HARRY W. NICE, GOVERNOR. 1243

the purpose of paying or retiring bonds previously issued by
it. An authority may issue such types of bonds as it may de-
termine, 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
by reason of the issuance thereof. The bonds and other obli-
gations 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 properties other than those of
said authority. The bonds shall not constitute an indebted-
ness within the meaning of any constitutional or statutory
debt limitation or restriction. Bonds of an authority are de-
clared to be issued for an essential public and governmental
purpose and, together with interest thereon and income there-
from, shall be exempt from taxes.

15. Bonds of an authority shall be authorized by its resolu-
tion 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 exceeding six per centum (6%) per
annum, be in such denomination or denominations, 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 redemp-
tion (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 Balti-
more, Maryland, or in the City of New York, New York, pro-
vided, however, that such bonds may be sold at not less than
par to the Federal Government at private sale without any
public advertisement.