1644                               LAWS OF MARYLAND                         [CH. 783

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
authorizations of general obligation bonds by such municipality, and
also within such limitations as shall be determined by said munici-
pality.

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 munici-
pality 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 reso-
lution 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 denomina-
tion 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 pro-
vided by such resolution or trust indenture or mortgage issued pur-
suant 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