1244 LAWS OF MARYLAND. [CH. 517

In case any of the commissioners or officers of the authority
whose signatures appear on any bonds or coupons shall cease
to be such commissioners or officers before the delivery of such
bonds, such signatures shall, nevertheless, be valid and suffi-
cient 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 in-
volving the validity or enforceability of such bond or the secur-
ity therefor, to have been issued for a housing project of such
character.

16. In connection with the issuance of bonds or the in-
curring of obligations under leases and in order to secure the
payment of such bonds or obligations, an authority, in addi-
tion to its other powers, shall have power:

(a) To pledge all or any part of its gross or net rents, fees
or revenues to which its right then exists or may thereafter
come in to existence.

(b) To mortgage all or any part of its real or personal
property, then owned or thereafter acquired.

(c) To covenant against pledging all or any part of its
rents, fees and revenues, or against mortgaging all or any part
of its real or personal property, to which its right or title then
exists or may thereafter come into existence or against per-
mitting or suffering any lien on such revenues or property;
to covenant with respect to limitations on its right to sell,
lease or otherwise dispose of any housing project or any part
thereof; and to covenant as to what other, or additional debts
or obligations may be incurred by it.

(d) To covenant as to the bonds to be issued and as to the
issuance of such bonds in escrow or otherwise, and as to the
use and disposition of the proceeds thereof; to provide for the
replacement of lost, destroyed or mutilated bonds; to cove-
nant against extending the time for the payment of its bonds
or interest thereon; and to redeem the bonds, and to covenant
for their redemption and to provide the terms and conditions
thereof.

(e) To covenant (subject to the limitations contained in
this Act) as to the rents and fees to be charged in the opera-
tion of a housing project or projects, the amount to be raised
each year or other period of time by rents, fees and other reve-
nues, and as to the use and disposition to be made thereof;
to create or to authorize the creation of special funds for
moneys held for construction or operating costs, debt service