD PROVIDES IN THE RESOLUTION
AUTHORIZING THE ISSUANCE OF THE BONDS OR IN A TRUST
AGREEMENT SECURING THEM; OR (2) TO REIMBURSE THE BOARD
FOR ANY OBLIGATION OR EXPENSE INCURRED FOR PREPARATION OF
PLANS, SPECIFICATIONS, AND OTHER ENGINEERING SERVICES IN
CONNECTION WITH THE CONSTRUCTION OF ANY PROJECT. IF THE
PROCEEDS OF THE BONDS OF ANY ISSUE ARE LESS THAN THEIR
COST, ADDITIONAL BONDS WITHOUT LIMITATION AS TO THE
AGGREGATE PRINCIPAL AMOUNT MAY BE ISSUED TO PROVIDE THE
AMOUNT OF THE DEFICIT. UNLESS OTHERWISE PROVIDED IN THE
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS OR IN
THE TRUST AGREEMENT SECURING THEM, THE ADDITIONAL BONDS
SHALL BE OF THE SAME ISSUE AND ENTITLED TO PAYMENT FROM
THE SAME FUND, WITHOUT PREFERENCE OR PRIORITY OF THE
BONDS FIRST ISSUED. IF THE PROCEEDS OF THE BONDS OF ANY
ISSUE EXCEED THE COST OF THE HOUSING UNIT OR HOUSING
UNITS FOR WHICH THEY ARE ISSUED, THE SURPLUS SHALL BE
DEPOSITED TO THE CREDIT OF THE SINKING FUND FOR THE
BONDS,

(F)    PRIOR TO THE PREPARATION OF DEFINITIVE BONDS,
THE BOARD UNDER LIKE RESTRICTIONS, MAY ISSUE INTERIM
RECEIPTS OR TEMPORARY BONDS, WITH OR WITHOUT COUPONS,

EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THE BONDS ARE
EXECUTED AND AVAILABLE FOR DELIVERY. THE BOARD MAY
PROVIDE FOR THE REPLACEMENT OF ANY BONDS MUTILATED,
DESTROYED, OR LOST.

(G)    BONDS MAY BE ISSUED UNDER THE PROVISIONS OF
THIS SUBTITLE WITHOUT OBTAINING THE CONSENT OF ANY
DEPARTMENT, DIVISION, COMMISSION, BOARD, BUREAU, OR
AGENCY OF THE STATE, AND WITHOUT ANY OTHER PROCEEDINGS OR
THE HAPPENING OF ANY OTHER CONDITIONS OR THINGS THAN
THOSE PROCEEDINGS, CONDITIONS OR THINGS WHICH ARE
REQUIRED SPECIFICALLY BY PROVISIONS OF THIS SUBTITLE.