J. MILLARD TAWES, Governor                       1661

and commitments as may be required by any purchaser for the ade-
quate 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 Board 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 con-
version or registration privileges, have such rank or priority, be exe-
cuted 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 in-
denture 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 County is located and
in such other medium of publication as the Board 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 County of not to exceed the interest cost to the County of
the portion of the bonds sold to the Federal Government.

(e)   In case any of the public officials of the County whose signa-
tures appear on any bonds or coupons issued under this subheading
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 County in accordance with their terms. Any pro-
vision 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 en-
forceability of any bond issued under this subheading or the security
therefor, any such bond reciting in substance that it has been issued
by the County 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 insti-
tutions, building and loan associations, savings and loan associations,