1544                             Laws of Maryland                      [Ch. 844

urban renewal area by private enterprise. The municipality shall
give consideration to this objective in exercising its powers under
this Article.

Sub-Section 9. 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.

Sub-Section 10. Revenue Bonds

In addition to the authority conferred by Section 9 of this Ar-
ticle, the municipality shall have the power to issue revenue bonds to
finance the undertaking of any urban renewal project and related ac-
tivities and shall also have power to issue refunding bonds for the pay-
ment 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 municipality derived
from or held in connection with its undertaking and carrying out
of urban renewal projects under this Article. 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 under this Article, 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 in-
stitution of this State having trust powers and may make in such
indenture of trust such covenants and commitments as may be re-
quired 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 81 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, 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 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 privi-
leges, 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),