HERBERT R. O'CONOR, GOVERNOR. 835

ties as said Authority shall elect, provided no bonds shall be
issued by said Authority to mature at a date later than the
duration of said Authority, as herein limited, and provided
further that none of the bonds of said Authority shall be
refunded prior to maturity unless it shall appear that a more
advantageous debt structure and a lower debt service cost
will thus be realized by said Authority. Said bonds shall be
issued to bear interest at such rate or rates as may be deter-
mined by said Authority, not exceeding six per centum (6%)
per annum, payable semi-annually, for which appropriate in-
terest coupons shall be attached to such bonds. Such bonds
may be in such denominations and of such form and tenor as
said Authority may decide upon and they may be sold in such
manner, at, above or below the par value thereof, as said!
Authority shall decide upon. None of the provisions of Sec-
tions 35 and 36 of Article 31 of the Code of Public General
Laws of Maryland (1939 Edition) shall have any application
to the bonds hereby authorized and said bonds are hereby
explicitly exempted therefrom, but all said bonds shall be
treated as negotiable instruments, as provided in Section 33
of said Article 31. Said Authority shall have the power to
enter into a trust indenture or other instrument with any bank
or trust company of this State, to secure the payment of said
bonds from the revenues of said Authority, and said trust
indenture or other instrument may contain all usual cove-
nants and conditions customarily appearing in such instru-
ments when executed by private corporations, and, without
limiting the generality of the foregoing, said trust indenture
or other instrument may make provision for redemption or
retirement of said bonds, for the establishment of a sinking
fund therefor, for the pledging of certain revenues of said
Authority to the payment of said bonds and for the appoint-
ment by any court of competent jurisdiction, upon motion of
a proportion of said bondholders, or by the trustee as specified
in said indenture, of a receiver, trustee or custodian to take
over the activities of said Authority in the event of its default,
as denned in said trust indenture or other instrument. But,
in no case shall the bonds, or any indebtedness or obligation
of the Authority, constitute a lien upon the real estate and
improvements constituting the market.

SEC. 5. And be It further enacted, That all of the bonds
hereby authorized to be issued, and the interest payable there-
on, in the hands of the persons entitled thereto from time to
time, shall be and remain forever exempt from taxation by the
State of Maryland and any county or municipality of said
State, said bonds being authorized for the performance and
execution of an essential governmental function, and said