1596                             Laws of Maryland                      [Ch. 877

(a)  Income—Any and all of the income, receipts, proceeds, reve-
nues, and funds derived from, or available or to he made available
for, any undertakings for the accomplishment of the purposes and
object mentioned in or contemplated by this Act.

(b)  Any contract, or right thereunder existing between the United
States of America, or any department or agency thereof, and the
County Commissioners of Howard County with respect to any under-
taking for the accomplishment of the purposes and objects of this
Act.

Any and all such bonds, notes or obligations, issued as revenue
bonds, shall not be general obligations of Howard County and
shall not be a pledge of or involve the full faith and credit or taxing
power of Howard County, and shall not pledge, convey or mort-
gage any real property owned by Howard County, and shall not
constitute a debt of Howard 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 Howard
County.

17A-I. 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 is Sec. 174F (d) of this Act. Such
revenue bonds shall be made payable, as to both principal and inter-
est, solely from the income, proceeds, revenues, and funds of Howard
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 Howard County under this Act,
and by a mortgage on any such urban renewal projects or any part
thereof, title to which is in Howard County.

174. Bonds—How Issued.

Both the revenue bonds and general obligation serial bonds issued
under this section shall be authorized by resolution of the County
Commissioners for Howard 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.