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LAWS OF MARYLAND Ch. 13
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548
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35. INTEREST.
BONDS SHALL BEAR INTEREST AT SUCH RATE OR RATES AS
MAY BE DETERMINED BY THE BOARD, PAYABLE ANNUALLY OR
SEMIANNUALLY.
36. PLACE OF PAYMENT.
THE BOARD MAY PROVIDE FOR THE PAYMENT OF THE
PRINCIPAL AND INTEREST OF BONDS AT ANY PLACE OR PLACES
WITHIN OR WITHOUT THE SIGNATORY STATES, AND IN ANY
SPECIFIED LAWFUL COIN OR CURRENCY OF THE UNITED STATES OF
AMERICA.
37. EXECUTION.
THE BOARD MAY PROVIDE FOR THE EXECUTION AND
AUTHENTICATION OF BONDS BY THE MANUAL, LITHOGRAPHED OR
PRINTED FACSIMILE SIGNATURE OF MEMBERS OF THE BOARD, AND
BY ADDITIONAL AUTHENTICATION BY A TRUSTEE OR FISCAL AGENT
APPOINTED BY THE BOARD; PROVIDED, HOWEVER, THAT ONE OF
SUCH SIGNATURES SHALL BE MANUAL; AND PROVIDED, FURTHER,
THAT NO SUCH ADDITIONAL AUTHENTICATION OR MANUAL
SIGNATURES NEED BE REQUIRED IN THE CASE OF BONDS
GUARANTEED BY THE UNITED STATES OF AMERICA. IF ANY OF
THE MEMBERS WHOSE SIGNATURES OR COUNTERSIGNATURES APPEAR
UPON THE BONDS OR COUPONS CEASE TO BE MEMBERS BEFORE THE
DELIVERY OF THE BONDS OR COUPONS, THEIR SIGNATURES OR
COUNTERSIGNATURES ARE NEVERTHELESS VALID AND OF THE SAME
FORCE AND EFFECT AS IF THE MEMBERS HAD REMAINED IN OFFICE
UNTIL THE DELIVERY OF THE BONDS AND COUPONS.
38. HOLDING OWN BONDS.
THE BOARD SHALL HAVE POWER OUT OF ANY FUNDS
AVAILABLE THEREFOR TO PURCHASE ITS BONDS AND MAY HOLD,
CANCEL OR RESELL SUCH BONDS.
39. SALE.
THE BOARD MAY FIX TERMS AND CONDITIONS FOR THE SALE
OR OTHER DISPOSITION OF ANY AUTHORIZED ISSUE OF BONDS.
THE BOARD MAY SELL BONDS AT LESS THAN THEIR PAR OR FACE
VALUE BUT NO ISSUE OF BONDS MAY BE SOLD AT AN AGGREGATE
PRICE BELOW THE PAR OR FACE VALUE THEREOF IF SUCH SALE
MOULD RESULT IN A NET INTEREST COST TO THE AUTHORITY
CALCULATED UPON THE ENTIRE ISSUE SO SOLD IN EXCESS OF THE
APPLICABLE RATE DETERMINED BY THE BOARD, PAYABLE
SEMIANNUALLY, COMPUTED WITH RELATION TO THE ABSOLUTE
MATURITY OF THE BONDS ACCORDING TO STANDARD TABLES OF
BOND VALUES, DEDUCTING THE AMOUNT OF ANY PREMIUM TO BE
PAID ON THE REDEMPTION OF ANY BONDS PRIOR TO MATURITY.
ALL BONDS ISSUED AND SOLD PURSUANT TO THIS TITLE MAY BE
SOLD IN SUCH MANNER, EITHER AT PUBLIC OR PRIVATE SALE, AS
THE BOARD SHALL DETERMINE.
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40. NEGOTIABILITY.
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