636

LAWS OF MARYLAND

Ch. 22

of said board of regents. 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 §§
27U-27AD, 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, as said board of regents 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 University 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 housing unit or housing units for
which such bonds shall have been issued and shall be
disbursed in such manner and under such restrictions, if
any, as the University of Maryland 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 of
estimates or otherwise, when combined with other funds made
available by the University for the payment of the cost of
said housing unit or housing units, shall be less than such
cost, additional bonds without limitation as to the
aggregate principal amount thereof 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 housing
unit or housing units for which the same shall have been
issued, the surplus shall be deposited to the credit of the
sinking fund for such bonds.

(c)   Interim receipts or temporary bonds; lost or
destroyed bonds. — Prior to the preparation of definitive
bonds, said University 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 University 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.