710                                  LAWS OF MARYLAND                          [CH. 423

MATURITIES THEREOF AT SUCH PRICE OR PRICES, EITHER
AT OR ABOVE THE PAR VALUE OF SUCH BONDS AS THE
MUNICIPAL CORPORATION MAY PRESCRIBE IN THE ENA-
BLING RESOLUTION OR ORDINANCE, PROVIDED THAT ANY
SUCH BONDS SHALL CONTAIN A STATEMENT OF SUCH RE-
DEMPTION PROVISIONS AND PROVIDED FURTHER THAT
SUCH ENABLING RESOLUTION OR ORDINANCE SHALL MAKE
PROVISION FOR DUE AND PROPER PRIOR PUBLISHED
NOTICE OF ANY SUCH REDEMPTION;

(4)   THAT ANY SUCH ISSUE OF BONDS SHALL BE IN VARY-
ING DENOMINATIONS AND SHALL BE IN COUPON FORM,
REGISTERABLE AS TO PRINCIPAL ONLY, OR IN FULLY REG-
ISTERED FORM, OR BOTH, PROVIDED THAT IF BOTH FORMS
ARE AUTHORIZED, THE SAME SHALL BE INTERCHANGE-
ABLE;

(5)   THAT, IN THE EVENT ANY OFFICIAL WHOSE SIGNA-
TURE SHALL APPEAR ON ANY SUCH BONDS SHALL CEASE
TO BE SUCH OFFICIAL PRIOR TO THE DELIVERY OF SUCH
BONDS, OR, IN THE EVENT ANY SUCH OFFICIAL WHOSE
SIGNATURE SHALL APPEAR ON ANY SUCH BONDS SHALL
HAVE BECOME SUCH AFTER THE DATE OF ISSUE THEREOF,
SAID BONDS SHALL NEVERTHELESS BE VALID AND BIND-
ING OBLIGATIONS OF ANY SUCH MUNICIPAL CORPORATION
IN ACCORDANCE WITH THEIR TERMS.

34. THE AUTHORITY CONFERRED ON MUNICIPAL CORPO-
RATIONS BY THIS SUB-HEADING IS SUBJECT TO THE foL-
LOWING LIMITATIONS:

(1)   NO TAX ANTICIPATION NOTES SHALL BE ISSUED
WHICH SHALL MATURE LATER THAN EIGHTEEN MONTHS
FROM THEIR RESPECTIVE DATES OF ISSUE AND NO BONDS
SHALL BE ISSUED BY ANY MUNICIPAL CORPORATION
WHICH SHALL MATURE LATER THAN FORTY YEARS FROM
THEIR RESPECTIVE DATES OF ISSUE;

(2)   NO BONDS OR TAX ANTICIPATION NOTES SHALL BE
ISSUED BY ANY MUNICIPAL CORPORATION EXCEPT FOR
CASH OR BE SOLD AT LESS THAN PAR VALUE THEREOF
NOR SHALL THEY BEAR INTEREST AT A RATE OR RATES IN
EXCESS OF FIVE (5%) PERCENTUM PER ANNUM;

(3)   IF THE CHARTER OF ANY MUNICIPAL CORPORATION
SHALL REQUIRE A REFERENDUM ON THE ISSUE OF ALL OR
ANY PARTICULAR TYPE OF BONDS OF SUCH MUNICIPAL
CORPORATION, SUCH BONDS SHALL BE ISSUED ONLY IF A
MAJORITY OF THE QUALIFIED VOTERS VOTING ON THE
REFERENDUM HELD ON SUCH ISSUANCE SHALL FAVOR
THE SAME BUT IF THE MAJORITY OF SAID QUALIFIED
VOTERS SHALL VOTE AGAINST SUCH ISSUANCE THEN
ANOTHER REFERENDUM SHALL NOT BE HELD ON THE
QUESTION OF ISSUING BONDS FOR THE SAME PUBLIC PUR-
POSE UNTIL THE EXPIRATION OF ONE YEAR FROM THE
DATE UPON WHICH THE ISSUANCE OF SAID BONDS SHALL
HAVE BEEN SO DISAPPROVED;

(4)   NO BONDS SHALL BE SOLD BY A MUNICIPAL CORPO-
RATION EXCEPT BY THE SOLICITATION OF COMPETITIVE