Marvin Mandel, Governor                        1163

(b)  The bonds may provide that they or any of them may be
called for redemption, at the option of the county or municipality
or otherwise, prior to maturity at a price or prices and under such
terms and conditions as may be fixed by the legislative body of the
municipality or county before issuing the bonds.

(c)   The principal amount of the bonds [and], the interest pay-
able thereon, their transfer, and any income derived therefrom,
including any profit made in the sale or transfer thereof, shall be
and remain exempt from taxation by the State of Maryland and
by the several counties and municipalities of this State.

266D.

(a)  Bonds issued pursuant to this subheading shall be negotiable
and may be in coupon form or registrable as to principal alone or
as to both principal and interest.

(b)   The bonds shall be signed by the president, mayor or other
chief executive officer, and the seal of the municipality or county
shall be affixed thereto attested by the clerk. If any officer whose
signature or countersignature appears on the bonds or coupons
ceases to be such officer before delivery of the bonds, his signature
or countersignature shall nevertheless be valid and sufficient for
all purposes the same as if he had remained in office until delivery.

(c)  The bonds shall be sold in such manner, either at public or
private sale, and upon such terms as the legislative body of the
municipality or county deems best, or any contract for the acqui-
sition of any industrial building or buildings or port facility may
provide that payment shall be made in such bonds. Bonds issued
under this subheading shall not be subject to the provisions of
Sections 9, 10 and 11 of Article 31 of the Annotated Code of Mary-
land (1957 Edition), as amended from time to time.

(d)  The bonds and interest thereon shall be limited obligations
of the municipality or county, the principal of and interest on which
shall be payable solely from the revenue derived from the leasing
or sale or any other revenue derived from such industrial building
or buildings or port facility. Neither the bonds nor interest coupons
issued under the authority of this subheading shall ever constitute
an indebtedness or a charge against the general credit or taxing
powers of the issuing municipality or county within the meaning
of any constitutional or charter provision or statutory limitation
and neither shall ever constitute or give rise to any pecuniary liabil-
ity of the issuing municipality or county. On the advice of counsel,
it may be plainly stated on the face of each bond that it has been
issued under the provisions of this subheading and that it does not
constitute an indebtedness to which the faith and credit of the
municipality or county is pledged.

266E.

(a) All moneys received from the bonds shall be applied solely
for the acquisition of the industrial building or buildings or port
facilities, or for the rehabilitation, remodelling, extension, or per-
manent improvement of the industrial building or buildings or port
facilities, as the case may be; and the necessary expenses of pre-
paring, printing, and selling the bonds, or to advance the payment