1686

LAWS OF MARYLAND

Ch. 608

exceed the sum of three hundred and sixty million dollars
($360,000,000.00), but this limitation shall not be
construed to mean that the total principal amount of
bonds which may be issued pursuant to said [§§ 191, 199
and 211 A] §§ 3, 11, AND 23 may not exceed said sum.

§25. [§ 211C.] Amounts of issuance; advance right—of—way
acquisition.

The Commission shall at no one time issue bonds in
an amount greater than twenty—five million dollars
($25,000,000). Until such time as funds are provided
from other than highway revenues to establish a revolving
fund to pay the cost of acquisition of right—of—way for
future highway projects, the Commission by resolution may
authorize expenditures from bond issue proceeds and other
funds available to the Commission during any fiscal year
in an amount not to exceed the sum of two million dollars
($2,000,000) for the purpose of acquiring right—of—way
for future State highway projects.

§26. [§ 211D.] Form, terms and execution of bonds;
negotiability and exemption from taxation; competitive
bidding required; temporary or lost bonds.

The Commission shall determine the form of the
bonds, including any interest coupons to be attached
thereto, the denomination or denominations of the bonds,
and the place or places of payment of principal and
interest thereof, which may be at any bank or trust
company within or without the State of Maryland. The
bonds shall bear the facsimile signatures of the State
Treasurer and the chairman of the Commission and the
facsimile countersignature of the State Comptroller, and
a facsimile of the official seal of the Commission shall
be affixed to said bonds, attested by the manual
signature of the secretary or an authorized assistant
secretary of the Commission. Any coupons attached to
said bonds shall bear the facsimile signatures of the
chairman of the Commission, the State Treasurer, and the
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 after the
resolution of the Commission authorizing such issue and
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 authorized by [§ 211A] §23
of this subheading shall be sold by competitive bidding
at public sale in the manner prescribed by ARTICLE 31, §
10 [of Article 31] of the Annotated Code of Maryland
(1957 EDITION, AS AMENDED). 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