1248                               Laws of Maryland                         Ch. 527

at such time or times, not exceeding forty (40) years from their
date, as may be determined by the Administration.

(e)    The proceeds of the bonds of each series issued under the
provisions of this section shall be paid to the trustee who shall be
named under a trust agreement which shall be entered into by the
Administration to secure such bonds and shall be disbursed in
such manner and under such restrictions, if any, as may be provided
in such trust agreement.

(f)    Revenue bonds issued under the provisions of this section
shall not be deemed to constitute a debt of the State or of any
political subdivision thereof or a pledge of the faith and credit of
the State or of any such political subdivision, but such bonds shall
by payable solely from the funds herein provided therefor from
revenues of the community development or developments and, in
the event the trustee under the trust agreement securing such bonds
holds any additional security for the payment of the same, from
the proceeds of such security. All such revenue bonds shall contain
on the face thereof a statement to the effect that neither the Ad-
ministration nor the State nor any political subdivision thereof shall
be obligated to pay the same or the interest thereon except from
revenues and, in case the trustee under the trust agreement secur-
ing such bonds holds other security for the payment of the same
or the interest thereon, a statement to the effect that neither the
Administration nor the State or any political subdivision thereof is
pledged to the payment of the principal of or the interest on such
bonds.

(g)    The Administration shall determine the form of the bonds
of each series issued under this section, including any interest cou-
pons 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 com-
pany 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 Administration, at such price or
prices and under such terms and conditions as may be fixed by the
Department prior to the issuance of the bonds.

(h) 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 sales taxes and
other taxes of any kind whatsoever of the State of Maryland, or any
of its subdivisions.

Sec. 17. And be it further enacted by the General Assembly of
Maryland, That if Chapter 553 of the 1969 Laws of Maryland,
known as the "Maryland Housing and Community Development

Authority Act," receive a majority of the votes to be cast at the

referendum election to be held thereon on November 3rd, 1970,

said Chapter 553 shall thereafter become a part of the Laws of this

State, as provided in the Constitution of Maryland, and the Mary-
land Housing and Community Development Authority shall become
a part of the Department of Economic and Community Development
and the provisions of Sections 266 DD-1 to 266 DD-6 of this Act
shall immediately become null and void and the provisions of said

Chapter 553 shall stand in the place of Sections 266 DD-1 to 266

DD-6 of this Act.