MARVIN MANDEL, Governor                        1611

ing 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 consti-
tute 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 81 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 denomi-
nation or denominations, be in such form either with or without
coupon or registered, carry such conversion 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 pro-
vided by such resolution or trust indenture or mortgage issued pur-
suant 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 municipality
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 bar 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 municipality
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 p