SPIRO T. AGNEW, Governor

other source, in aid of any urban renewal projects of the municipality
under this article, 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 with
any private banking 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 such bonds.

(b)    Provisions. Bonds issued under this section shall not con-
stitute an indebtedness 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 (1967 Replacement Volume) Bonds
issued under the provisions of the 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)    Issue. 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
without coupon or registered, carry such concersion 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)    Sale. 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 munic-
ipality 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
the par and at an interest cost to the municipality of the portion
of the bonds sold to the Federal Government.

(e)    Officials. In case any of the public officials of the munici-
pality whose signatures appear on any bonds or coupons issued under
this article 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
terms. Any provision of any law to the contrary notwithstanding,
any bonds issued pursuant to this article shall be fully negotiable.

(f)    Suits. In any suit, action or proceeding involving the validity
or enforcement of any bond issued under this article or the security
therefor, any such bond reciting in substance that it has been issued