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MARVIN MANDEL, Governor 2523
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(a) The board of trustees of St. Mary's College of
Maryland, as an agency of the State of Maryland is hereby
authorized and empowered to provide, by resolution, from
time to time, for the issuance, in series, of its
negotiable bonds, certificates or other evidence of
indebtedness not to exceed in the aggregate
[$3,000,000.00] 10 MILLION for the purpose of paying all
or any part of the cost of any one or more of said
housing units. The principal and interest on such
bonds, certificates or other evidence of indebtedness
shall be payable solely from the funds herein provided
for such payment. The bonds of each issue shall be
dated, shall bear interest, and shall mature at such time
or times, not exceeding 40 years from their date or
dates, as may be determined by the said board of
trustees. The bonds of each issue may be made
redeemable before maturity at the option of the said
board of trustees at such price or prices and under such
terms and conditions as may be fixed by the said board of
trustees prior to the issuance of the bonds. The said
board of trustees shall determine the form of the bonds,
including any interest coupons to be attached thereto,
and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal and
interest which may be at any bank or trust company within
or without the State. The bonds shall bear the manual
or facsimile signature of the chairman or one of the
other members of the said board of trustees and the
official seal of the said board of trustees or a
facsimile thereof shall be affixed to said bonds,
attested by the manual or facsimile signature of the
secretary or an assistant secretary of said board of
trustees, provided that at least one of said signatures
with respect to each of said bonds shall be a manual
signature, and any coupons attached thereto shall bear
the facsimile signature of the chairman of said board of
trustees. 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 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
§§ 14B-14K, inclusive, of this subtitle shall have and
are hereby declared to have all the qualities and
incidents of negotiable instruments under the Negotiable
Instrument Law of the State. The bonds may be issued in
coupon or in registered form, or both, as said board of
trustees may determine, and provision may be made for the
registration of any coupon bonds as to 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. Said board of trustees
may sell such bonds in such manner, either at public or
private sale, and for such price or prices, as it may
determine to be for the best interests of the State.
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