J. MILLARD TAWES, Governor                          9

also means the Mayor and City Council of Baltimore. "County" means
one of the twenty-three counties of Maryland.

266B.

In order to relieve conditions of unemployment [and] or to en-
courage the increase of industry in this State, any municipality or
county may borrow money by issuing negotiable bonds for the
purpose of defraying the cost of acquiring any industrial building or
buildings, either by purchase or construction, but only after an ordi-
nance or resolution has been adopted by the legislative body of the
municipality or county specifying the proposed undertaking, the
amount of bonds to be issued, and the maximum rate of interest the
bonds are to bear. The ordinance or resolution shall further provide
that the industrial building is to be acquired pursuant to the pro-
visions of this subheading, and shall also provide that the industrial
building is to be acquired for a bona fide tenant, as evidenced by a
letter of intent or similar agreement between the prospective tenant
and the municipality or county issuing the bonds. Nothing herein
shall be construed to authorize any municipality or county to acquire
any industrial building or buildings by eminent domain. In any suit,
action, or proceeding involving the validity or enforceability of any
bond issued under this subheading or the security therefor, any find-
ing by the legislative body of the municipality or county in regard to
the existence or relief of conditions of unemployment or in regard to
the increase of industry in this State shall be conclusive.

266C.

(a)   The bonds may be issued to bear interest at a rate not to ex-
ceed six percent per annum, payable either annually or semi-annually,
and shall be executed in such manner and be payable at such times
not exceeding twenty-five years from date thereof and at such place
or places as the legislative body of the municipality or county
determines.

(b)   The bonds may provide that they or any of them [can]] may be
called for redemption at the option of the county or municipality prior
to maturity [, on interest payment dates not earlier than one year
from the date of issuance of the bonds,] at a price or prices [not to
exceed par value and accrued interest,] and under such terms and
conditions as may be fixed by the legislative body of the municipality
or county before issuing the bonds.

(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 subheading shall be negotiable. If
any officer whose signature or countersignature 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, either at
public or private sale, and upon such terms as the legislative body of