J. MILLARD TAWES, Governor                       1495

as a whole, to the rehabilitation or redevelopment of any urban
renewal area by private enterprise. The municipality shall give
consideration to this objective in exercising its powers under this
subheading.

9.    General Obligation Bonds.

For the purposes of financing and carrying out an urban renewal
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 Mandations 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
municipality.

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 munic-
ipality derived from or held in connection with its undertaking and
carrying out of urban renewal projects under this subheading;
provided, 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 sources, in
aid of any urban renewal projects of the municipality under this
subheading, 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 convenants 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 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 re-
strictions 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.

i

(c)    Bonds issued under this section, shall be authorized by
resolution 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
denomination or denominations, be in such form either with or with-
out coupon or registered, carry such conversion or registration