276                               LAWS OF MARYLAND                        [CH. 147

Section 9. General Obligation Bonds

For the purpose of financing and carrying out of an urban renewal
project and related activities, the municipality may issue and sell its
general obligation bonds. Any bonds issued by the municipality pur-
suant to this section shall be issued in the manner and within the
limitations prescribed by applicable law for the issuance and author-
ization of general obligation bonds by such municipality, and also
within such limitations as shall be determined by said municipality.

Section 10. Revenue Bonds

In addition to the authority conferred by Section 9 of this Article,
the municipality shall have 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 re-
tirement of such bonds previously issued by it. Such bonds shall be
made payable, as to both principal and interest, solely from the in-
come, proceeds, revenues, and funds of the municipality derived from
or held in connection with its undertaking and carrying out of urban
renewal projects under this Article: Provided, however, that pay-
ment 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 Article, 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.

(1)  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 essen-
tial public and governmental purpose and, together with interest
thereon and income therefrom, shall be exempted from all taxes.

(2)  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 denomi-
nation or denominations, be in such form either with or without
coupon or registered, carry such conversion or registration priv-
ileges, 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.

(3) Such bonds may be sold at not less than par at public sales