1462                             Laws of Maryland                        [Ch. 821

and shall not he a pledge of or involve the full faith and credit or taxing
power of Montgomery County, and shall not pledge, convey or mort-
gage any real property owned by Montgomery County, and shall not
constitute a debt of Montgomery County, within the meaning of the
Constitution of Maryland, or within the meaning of any other con-
stitutional, statutory, or charter provisions, limiting or restricting
the sale or issuance of bonds, notes or other obligations of Montgomery
County.

9.   Revenue Bonds—Tax Exempt—Security.

Revenue bonds issued under the provisions of this Act are declared
to be issued for an essential public and governmental purpose and
the principal and interest thereon, and income therefrom, shall be
exempt from all taxes as provided in Sec. 6 (d) of this Act. Such
revenue bonds shall be made payable, as to both principal and interest,
solely from the income, proceeds, revenues, and funds of Montgomery
County derived from or held in connection with its undertaking and
carrying out of urban renewal projects under this Act: Provided,
however, that payment of such bonds, both as to principal and in-
terest, may be further secured by a pledge of any loan, grant or con-
tribution from the Federal Government or other source, in aid of
any urban renewal projects of Montgomery County under this Act,
and by a mortgage on any such urban renewal projects or any part
thereof, title to which is in Montgomery County.

10.   Bonds—How Issued.

Both the revenue bonds and general obligation serial bonds issued
under this section shall be authorized by resolution of the County
Council for Montgomery County 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 on such conversion 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 pro-
vided by such resolution or trust indenture or mortgage issued pur-
suant thereto. Such bonds shall not be subject to the provisions of
Sec. 9, 10 and 11 of Article 31, Maryland Code, 1957 Edition, as
amended.

11.   Bonds—How Sold.

Both the revenue bonds and general obligation serial 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
County and in such other medium of publication as the Council may
determine, 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 County not to exceed the
interest of the portion of the bonds sold to the Federal Government.