Marvin Mandel, Governor                         621

HOWARD OR MONTGOMERY COUNTIES OR THE STATE OF
MARYLAND and only the Authority shall be liable thereon, nor,
shall such bonds or obligations be payable out of any funds or prop-
erties other than those of the Authority.

(B)  Bonds issued under this section shall not constitute an indebt-
edness 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, 11 of Article 31 of the Annotated Code
of Maryland (1957 Edition, as amended). THE FAITH IN CREDIT
IN THE STATE OF MARYLAND SHALL NOT BE PLEDGED
TO COVER ANY INDEBTEDNESS CAUSED BY BONDS IS-
SUED UNDER THE PROVISIONS OF THIS SUBTITLE. 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)  Bonds issued under this section shall be authorized by resolu-
tion of the board of directors of the Authority, 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, be in
such denomination 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 pre-
mium), be secured in such manner, and have such other character-
istics, as may be provided by such resolution or trust indenture or
mortgage issued pursuant thereto.

(D)  Such bonds may be sold at not less than par at public sales
held after notice published prior to such sale in newspapers having
general circulation in each of Anne Arundel, Howard, Montgomery,
and Prince George's County and in such other medium of publica-
tion as the Authority 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 not less than par at an interest cost to the Authority
not to exceed the interest cost to the Authority of the portion of the
bonds sold to the federal government.

(E)  In case any of the public officials, of the board, whose signa-
tures appear on any bonds or coupons issued under this subheading
shall cease to be such officials before the delivery of such bonds, or in
the event any such officials shall have become such after the date
of issuance thereof, said bonds shall nevertheless be valid and bind-
ing obligations of said Authority in accordance with its terms. Any
provisions of any law to the contrary notwithstanding, any bonds
issued pursuant to this subheading shall be fully negotiable.

(F) All banks, trust companies, bankers, savings banks and insti-
tutions, building and loan associations, savings and loan associations,