1464                           LAWS OF MARYLAND                       CH. 720

18-20. General obligation bonds.

For the purpose of financing and carrying out of an urban re-
newal project and related activities, the municipality may issue
and sell its general obligation bonds. Any bonds issued by the munic-
ipality pursuant to this section shall be issued in the manner and
within the limitations 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.

18-21. Revenue bonds.

(a)     Powers. In addition to the authority conferred by Section
18-20 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 pre-
viously 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 municipality 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 Govern-
ment or other source, 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 Inden-
ture 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)    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 (1957 Edition, as amended). Bonds
issued under the provisions of this subheading are declared to be
issued for an essential public and governmental purpose and, to-
gether with interest thereon and income therefrom, shall be ex-
empted 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 denomi-
nation or denominations, be in such form either with or without
coupon or registered, carry such conversion or registration privi-
leges, 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.