HOUSING AUTHORITIES 1973

of bonds as it may determine, including bonds on which the principal and
interest are payable: (a) exclusively from the income and revenues of
the housing project financed with the proceeds of such bonds, or with such
proceeds together with a grant from the Federal Government in aid of
such project; (b) exclusively from the income and revenues of certain
designated housing projects whether or not they were financed in whole or
in part with the proceeds of such bonds', or (c) from its revenues generally.
Any of such bonds may be additionally secured by a pledge of any revenues
or a mortgage of any housing project, projects or other property of the
authority.

Neither the commissioners of an authority nor any person executing
the bonds shall be liable personally on the bonds by reason of the issuance
thereof. The bonds and other obligations of an authority (and such bonds
and obligations shall so state on their face) shall not be a debt of the city,
the State or any political subdivision thereof and neither the city nor the
State or any political subdivision thereof shall be liable thereon, nor in any
event shall such bonds or obligations be payable out of any funds or prop-
erties other than those of said authority. The bonds shall not constitute
an indebtedness within the meaning of any constitutional or statutory
debt limitation or restriction. Bonds of an authority are declared to be
issued for an essential public and governmental purpose and, together with
interest thereon and income therefrom, shall be exempt from taxes.

1937, ch. 517, sec. 15.

15. Bonds of an authority shall be authorized by its resolution and
may be issued in one or more series and shall bear such date or dates,
mature at such time or times, bear interest at such rate or rates, not exceed-
ing six per centum (6% ) per annum, be in such denomination or denomina-
tions, be in such form, either coupon or registered, carry such conversion
or registration privileges, have such rank or priority, be executed in such
manner, be payable in such medium of payment, at such place or places,
and be subject to such terms of redemption (with or without premium)
as such resolution, its trust indenture or mortgage may provide.

The bonds may be sold at not less than par at public sale held after notice
published once at least five days prior to such sale in a newspaper having
a general circulation in the city and in a financial newspaper published
in the City of Baltimore, Maryland, or in the City of New York, New
York, provided, however, that such bonds may be sold at not less than par
to the Federal Government at private sale without any public advertisement.

In case any of the commissioners or officers of the authority whose
signatures appear on any bonds or coupons shall cease to be such commis-
sioners or officers before the delivery of such bonds, such signatures shall,
nevertheless, be valid and sufficient for all purposes, the same as if they
had remained in office until such delivery. Any provision of any law to the
contrary notwithstanding, any bonds issued pursuant to this Article shall
be fully negotiable.

Any bond reciting in substance that it has been issued by an authority
to aid in financing a housing project to provide dwelling accommodations
for persons of low income shall be conclusively deemed, in any suit, action
or proceeding involving the validity or enforceability of such bond or the
security therefor, to have been issued for a housing project of such
character.