MARVIN MANDEL, Governor                      1637

CHAPTER 747
(House Bill 1214)

AN ACT to repeal and re-enact, with amendments, Section 27-6(c)
of the Code of Public Local Laws of Baltimore County (1958 Edi-
tion, being Article 3 of the Code of Public Local Laws of Mary-
land), title "Baltimore County," subtitle "Revenue Authority,"
subheading "Insurance of bonds, certificates and other evidence of
indebtedness—Generally," as last amended by Chapter 425 of the
Acts of 1968, eliminating the specific interest rate requirement on
the Revenue Authority's revenue bonds and allowing the Author-
ity to determine its own interest rate.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 27-6 (c) of the Code of Public Local Laws of Baltimore
County (1958 Edition, being Article 3 of the Code of Public Local
Laws of Maryland), title "Baltimore County," subtitle "Revenue
Authority," subheading "Insurance of bonds, certificates and other
evidence of indebtedness—Generally," as last amended by Chapter
425 of the Acts of 1968, be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

27-6.

(c) Rate of interest; maturity; denominations; execution. The
revenue bonds, certificates or other evidence of indebtedness of each
issue shall be dated, shall bear interest at such rate or rates [not
exceeding six per centum per annum] as shall be determined by
the authority, payable semiannually and shall mature at such time
or times, not exceeding thirty years from their date or dates, as may
be determined by the authority. The bonds of each issue may be
made redeemable before maturity at the option of the authority at
such price or prices and under terms and conditions as may be fixed
by the authority prior to the issuance of the bonds. The authority
shall determine the form of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or de-
nominations 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. The payment of principal and interest
of the bonds hereby authorized may be made in any lawful medium.
The authority shall determine the manner of executing the bonds
which may be by facsimile signature of its chairman, and the man-
ner of executing the interest coupons attached thereto which also
may be by facsimile signature of its chairman; the official seal of
the authority shall be affixed to the bonds and they shall be attested
by its secretary. In case any officer whose signature or a facsimile
of whose signature shall appear on any bonds or coupons shall cease
to be such officer before the delivery of such bonds, such signature
or such facsimile shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until such delivery.

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

Approved May 14, 1969.