1334                             LAWS OF MARYLAND                        [CH. 614

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 de-
termine 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 in-
terest 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 subheading shall be fully negotiable.

(f)   In any suit, action or proceeding involving the validity or
enforceability of any bond issued under this subheading or the
security therefor, any such bond reciting in substance that it has
been issued by the municipality in connection with an urban renewal
project, as herein defined, shall be conclusively deemed to have been
issued for such purpose and such project shall be conclusively deemed
to have been planned, located and carried out in accordance with the
provisions of this subheading.

(g)  All banks, trust companies, bankers, savings banks and institu-
tions, building and loan associations, savings and loan associations,
investment companies and other persons carrying on a banking or
investment business; all insurance companies, insurance associations,
and other persons carrying on an insurance business; and all execu-
tors, administrators, curators, trustees, and other fiduciaries, may