10                                LAWS OF MARYLAND                         [CH. 5

the municipality or county deems best, or any contract for the ac-
quisition of any industrial building or buildings may provide that
payment shall be made in such bonds. Bonds issued under this sub-
heading shall not be subject to the provisions of Sections 9, 10 and
11 of Article 31 of the Annotated Code of Maryland (1957 Edition),
as amended from time to time. 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. 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 subheading
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 subheading, that at the time the
principal of and interest on the bonds (or so much thereof as may
be applicable to the particular industrial concern) have been paid in
full, the industrial concern may or shall purchase or otherwise ac-
quire whatever building, buildings, and other facilities were acquired
with the proceeds of these bond funds. In such event, the considera-
tion for the conveyance or acquisition may be set at a nominal figure.

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 buildings
into a separate and special fund to be used and applied in payment of
the cost thereof and, if hereinafter required, in the maintenance,
operation, and depreciation thereof. The ordinance or resolution
shall definitely fix and determine the amount of revenue necessary
to be set apart and applied to the payment of principal and interest
of the bonds [, and]. In the absence of an agreement described in
§ 266G (c) of this subheading, the resolution or ordinance shall also
definitely fix and determine the proportion of the balance of the in-
come and revenue to be set aside as a proper and adequate deprecia-
tion account; and the remaining proportion of the balance shall be
set aside for the reasonable and proper operation and maintenance of
the industrial building or buildings.

(b)   The rents to be charged for the use of the building or buildings
shall be fixed and revised from time to time so as to be sufficient to
provide for payment of interest upon all bonds and to create a sink-
ing fund to pay the principal thereof when due, and, in the absence