1672

LAWS OF MARYLAND

Ch. 608

remainder of this subheading shall stand, notwithstanding
the invalidity of such section or part of a section.

State Highway Construction Bonds,

PART (B) - Second Issue

§11. £§ 199.] Authorization of issue.

In order to finance, in part, (a) the rehabilitation
and reconstruction of substandard roads in the State
highway system, both primary and secondary, to meet
present and future needs, and (b) the development and
construction in new locations of new roads made mandatory
by traffic demands, to become parts of said primary and
secondary systems of the State highway system, the State
Roads Commission of Maryland is hereby authorized and
empowered, subject to the limitations contained in [§
200] §12 of this subheading and subject to the approval
of the Board of Public Works, as hereinafter provided, at
any time and from time to time during the period
beginning with June 1, 1953, and ending June 30, 1968, by
resolution to borrow money and evidence said borrowing by
the issue of its serial maturity coupon bonds in the form
and manner prescribed by £§ 203] §16 of this subheading
and to provide for the payment of the principal and
interest of said bonds from the taxes pledged thereto by
£§ 209] §20 of this subheading.

§12. [§ 200.] Issue in series; designation; terms;
limitation of amount outstanding; no further issue under
[§ 191] §3.

The bonds authorized by £§ 199] §11 of this
subheading may be issued in one or more series as the
Commission may determine, provided the issue of each
series shall, prior to sale thereof, first be approved by
resolution of the Board of Public Works. Each such
series shall bear a separate series letter in the order
of the alphabet, beginning however with the letter next
after the one designating the last series of bonds issued
pursuant to the authority of [§ 191 of this article] §3
OF THIS SUBHEADING. The bonds authorized by [§ 199] §11
of this subheading shall likewise be known as "State
highway construction bonds," and shall be issued by the
Commission on behalf of the State of Maryland. All of
said bonds shall bear interest at a rate or rates not
exceeding five per centum (5¢) per annum, payable
semiannually until the respective maturities of said
bonds in accordance with appropriate coupons to be
attached thereto. The bonds of each series shall be
dated as may be determined by the Commission and shall
mature and be payable, as may be determined by the
Commission, in equal or varying but consecutive annual
installments within a period of fifteen (15) years from
the date of issue of each such series. Said bonds may
be made subject to redemption before their respective
maturities, at the option of the Commission, at such