Ch. 499 LAWS OF MARYLAND

TAX MAY NOT BE SUBJECT TO ANY REFERENDUM BY REASON OF ANY
OTHER STATE OR LOCAL LAW.

(II) THE ORDINANCE AUTHORIZING THE BONDS
REQUIRED UNDER THIS SUBSECTION, ANY ORDINANCE, RESOLUTION,
OR EXECUTIVE ORDER PASSED OR ADOPTED IN FURTHERANCE OF THE
REQUIRED ORDINANCE, THE BONDS, THE DESIGNATION OF A SPECIAL
TAXING DISTRICT, OR THE LEVY OF A SPECIAL AD VALOREM TAX SHALL
BE SUBJECT TO THE REQUEST OF THE LANDOWNERS AS SPECIFIED
UNDER SUBSECTION (C)(l) OF THIS SECTION.

(4) THE SPECIAL FUND AND ANY SINKING FUND ESTABLISHED
BY ANY MUNICIPAL CORPORATION TO PROVIDE FOR THE PAYMENT OF
THE PRINCIPAL OF OR INTEREST ON ANY BONDS ISSUED BY THE
MUNICIPAL CORPORATION UNDER THE PROVISIONS OF THIS SECTION
MAY NOT BE INVESTED BY THE FISCAL OFFICER OF THE MUNICIPAL
CORPORATION HAVING CUSTODY OF THE SPECIAL FUND AND ANY
SINKING FUND EXCEPT IN THE MANNER PRESCRIBED BY ARTICLE 31, §§ 6
AND 7 OF THE CODE. ANY SUCH FISCAL OFFICER HAVING CUSTODY OF
THE PROCEEDS OF SALE OF ANY SUCH BONDS MAY INVEST THE
PROCEEDS, PENDING THE EXPENDITURE THEREOF, AS PRESCRIBED
UNDER THE PROVISIONS OF ARTICLE 95, § 22 OF THE CODE.

(H) THE PRINCIPAL AMOUNT OF THE BONDS, THE INTEREST
PAYABLE ON THE BONDS, THEIR TRANSFER, AND ANY INCOME DERIVED
FROM THE TRANSFER, INCLUDING ANY PROFIT MADE IN THE SALE OR
TRANSFER OF THE BONDS, SHALL BE EXEMPT FROM TAXATION BY THE
STATE AND BY THE COUNTIES AND MUNICIPAL CORPORATIONS OF THE
STATE BUT SHALL BE INCLUDED, TO THE EXTENT REQUIRED UNDER
TITLE 8, SUBTITLE 2 OF THE TAX - GENERAL ARTICLE, IN COMPUTING
THE NET EARNINGS OF FINANCIAL INSTITUTIONS.

(I) (1) ALL BONDS MAY BE IN BEARER FORM OR IN COUPON
FORM OR MAY BE REGISTRABLE AS TO PRINCIPAL ALONE OR AS TO
BOTH PRINCIPAL AND INTEREST. EACH OF THE BONDS SHALL BE
DEEMED TO BE A SECURITY AS DEFINED IN § 8-102 OF THE COMMERCIAL
LAW ARTICLE, WHETHER OR NOT IT IS EITHER ONE OF A CLASS OR
SERIES OR BY ITS TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF
INSTRUMENTS.

(2) ALL BONDS SHALL BE SIGNED MANUALLY OR IN
FACSIMILE BY THE CHIEF EXECUTIVE OFFICER OF THE MUNICIPAL
CORPORATION, AND THE SEAL OF THE MUNICIPAL CORPORATION
SHALL BE AFFIXED TO THE BONDS AND ATTESTED BY THE CLERK OR
OTHER SIMILAR ADMINISTRATIVE OFFICER OF THE MUNICIPAL
CORPORATION. IF ANY OFFICER WHOSE SIGNATURE OR
COUNTERSIGNATURE APPEARS ON THE COUPONS CEASES TO BE SUCH
OFFICER BEFORE DELIVERY OF THE BONDS, THE OFFICER'S SIGNATURE
OR COUNTERSIGNATURE SHALL NEVERTHELESS BE VALID AND

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