480                             LAWS OF MARYLAND                      [CH. 227

or the security therefor, any finding by the legislative body of the
municipality or county in regard to the existence or relief of con-
ditions 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
exceed six per cent 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 may be
called for redemption at the option of the county or municipality
prior to maturity at a price or prices and under such terms and
conditions as may be fixed by the legislative body of the munici-
pality 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 the municipality or county deems best, or any contract for the
acquisition of any industrial building or buildings or port facility
may provide that payment shall be made in such bonds. Bonds issued
under this subheading shall not be subject to the provisions of Sec-
tions 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 or port facility. 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 in-
debtedness 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 port
facilities, or for the rehabilitation, remodelling, extension, or perma-
nent improvement of the industrial building or buildings or port
facilities, as the case may be; and the necessary expense of pre-
paring, 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.