Ch. 523

1993 LAWS OF MARYLAND

TO THEM, AND THE MANNER OF THEIR EXECUTION. THE COMMISSION SHALL FIX
THE DENOMINATIONS OF THE BONDS AND THE PLACES FOR THE PAYMENT OF
PRINCIPAL AND INTEREST, WHICH MAY BE AT ANY BANK OR TRUST COMPANY.

(3)       IF AN OFFICER WHOSE SIGNATURE, OR FACSIMILE, APPEARS ON
ANY BONDS OR COUPONS CEASES TO BE AN OFFICER BEFORE THE DELIVERY OF
THE BONDS OR BECOMES ONE AFTER THE DATE OF THEIR ISSUE, THE SIGNATURE
OR FACSIMILE, IS VALID AND SUFFICIENT FOR ALL PURPOSES AS IF THE OFFICER
HAD REMAINED IN OFFICE UNTIL DELIVERY OR HAD HELD THE OFFICE ON THE
DATE OF ISSUE.

(4)      BETWEEN SUCCESSIVE HOLDERS, ALL BONDS ISSUED UNDER THIS
TITLE, AS BETWEEN SUCCESSIVE HOLDERS, HAVE ALL THE QUALITIES AND
INCIDENTS OF NEGOTIABLE INSTRUMENTS UNDER THE NEGOTIABLE INSTRUMENTS
LAW OF THIS STATE. THE COMMISSION MAY ISSUE THE BONDS IN COUPON OR IN
REGISTERED FORM, OR BOTH. PROVISION MAY BE MADE FOR THE REGISTRATION
OF ANY COUPON BONDS AS TO PRINCIPAL ALONE OR 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 THE BONDS
IS NOT SUBJECT TO ANY LIMITATIONS OR CONDITIONS CONTAINED IN ANY OTHER
LAW AND THE COMMISSION MAY SELL THE BONDS IN THE MANNER, EITHER AT
PUBLIC OR PRIVATE SALE, AND FOR THE PRICE IT DETERMINES TO BE FOR THE
BEST INTEREST OF THE DISTRICT AND THE COUNTY.

(5)      THE BONDS SHALL BE ISSUED UNDER THE SIGNATURE AND SEAL OF
THE DISTRICT AND THE COUNTY SHALL GUARANTEE THE PAYMENT OF PRINCIPAL
AND INTEREST AS FOLLOWS: "THE PAYMENT OF INTEREST WHEN DUE AND THE
PRINCIPAL AT MATURITY IS GUARANTEED BY THE COUNTY COMMISSIONERS OF
WASHINGTON COUNTY, MARYLAND." THE GUARANTEE SHALL BE ENDORSED AND
SIGNED ON EACH OF THE BONDS BY THE CHIEF EXECUTIVE OFFICER OF THE
COUNTY, WITH THE SEAL OF THE COUNTY AFFIXED TO IT AND ATTESTED BY THE
SIGNATURE OF THE CLERK OF THE COUNTY, WITHIN 10 DAYS AFTER THE BONDS
ARE PRESENTED BY THE COMMISSION TO THE COUNTY FOR ENDORSEMENT. AT
ANY TIME BEFORE THE ISSUANCE OF BONDS THE COUNTY, IN ADDITION TO SUMS
PREVIOUSLY APPROPRIATED, MAY ADVANCE TO THE COMMISSION MONEY
NECESSARY TO COVER THE EXPENSE OF ISSUANCE OF THE BONDS AND THE
EXPENSES INCURRED UNDER § 6-206 OF THIS TITLE, WHICH SHALL BE TREATED AND
REPAID AS PART OF THE COST OF THE PROJECT OR PROJECTS FINANCED WITH THE
PROCEEDS OF THE BONDS.

(B) (1) THE PROCEEDS OF THE BONDS SHALL BE USED SOLELY FOR THE
PAYMENT OF THE COST OF THE PROJECT OR PROJECTS FOR WHICH THE BONDS ARE
ISSUED AND SHALL BE DISBURSED IN THE MANNER AND UNDER THE
RESTRICTIONS, IF ANY, AS PROVIDED BY THE COMMISSION IN THE AUTHORIZING
RESOLUTION.

(2) IF THE COST OF THE PROJECT EXCEEDS THE PROCEEDS FROM THE
BONDS, BY ERROR OF ESTIMATES OR OTHERWISE, ADDITIONAL BONDS MAY BE
ISSUED TO COVER THE AMOUNT OF THE DEFICIT. UNLESS OTHERWISE PROVIDED IN

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