1478                             Laws of Maryland                        [Ch. 826

newal project and related activities, the municipality may issue
and sell its general obligation bonds. Any bonds issued by the mu-
nicipality 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
municipality.

Section 10. Revenue Bonds.

In addition to the authority conferred by Section 9 of this Article,
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 Article: 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 Ar-
ticle, 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 commit-
ments as may be required by any purchaser for the adequate se-
curity 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 re-
strictions 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 Article are declared to be
issued for an essential public and governmental purpose and, to-
gether 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 at such rate or
rates, not exceeding six per centum per annum, be in such denomi-
nation 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 se-
cured in such manner, and have such other characteristics, as may
be provided by such resolution or trust indenture or mortgage is-
sued pursuant thereto.

(3)   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