THEODORE R. McKELDIN, GOVERNOR                   711

BIDS AT PUBLIC SALE AFTER THE PUBLICATION IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE MUNICI-
PAL CORPORATION, AND SUCH OTHER PUBLICATION AS
MAY BE SPECIFIED IN THE ENABLING RESOLUTION OR OR-
DINANCE, OF THE NOTICE OF SALE IN THE FORM PRE-
SCRIBED BY SUCH RESOLUTION OR ORDINANCE BY TWO
INSERTIONS THEREOF OVER A PERIOD OF NOT LESS THAN
TEN DAYS NEXT PRECEDING THE DATE FIXED FOR SUCH
SALE.

35.  ALL BONDS AND TAX ANTICIPATION NOTES ISSUED
BY ANY MUNICIPAL CORPORATION IN ACCORDANCE WITH
ITS CHARTER OR IN ACCORDANCE WITH THIS SUB-HEAD-
ING, SHALL HAVE AND POSSESS ALL THE ATTRIBUTES OF
NEGOTIABLE INSTRUMENTS AS PROVIDED IN SECTION 31
OF ARTICLE 31 OF THIS CODE. THE PRINCIPAL OF AND IN-
TEREST ON ANY SUCH BONDS OR TAX ANTICIPATION NOTES
IN THE HANDS OF THE OWNER OR OWNERS THEREOF
FROM TIME TO TIME, SHALL BE AND REMAIN EXEMPT
FROM TAXATION OF ANY KIND OR NATURE WHATSOEVER
BY THE STATE OF MARYLAND AND BY ANY COUNTY, MU-
NICIPAL CORPORATION OR OTHER POLITICAL SUB-DI-
VISION THEREOF.

36.  ANY SINKING FUND ESTABLISHED BY ANY MUNICI-
PAL CORPORATION TO PROVIDE FOR THE PAYMENT OF THE
PRINCIPAL OF OR INTEREST ON ANY BONDS ISSUED BY ANY
SUCH MUNICIPAL CORPORATION PURSUANT TO THE PRO-
VISIONS OF ITS CHARTER OR OF THIS SUB-HEADING, SHALL
NOT BE INVESTED BY THE FISCAL OFFICER OF SAID
MUNICIPAL CORPORATION HAVING CUSTODY OF SAID
SINKING FUND EXCEPT IN THE MANNER PRESCRIBED BY
SECTIONS 6 AND 7 OF ARTICLE 31 OF THIS CODE. ANY
SUCH FISCAL OFFICER HAVING CUSTODY OF THE PRO-
CEEDS OF SALE OF ANY SUCH BONDS IS HEREBY AUTHOR-
IZED AND EMPOWERED TO INVEST SAID PROCEEDS, PEND-
ING THE EXPENDITURE THEREOF, IN THE MANNER AND
PURSUANT TO THE PROVISIONS OF SECTION 22 OF ARTI-
CLE 95 OF THIS CODE.

37.   (A) ALL BONDS OR TAX ANTICIPATION NOTES IS-
SUED BY ANY MUNICIPAL CORPORATION PURSUANT TO
ITS CHARTER OR THIS SUB-HEADING SHALL CONSTITUTE
PLEDGES OF THE faITH AND CREDIT OF THE ISSUING
MUNICIPAL CORPORATION TO THE PROMPT PAYMENT,
FROM THE TAX AND OTHER REVENUES DESCRIBED IN
THE ENABLING RESOLUTION, OF THE PRINCIPAL OF AND
INTEREST ON SAID BONDS OR TAX ANTICIPATION NOTES
WHEN DUE.

(B) IF AT THE TIME OF THE ISSUANCE OF ANY SUCH
BONDS, THERE SHALL BE NO CHARTER OR STATUTORY
LIMIT ON THE POWER OF ANY SUCH MUNICIPAL CORPORA-
TION TO LEVY PROPERTY TAXES, SUCH PLEDGE SHALL
CONSTITUTE A COVENANT ON THE PART OF THE MUNICI-
PAL CORPORATION ISSUING ANY SUCH BONDS TO LEVY
UPON ALL REAL AND TANGIBLE PERSONAL PROPERTY