MARVIN MANDEL, Governor

1687

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. The Commission is
authorized to issue temporary or interim bonds or
certificates in such form or tenor as the Commission may
determine, in anticipation of and exchangeable for the
definitive bonds authorized by [§ 211A] §23 OF THIS
SUBHEADING, and authority is also specifically conferred
hereby on the Commission to make appropriate provisions
for the replacement of any lost or mutilated bonds or
temporary certificates. In neither case shall the
exercise of any such authority constitute a breach of any
of the limitations contained in [§ 211B] §24 of this
subheading. 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.

§27. [§ 211E.] Use of proceeds of sale of bonds.

The proceeds of each series of the bonds sold
pursuant to the authority of [§ 211A] §23 of this
subheading shall be paid to the State Treasurer and shall
be paid out from time to time by the State Treasurer upon
the orders of the Commission and upon warrants of the
State Comptroller, for the following purposes: (1) The
portion of the proceeds representing accrued interest
shall be deposited in the sinking fund provided for in [§
211F] §28 of this subheading for application on account
of the first installment of interest due on such bonds;
(2) the portion of the proceeds representing any premium
received on the sale of said bonds shall likewise be
deposited in said sinking fund for application on account
of the first installment of the maturing principal of the
bonds; (3) there shall be payable from the proceeds the
cost of engraving, printing, advertising, attorney's fees
and other outlays with respect to the issuance of the
bonds; (4) there shall be payable from the proceeds an
appropriate proportion, as determined by the Commission,
of any fees, salaries or expenses of private accountants,
attorneys, engineers, planners or other professional
assistants whom the Commission is authorized to retain
for the purpose of assisting in the financing, planning,
highway construction and reconstruction contemplated by
this subheading; (5) there shall be payable from said
proceeds all or part of the costs of constructing new
primary and secondary roads on the State highway system;
reconstructing, rehabilitating or relocating existing
roads, already comprising parts of said system; the
acquisition of rights-of-way, easements or other
interests in real estate necessary to such construction
and reconstruction; and the preparation of surveys, plans
and studies as may be necessary for such construction or
reconstruction or for the effective modernization of said