MARVIN MANDEL, Governor                             1673

price or prices and under such terms and conditions as
may be fixed by the Commission prior to the issuance of
said 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. In addition to the foregoing,
the authority conferred by [§ 199] §11 of this subheading
is subject to the express limitation that at no time
shall the aggregate principal amount of bonds issued
under [§ 199] §11 of this subheading, and outstanding and
unpaid, plus the aggregate principal amount of bonds
issued under [§ 191 of this article] §3 OF THIS
SUBHEADING, and outstanding and unpaid, together exceed
the sum of three hundred million dollars
($300,000,000.00), but this limitation shall not be
construed to mean that the total principal amount of
bonds which may be issued pursuant to said §§ [191] 3 and
[199] 11 during the period specified in said, latter
section may not exceed said sum, which total principal
amount of bonds for State Roads Commission purposes under
[§ 199] §11 OF THIS SUBHEADING shall be limited to three
hundred and thirty million ($330,000,000) dollars. If
actual construction fund revenues exceed those as
estimated in the document entitled "Proposed Twelve Year
Program for Road Construction and Reconstruction
1954-1965," dated October 27, 1952, the aforementioned
limit of bond authorization shall be reduced when and to
the extent that the amount of the increase exceeds the
excess of the amount of authorized or actual cost of
projects constructed or under construction over the
estimated cost of such projects in the said proposed
twelve year program for road construction and
reconstruction. The authority to issue bonds conferred
by [§ 191 of this article] §3 OF THIS SUBHEADING is
subject to the express limitation that, said authority
shall cease and terminate as soon as any bonds are issued
by the Commission pursuant to said [§ 199] §11, so that
upon the issuance of said bonds no additional bonds may
be issued pursuant to the authority of said [§ 191] §3.
For the purposes of these limitations, the phrase
"outstanding and unpaid" shall not be deemed to include
bonds of the issues above described, purchased by the
Commission and held by or for it in the sinking funds
provided for in [§§ 196 and 204 of this article] §§ 8 AND
17 OF THIS SUBHEADING, nor to matured or redeemed bonds
of said issues for the full payment of which provision
has been made in accordance with their terms.

§13. [§ 201.] Bonds to pay construction and
reconstruction costs of twelve year program.

The Commission may, during the first four program
years of its twelve year road program, issue from the
State highway bond issue provided for in this subheading,
sufficient bonds to supplement construction funds