594

LAWS OF MARYLAND

Ch. 22

12A—12J, inclusive, of this subtitle 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 may be issued in coupon or in
registered form, or both, and 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.

(b)   Use of proceeds; deficit; surplus. —The proceeds
of the bonds of each issue shall be used solely for the
payment of the cost of the auxiliary facility or auxiliary
facilities for which such bonds shall have been issued or
the refunding of bonds issued under §§ 12A—12J, inclusive,
and shall be disbursed in such manner and under such
restrictions, if any, as the said board of trustees may
provide in the resolution authorizing the issuance of such
bonds or in the trust agreement hereinafter mentioned
securing the same- If the proceeds of the bonds of any
issue, by error or estimates or otherwise, shall be less
that such cost, additional bonds may in like manner be
issued to provide the amount of such deficit, and, unless
otherwise provided in the resolution authorizing the
issuance of such bonds or in the trust agreement securing
the same, 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. If the
proceeds of the bonds of any issue shall exceed the cost of
the auxiliary facility or auxiliary facilities for which the
same shall have been issued, the surplus shall be deposited
to the credit of the sinking fund for such bonds or used to
pay the cost of any other auxiliary facility financed under
the resolution or trust agreement under which such bonds
shall have been issued.

(c)   Interim receipts or temporary bonds; lost or
destroyed bonds; maximum amount of outstanding bonds.
—Prior to the preparation of definitive bonds, said board
of trustees may, under like restrictions, issue interim
receipts or temporary bonds, with or without coupons,
exchangeable for definitive bonds when such bonds shall have
been executed and are available for delivery. Said board
of trustees may also provide for the replacement of any
bonds which shall become mutilated or shall be destroyed or
lost.

(d)   Consent of other departments, etc.; Statutory
conditions upon sale of public securities inapplicable.
—-Bonds may be issued under the provisions of §§ 12A—12J,
inclusive, of this subtitle without obtaining the consent of
any department, division, commission, board, bureau, or
agency of the State, and without any other proceedings or
the happening of any other conditions or things than those