1044 Laws of Maryland [Ch. 632
bonds to finance the undertaking of any urban renewal project and
related activities, and shall also have power to issue refunding bonds
for the payment or retirement of such bonds previously issued by it.
Such bonds shall be made payable, as to both principal and interest,
solely from the income, proceeds, revenues, and funds of the munic-
ipality derived from or held in connection with its undertaking and
carrying out of urban renewal projects under this sub-heading; pro-
vided, however, that payment of such bonds, both as to principal and
interest, may be further secured by a pledge of any loan, grant or
contribution from the Federal Government or other source, in aid of
any urban renewal projects of the municipality under this sub-head-
ing, and by a mortgage of any such urban renewal projects, or any
part thereof, title to which is in the municipality. In addition, the
municipality may enter into an Indenture of Trust with any private
banking institution of this State having trust powers and may make
in such indenture of trust such covenants and commitments as may.
be required by any purchaser for the adequate security of said bonds.
(b) Bonds issued under this section shall not constitute an in-
debtedness within the meaning of any constitutional or statutory debt
limitation or restriction, shall not be subject to the provisions of any
other law or charter relating to the authorization, issuance or sale of
bonds, and are hereby specifically exempted from the restrictions con-
tained in Sections 9, 10 and 11 of Article 31 of the Annotated Code of
Maryland (1957 Edition, as amended). Bonds issued under the pro-
visions of this Article are declared to be issued for an essential public
and governmental purpose and, together with interest thereon and
income therefrom, shall be exempted from all taxes.
(c) Bonds issued under this section shall be authorized by reso-
lution or ordinance of the legislative body of the municipality and
may be issued in one or more series and shall bear such date or dates,
shall mature at such time or times, bear interest at such rate or rates,
not exceeding six per centum per annum, be in such denomination or
denominations, be in such form either with or without coupon or
registered, carry such conversion or registration privileges, have
such rank or priority, be executed in such manner, be payable in such
medium or payment, at such place or places, and be subject to such
terms of redemption (with or without premium), be secured in such
manner, and have such other characteristics, as may be provided by
such resolution or trust indenture or mortgage issued pursuant
thereto.
(d) Such bonds may be sold at not less than par at public sales
held after notice published prior to such sale in a newspaper having
a general circulation in the area in which the municipality is located
and in such other medium of publication as the municipality may de-
termine or may be exchanged for other bonds on the basis of par;
provided, that such bonds may be sold to the Federal Government
at private sale at not less than par, and, in the event less than all of
the authorized principal amount of such bonds is sold to the Federal
Government, the balance may be sold at private sale at not less than
par at an interest cost to the municipality of not to exceed the inter-
est cost to the municipality of the portion of the bonds sold to the
Federal Government.
(e) In case any of the public officials of the municipality whose
signatures appear on any bonds or coupons issued under this sub-
heading shall cease to be such officials before the delivery of such
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