2144                                 MUNICIPAL CHARTERS

90-8. ENCOURAGEMENT OF PRIVATE ENTERPRISE. THE
MUNICIPALITY TO THE GREATEST EXTENT IT DETERMINES TO BE
FEASIBLE IN CARRYING OUT THE PROVISIONS OF THIS
SUBHEADING, SHALL AFFORD MAXIMUM OPPORTUNITY,
CONSISTENT WITH THE SOUND NEEDS OF THE MUNICIPALITY AS
A WHOLE, TO THE REHABILITATION OR REDEVELOPMENT OF ANY
URBAN RENEWAL AREA BY PRIVATE ENTERPRISE. THE
MUNICIPALITY SHALL GIVE CONSIDERATION TO THIS OBJECTIVE
IN EXERCISING ITS POWERS UNDER THIS SUBHEADING.

90-9. GENERAL OBLIGATION BONDS. FOR THE PURPOSE OF
FINANCING AND CARRYING OUT OF AN URBAN RENEWAL
PROJECT AND RELATED ACTIVITIES THE MUNICIPALITY MAY
ISSUE AND SELL ITS GENERAL OBLIGATION BONDS. ANY BONDS
ISSUED BY THE MUNICIPALITY PURSUANT TO THIS SECTION
SHALL BE ISSUED IN THE MANNER AND WITHIN THE
LIMITATIONS PRESCRIBED BY APPLICABLE LAW FOR THE
ISSUANCE AND AUTHORIZATIONS OF GENERAL OBLIGATION
BONDS BY SUCH MUNICIPALITY, AND ALSO WITHIN SUCH
LIMITATIONS AS SHALL BE DETERMINED BY SAID MUNICIPALITY.

90-10. REVENUE BONDS.

(A)  ISSUE. IN ADDITION TO THE AUTHORITY CONFERRED BY
SECTION 90-9 OF THIS SUBHEADING, THE MUNICIPALITY SHALL
HAVE THE POWER TO ISSUE REVENUE BONDS TO FINANCE THE
UNDERTAKING OF ANY URBAN RENEWAL PROJECT AND RELATED
ACTIVITIES, AND SHALL ALSO HAVE POWER TO ISSUE REFUNDING
BONDS FOR THE PAYMENT OR RETIREMENT OF SUCH BONDS
PREVIOUSLY ISSUED BY IT. SUCH BONDS SHALL BE MADE
PAYABLE, AS TO BOTH PRINCIPAL AND INTEREST, SOLELY FROM
THE INCOME, PROCEEDS, REVENUES, AND FUNDS OF THE
MUNICIPALITY DERIVED FROM OR HELD IN CONNECTION WITH
ITS UNDERTAKING AND CARRYING OUT OF URBAN RENEWAL
PROJECTS UNDER THIS SUBHEADING; PROVIDED, HOWEVER, THAT
PAYMENT OF SUCH BONDS, BOTH AS TO PRINCIPAL AND
INTEREST, MAY BE FURTHER SECURED BY A PLEDGE OF ANY
LOAN, GRANT OR CONTRIBUTION FROM THE FEDERAL
GOVERNMENT OR OTHER SOURCE, IN AID OF ANY URBAN
RENEWAL PROJECTS OF THE MUNICIPALITY UNDER THIS
SUBHEADING, AND BY A MORTGAGE OF ANY SUCH URBAN
RENEWAL PROJECTS, OR ANY PART THEREOF, TITLE TO WHICH IS
IN THE MUNICIPALITY. IN ADDITION, THE MUNICIPALITY MAY
ENTER INTO AN INDENTURE OF TRUST WITH ANY PRIVATE
BANKING INSTITUTION OF THIS STATE HAVING TRUST POWERS
AND MAY MAKE IN SUCH INDENTURE OF TRUST SUCH
COVENANTS AND COMMITMENTS AS MAY BE REQUIRED BY ANY
PURCHASER FOR THE ADEQUATE SECURITY OF SAID BONDS.

(B)  PROVISIONS. BONDS ISSUED UNDER THIS SECTION SHALL
NOT CONSTITUTE AN INDEBTEDNESS 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, AND 11 OF ARTICLE 31 OF THE
ANNOTATED CODE OF MARYLAND (1957 EDITION, AS AMENDED).