1368 ARTICLE 31

interest by its unlimited taxing power, provided always that the securities
herein referred to shall comply in all other respects with the provision's of
the negotiable instruments law as the same appears in said Article 13.

1939, ch. 630, sec. 31.
Conditions Upon Sale of Public Securities.

34. The following terms, wherever used or referred to in this sub-title,
shall have the following meanings unless a different meaning clearly ap-
pears from the context:

(a) The term "public body" shall mean any county, municipal or public
corporation or other political sub-division of this State or any instru-
mentality or agency of this State or of any county, municipal or public
corporation or other political subdivision thereof, except that said term
shall not be construed to include this State, the Mayor and City Council of
Baltimore or any Housing Authority formed pursuant to the provisions
of Article 44A of the Code of Public General Laws of Maryland.

(b) The term "bonds" shall mean bonds, interim certificates, revenue
bonds or other obligations limited as to source of payment, notes, certifi-
cates or indebtedness or other obligations hereafter issued and sold or
offered for sale by any public body pursuant to general or special statutory
authority heretofore or hereafter granted, except that said term shall
not include bonds or other securities issued and sold or offered for sale
by the State of Maryland or by the Mayor and City Council of Baltimore or
by any Housing Authority formed pursuant to the provisions of Article
44A of the Code of Public General Laws of Maryland, nor shall it include
the following:

(1) Bonds, notes or other securities issued in anticipation of the receipt
of taxes or for current expenses or to meet emergencies, having a maturity
not greater than one year from their date or dates of issue;

(2) Bonds issued pursuant to a plan, of refunding or refinancing in
exchange, bond for bond, for outstanding maturing indebtedness other
than current or floating indebtedness and other than the bonds or notes
described in sub-paragraph (1) hereof, but including in this exception
bonds issued pursuant to any plan of composition approved and adopted
in a proceeding under Chapter IX of the United States Bankruptcy Act;

(3) For the purposes of Section 35 of this sub-title only, bonds consti-
tuting part of a total authorized issue not exceeding $25,000.00 aggregate
par amount thereof;

(4) Bonds sold by any public body to the United States of America or
any agency or instrumentality thereof;

(5) For the purposes of Section 35 of this sub-title only, bonds to be
sold to provide funds which, together with grants of financial assistance,
allocated by the United States of America, or any agency or instrumental-
ity thereof, are to be expended on public works, where, in the opinion of
the Attorney General of Maryland, the contract, agreement or other writ-
ing having reference to said grant or allocation, contains a stipulation that
said grant or allocation is conditioned upon the public body first having
entered into a contract with a prospective purchaser for the sale of said
bonds when issued.

1939, ch. 630, sec. 32.

35. Al] bonds hereafter sold or offered for sale by any public body,
pursuant to general or special authority heretofore or hereafter granted,