J. MILLARD TAWES, GOVERNOR                              1307

26A-23. For the purpose of carrying out an urban renewal project
and related activities, Baltimore County, Maryland may issue and
sell its general obligation bonds, AND TRANSFER THE PROCEEDS
THEREOF TO THE REDEVELOPMENT AND REHABILITA-
TION COMMISSION. Any bonds issued by Baltimore County, Mary-
land pursuant to this section shall be issued in the manner and within
the limitations prescribed by applicable law for the issuance and
authorization of general obligation bonds by such municipality
COUNTY.

26A-24. In addition to the authority conferred by section 26A-23
of this Act, Baltimore County, Maryland shall have power to issue
REVENUE bonds from time to time in its discretion to finance the
undertaking of any urban renewal project under this Act, including,
without limiting the generality thereof, the payment of principal and
interest upon any advances for surveys and plans, 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, to
both principal and interest, solely from the income, proceeds, revenues,
and funds of the municipality COUNTY EITHER DIRECT OR
THROUGH THE COMMISSION derived from or held in con-
nection with its undertaking and carrying out of urban renewal proj-
ects under this Act: provided, 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
COMMISSION under this Act, and by a mortgage of any such urban
renewal project, or any part thereof, title to which is in the munic-
ipality COUNTY, or in the Redevelopment and Rehabilitation Com-
mission.

26A-25. Bonds issued under the provisions of this Act are de-

clared to be issued for an essential public and governmental purpose
and, together with interest thereon and income therefrom shall be
exempted from all taxes. ANY AND ALL SUCH BONDS AND THE
INTEREST THEREON AND THE INCOME DERIVED THERE-
FROM, IN THE HANDS OF THE HOLDERS THEREOF FROM
TIME TO TIME, SHALL BE AND ARE HEREBY DECLARED TO
BE EXEMPT FROM STATE AND COUNTY TAXATION OF
EVERY KIND AND NATURE WHATSOEVER IN THE STATE.

26A-26. Bonds issued under this section shall be authorized by
resolution or ordinance of the County Council of Baltimore County,
Maryland, and may be issued in one or more series and shall bear such
date or dates, be payable upon demand or 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 con-
version or registration privileges, have such rank or priority, be
executed in such manner, be payable in such medium of 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 inden-
ture or mortgage issued pursuant thereto.

26A-27. 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