494                               LAWS OF MARYLAND                        [CH. 290

(c) The principal amount of the bonds and the interest payable
thereon shall be and remain exempt from taxation by the State of
Maryland and by the several counties and municipalities of this
State.

266D. Bonds issued pursuant to this sub-heading shall be nego-
tiable. If any officer whose signature or counter signature appears on
the bonds or coupons ceases to be such officer before delivery of the
bonds, his signature or countersignature shall nevertheless be valid
and sufficient for all purposes the same as if he had remained in
office until delivery. The bonds shall be sold in such manner and upon
such terms as the legislative body of the municipality or county
deems best, or any contract for the acquisition of any industrial
building or buildings may provide that payment shall be made in
such bonds. In no event shall any bonds be negotiated on a basis to
yield more than 6% except as provided in Section 266C (b). The
bonds and interest thereon shall be payable solely from the revenue
derived from the building or buildings. It shall ON THE ADVICE
OF COUNSEL, IT MAY be plainly stated on the face of each bond
that it has been issued under the provisions of this sub-heading and
that it does not constitute an indebtedness to which the faith and
credit of the municipality or county is pledged.

266E.

(a)  All moneys received from the bonds shall be applied solely for
the acquisition of the industrial building or buildings, or for the
rehabilitation, remodelling, extension, or permanent improvement of
the industrial building or buildings, as the case may be; and the
necessary expense of preparing, printing, and selling the bonds, or
to advance the payment of interest on the bonds during the first
three years following the date of the bonds.

(b)   The municipality or county, at the time the bonds are issued,
ONLY may make an agreement or contract with the industrial con-
cern which is to occupy and use the building, buildings, and other
facilities provided for in this sub-heading, that at the time the princi-
pal of and interest on the bonds (or so much thereof as may be ap-
plicable to the particular industrial concern) have been paid in full,
the industrial concern may or shall purchase or otherwise acquire
whatever building, buildings, and other facilities were acquired with
the proceeds of these bond funds. In such event, the consideration for
the conveyance or acquisition may be set at a nominal figure.

266F. If there is any default in the payment of principal or
interest of any bond, any court having jurisdiction of the action may
appoint a receiver to administer the industrial building or buildings
on behalf of the municipality or county, with power to charge and
collect rents sufficient to provide for the payment of any bonds or
obligations outstanding against the building or buildings, and for
the payment of operating expenses, and to apply the income and
revenue in conformity with this sub-heading and the ordinance or
resolution adopted pursuant thereto.

266G.

(a) At or before the issuance of bonds the legislative body of
the municipality or county, by ordinance or resolution, shall set aside
and pledge the income and revenue of the industrial building or