2178

LAWS OF MARYLAND

Ch. 739

bonds issued under the provisions of this subtitle shall
have and are hereby declared to have, as between successive
holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the
State of Maryland. The bonds may be issued in coupon or in
registered form, or both, as the [Commission] BOARD may
determine, and provision may be made for the registration of
any coupon bonds as to principal alone; 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 issuance of such bonds shall not be subject
to any limitations or conditions contained in any other law
and the [Commission] COUNTY, may sell such bonds in such
manner, either at public or private sale, and for such
price, as it may determine to be for the best interests of
[the Commission and] the County. Said bonds shall be issued
under the signature and seal of the [Commission] COUNTY.
[and shall be guaranteed as to payment of principal and
interest by the County, which guarantee shall be endorsed on
each of said bonds in the following language: "The payment
of interest when due and the principal at maturity is
guaranteed by the County Commissioners of Carroll County,
Maryland."] Such [endorsement] BONDS shall be signed [on
each of said bonds] by the chief executive officer of the
County, with the seal of the County affixed thereto attested
by the signature of either the Administrative Assistant or
the Clerk to the County [within ten days after the bonds are
presented by the Commission to the County for such
endorsement]. At any time prior to the issuance of any such
bonds the [County] BOARD may, in addition to any sums
appropriated under any other provision of law, advance [to
the Commission] such sums as may be necessary to cover the
expense of issuance of such bonds, which shall be treated
and repaid as part of the costs of the project or projects
financed with the proceeds of any such bonds.

(b) The proceeds of such bonds shall be used solely
for the payment of the cost of the project or projects on
account of which such bonds are issued and shall be
disbursed in such manner and under such restrictions, if
any, as the [Commission] BOARD may provide in the
authorizing resolution. If the proceeds of such bonds, by
error of estimates or otherwise, shall be less than such
cost, additional bonds may in like manner be issued to
provide the amount of such deficit, and, unless otherwise
provided in the authorizing resolution, shall be deemed to
be of the same issue and shall be entitled to payment from
the same fund without preference or priority of the bonds
first issued for the same purpose. If the proceeds of the
bonds of any issue shall exceed the amount required for the
purpose for which such bonds shall have been issued, the
[Commission] BOARD may, by appropriate resolution, apply
such surplus to payment of the cost of an additional project
or projects or such surplus shall be used for the retirement
of bonds of such issue, as in the authorizing resolution
provided. In every case where the proceeds of any such
issue of bonds shall be expended for the cost of one or more
projects, the [Commission] BOARD shall cause separate