MARVIN MANDEL, Governor

1685

highway system, both primary and secondary, to meet
present and future needs, and (2) the development and
construction in new locations of roads made mandatory by
traffic demands, to become parts of the 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 [§
211B] §24 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 after June 1, 1966, 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 [§ 211D] §26 of this subheading
and to provide for the payment of the principal and
interest of the bonds from the taxes pledged thereto by
[§ 211F] §28 of this subheading.

§24. [§ 211B.] Issue in series; designation; terms;
limitation of amount outstanding.

The bonds authorized by [§ 211A] §23 of this
subheading may be issued in one or more series as the
Commission may determine, provided the issue of each
series, prior to the sale thereof, shall 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 [§ 199 of this
article] §11 OF THIS SUBHEADING. The bonds authorized
by [§ 211A] §23 of this subheading shall be known as
"State highway construction bonds, third issue," and
shall be issued by the Commission on behalf of the State
of Maryland. Interest shall be payable semiannually
until the respective maturities of the 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. The bonds 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. In addition to the foregoing,
the authority conferred by [§ 211A] §23 of this
subheading is subject to the express limitation that at
no time shall the aggregate principal amount of bonds
issued under [§ 191 and § 199 of this article] §§ 3 AND
11 OF THIS SUBHEADING and outstanding and unpaid together