1162                             Laws of Maryland                      [Ch. 352

any limitation of law, any municipality or county may borrow money
by issuing negotiable revenue bonds for the purpose of [defraying]
financing the cost of acquiring any industrial building or buildings
[and] or port facilities, either by purchase or construction [, but
only after an]. This subheading shall in terms and effect apply
alike to all municipal corporations subject to the provisions of
Article 11E of the Maryland Constitution; this subheading is self-
executing and it shall not be necessary for any such municipality
to effect any amendment of its charter in order to exercise the
powers granted hereunder.

(d)  An ordinance or resolution shall be [has been] adopted by the
legislative body of the municipality or county specifying the proposed
undertaking, the amount of bonds to be issued, [and] the [maximum]
rate or rates of interest the bonds are to bear [.] , or the method of
determining such rate or rates, and such other provisions not incon-
sistent with this subheading as shall be determined by such legislative
body to be necessary or desirable to effect the financing of the pro-
posed undertaking. The ordinance or resolution shall further provide
that the industrial building or port facility is to be acquired pursuant
to the provisions of this subheading, and shall also provide that
the industrial building or port facility is to be acquired for a bona
fide tenant or tenants or purchaser or purchasers, as the case may
be, as evidenced by a letter of intent or similar agreement between
the prospective tenant or tenants or purchaser or purchasers and the
municipality or county issuing the bonds.

(e)  Nothing herein shall be construed to authorize any munici-
pality or county to acquire any industrial building or buildings
or port facility by eminent domain. No pollution control facilities
financed pursuant to this subheading shall be or become a part of
any water, sewer, electric, or other utility system of a political
subdivision; provided, however, that nothing in this section shall
prevent a dedication of such facilities to a political subdivision
after the revenue bonds financing such facilities have been paid.

(f)  In any suit, action, or proceeding involving the validity or
enforceability of any bond issued under this subheading or the
security therefor, any finding by the legislative body of the munici-
pality or county in regard to the existence or relief of conditions of
unemployment, [or in regard to] the increase of industry in this
State, the retention of existing industry in this State, the control
and abatement of pollution, the promotion of economic development,
the creation of a balanced economy, the protection of natural
resources, and the promotion of the health, welfare and safety of the
residents of such municipality or county shall be conclusive.

266C.

(a) The bonds may be issued to bear interest at a rate or rates
to be determined by the legislative body of the municipality or
county, payable either annually or semiannually or otherwise, and
[shall] may be executed, issued and delivered at any time or from
time to time, may be in such form and denominations, may be of
such tenor, may be payable in such amounts [in such manner and
be payable] at such times not exceeding twenty-five years from date
thereof and at such place or places as the legislative body of the
municipality or county determines.