1642

LAWS OF MARYLAND

Ch. 608

accordance with such plans and specifications and in
accordance with such elevations or distances above or
below the tracks so approved by the railroad or the
Public Service Commission of Maryland as the case may be.
A copy of the plans and specifications approved by the
railroad or the Public Service Commission of Maryland
shall be filed as an exhibit with the petition for
condemnation.

§11. [§ 126.] Issuance of bonds.

(a) Bond issues authorized; terms and conditions of
bonds; form; signature; negotiability; sale. —The
Maryland Transportation Authority, as successor to the
State Roads Commission, is hereby authorized to provide
by resolution, at one time or from time to time, for the
issuance of revenue bonds of the State for the purpose of
paying all or any part of the costs of any one or more
projects or any part or parts thereof, and the cost of
improvements. The principal of and interest on such
bonds shall be payable solely from the funds herein
provided for such payment. The bonds of each issue shall
be dated, shall bear interest at such rate or rates as
may be determined by the Authority, shall mature at such
time or times not exceeding 40 years from their date or
dates, as may be determined by the Authority, and may be
made redeemable before maturity, at the option of the
Authority, at such price or prices and under such terms
and conditions as may be fixed by the Authority prior to
the issuance of the bonds. The Authority shall determine
the form of the bonds, including any interest coupons to
be attached thereto and shall fix the denomination or
denominations of the bonds and the place or places of
payment of principal and interest, which may be at any
bank or trust company, within or without the State.

The bonds shall bear the manual or facsimile
signature of the chairman or one of the other members of
the Authority and the official seal of the Authority or a
facsimile thereof shall be affixed to the bonds, attested
by the manual or facsimile signature of the secretary of
the Authority or an assistant secretary specially
designated by the chairman for that purpose, provided
that at least one of said signatures with respect to each
of the bonds shall be a manual signature, and any coupons
attached thereto shall bear the facsimile signature of
the chairman of the Authority. 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
before the delivery of such bonds, such signatures or
such facsimile shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office
until such delivery.

All bonds issued under the provisions of this
subtitle shall have and are hereby declared to have all
the qualities and incidents of negotiable instruments
under the negotiable instruments law of the State. The
bonds may be issued in coupon or in registered form or
both, as the Authority may determine, and provision may