MARVIN MANDEL, Governor                         1287

the payment of the same or the interest thereon, a statement to the
effect that neither the Authority nor the State or any political sub-
division thereof is pledged to the payment of the principal of or the
interest on such bonds.

(5)   The Authority shall determine the form of the bonds of each
series issued under this section, including any interest coupons to
be attached thereto, the date of the bonds, the denomination or
denominations of the bonds, and the place or places of payment of
principal and interest, which may be at any bank or trust company
within or without the State of Maryland. The bonds of each such
series may be made redeemable before their maturity or maturities,
at the option of the Authority, at such price or prices and under
such terms and conditions as may be fixed by the Authority prior to
the issuance of the bonds.

(6)   The exercise of the powers granted by this article will be in
all respects for the benefit of the people of the State of Maryland,
for the increase of their commerce and prosperity, and for the im-
provement of their health and living conditions, and as the develop-
ment, operation and maintenance of the developments by the
Authority will constitute the performance of essential governmental
functions, the bonds issued under the provisions of this section, their
transfer and the income therefrom including any profit made on the
sale thereof shall at all times be free from all Federal, State, munici-
pal and local taxation.

11.    APPROPRIATIONS

For the purpose of establishing the development fund DEVELOP-
MENT FUNDS and for the initial expenses in establishing the
Authority as herein provided, the Governor shall place in the Budget
Bill an item of two hundred thousand dollars ($200,000) ONE HUN-
DRED THOUSAND DOLLARS ($100,000) for the fiscal year ending
June 30, 1970. Any unexpended balance of such appropriation shall
be carried forward to succeeding fiscal years for the purposes afore-
said.

12.    SEVERABILITY

The provisions of this title are severable and if any of its pro-
visions are held unconstitutional by any court of competent juris-
diction the decision of such court shall not affect or impair any of
the remaining provisions.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 14, 1969.

CHAPTER 554
(Senate Bill 98)

AN ACT to repeal Sections 7-1 and 7-2 of Article 33 of the Anno-
tated Code of Maryland (1968 Supplement), title "Election Code,"
subtitle "Nomination by Petition," and to enact new Section 7-1