MARVIN MANDEL, Governor

1669

State Comptroller. 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 signature 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 subheading 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 Commission may
determine, and provision may be made for the registration
of any coupon bond as to the principal alone and also as
to both principal and interest, and for the reconversion
into coupon bonds of any bonds registered as to both
principal and interest. All bonds issued under this
subheading, their transfer and the income therefrom
(including any profit made in the sale thereof) shall at
all times be free from taxation by the State of Maryland,
any of its political subdivisions, any town or
incorporated municipality or any other public agency
within the State.

§5. [§ 193.] Interest, maturity and redemption.

The bonds of each series issued under the provisions
of this subheading shall beat interest at a rate or rates
not exceeding four per centum (4%) per annum, payable
semiannually. The bonds of each series shall be dated
as may be determined by the Commission, shall mature in
substantially equal annual installments over a period of
fifteen (15) years beginning one (1) year from their
date, the amount of the bonds of each series which mature
in any one year not to exceed the amount maturing in any
other year by more than $10,000, and may be made subject
to redemption before their respective maturities, at the
option of the Commission, at such price or prices and
under such terms and conditions as may be fixed by the
Commission prior to the issuance of the bonds; provided,
however, that no bonds issued under the provisions of
this subheading shall be subject to purchase for
retirement or be made redeemable at a price exceeding the
principal amount thereof together with the interest
accrued thereon to the date of such purchase or
redemption, plus a premium of five per centum (5%) of the
principal amount thereof.

§6. [§ 194.] Manner of issuance and sale.

All bonds issued under this subheading shall be
exempt from the provisions of ARTICLE 31, §§ 9, [and] 10,
AND 11 of [Article 31 and of § 11 of said Article 31] THE
ANNOTATED CODE OF MARYLAND (1957 EDITION, AS AMENDED),
and the Commission may issue and sell such bonds in such
manner, either at public or at private sale, and for such
price, as it may determine to be for the best interests
of the State, but no such sale shall be made at a price