J. MILLARD TAWES, Governor                       1343

pursuant to this section shall be issued in the manner and within the
limitations prescribed by applicable law for the issuance and au-
thorizations of general obligation bonds by such municipality, and
also within such limitations as shall be determined by said
municipality.

10. Revenue Bonds

(a)  In addition to the authority conferred by Section 9 of this
subheading, 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 subheading; 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 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 commit-
ments as may be required by any purchaser for the adequate security
of said bonds.

(b)  Bonds issued under this section shall not constitute an indebt-
edness 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 de-