J. MILLARD TAWES, GOVERNOR                           1329

Section 223. General Obligation Bonds

For the purpose of financing and carrying out of an urban renewal
project and related activities, the municipality may issue and sell
its general obligation bonds. Any bonds issued by the municipality
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, and
also within such limitations as shall be determined by said munic-
ipality.

Section 224. Revenue Bonds

In addition to the authority conferred by Section 223 of this
subtitle, the municipality shall have the power to issue revenue 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 subtitle: 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
subtitle, and by a mortgage of any such urban projects, or any
part thereof, title to which is the municipality. In addition, the
municipality may enter into an Indenture of Trust with any pri-
vate 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.

(1)   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 contained in Sections 9, 10 and 11 of Article 31 of the
Annotated Code of Maryland (1957 Edition, as amended). Bonds
issued under the provisions of this subtitle 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.

(2)   Bonds issued under this section shall be authorized by resolu-
tion 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 cut such
rate or rates, not exceeding six percentum 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.