J. MILLARD TAWES, Governor                       1537

polity derived from or held in connection with its undertaking and
carrying out of urban renewal projects under this subheading; pro-
vided, 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 source, in aid
of any urban renewal projects of the municipality under this sub-
heading, 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.

(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 reso-
lution 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 without coupon or
registered, carrying such conversion or registration privileges, 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.

(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 municipality is located
and in such other medium of publication as the municipality 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 municipality of not to exceed the
interest cost to the municipality of the portion of the bonds sold to
the Federal Government.

(e)    In case any of the public officials of the municipality whose
signatures appear on any bonds or coupons issued under this sub-
heading 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 municipality in accordance with their