1292                              LAWS OF MARYLAND                        [CH. 593

any urban renewal projects of the municipality under this sub-
heading, 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 commitments as may be
required by any purchaser for the adequate security of said bonds.

(b)  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 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.

(c)  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 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.

(d)  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
a general circulation in the area in which the municipality is located
and in such other medium of publication as the municipality 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 municipality of not to exceed the interest
cost to the municipality of the portion of the bonds sold to the Federal
Government.

(e)  In case any of the public officials of the municipality whose
signatures appear on any bonds or coupons issued under this sub-
heading shall cease to be such officials before the delivery of such
bond or, in the event any such officials shall have become such after
the date of issue thereof, said bonds shall nevertheless be valid and
binding obligations of said municipality in accordance with their
terms. Any provision of any law to the contrary notwithstanding,
any bonds issued pursuant to this sub-heading shall be fully negoti-
able.

(f)  In any suit, action or proceeding involving the validity or
enforceability of any bond issued under this sub-heading or the
security therefor, any such bond reciting in substance that it has