1308 LAWS OF MARYLAND [CH. 463

410-I. Revenue bonds issued under the provisions of
this sub-title shall not be deemed to constitute a pledge of
the faith and credit of the State of Maryland or of any
political subdivision thereof. All such bonds shall contain
a statement on their face substantially to the effect that
neither the faith and credit of the State of Maryland nor
the faith and credit of any county, city, town or other sub-
division of the State of Maryland are pledged to the pay-
ment of the principal of or the interest on such bonds. The
issuance of revenue bonds under the provisions of this sub-
title shall not directly or indirectly or contingently obli-
gate the State of Maryland or any county, city, town or
other subdivision of the State to levy any taxes whatever
therefor or to make any appropriation for their payment
except from the funds pledged under the provisions of this
sub-title.

410J. No Authority shall be required to pay any taxes
or assessments upon any project acquired, constructed or
operated by it under the provisions of this sub-title or
upon the income therefrom, and the bonds issued under the
provisions of this sub-title, their transfer and the income
therefrom (including any profit made on the sale thereof)
shall at all times be free from taxation by the State of
Maryland or any of its political subdivisions, or by any
town or incorporated municipality or any other public
agency within the State.

410K. The rates, fees and charges of each Authority
in connection with each project shall be so fixed and re-
vised as to provide funds, with other funds available for
such purposes, sufficient at all times (a) to pay the cost of
maintaining, repairing and operating the project on ac-
count of which the Authority shall have issued revenue
bonds as authorized by this sub-title, including reserves
for such purposes and for replacement and depreciation
and necessary extensions, (b) to pay the principal of and
interest on the revenue bonds as the same shall become
due and payable and to create reserves and provide a mar-
gin of safety for such purposes, and (c) to fulfill the terms
and provisions of any agreements made with the purchas-
ers or holders of any of its bonds, or with the municipality
or municipalities incorporating, or the municipalities
which are members of, said Authority, or with any munici-
pality served or to be served by said Authority.

An Authority may fix rates, fees and charges for the
services and facilities of its water system sufficient to pay
all or any part of the cost of maintaining, repairing and