CAPITOL HEIGHTS                                    2145

BONDS ISSUED UNDER THE PROVISIONS OF THIS SUB-HEADING
ARE DECLARED TO BE ISSUED FOR AN ESSENTIAL PUBLIC AND
GOVERNMENTAL PURPOSE AND, TOGETHER WITH INTEREST
THEREON AND INCOME THEREFROM, SHALL BE EXEMPTED FROM
ALL TAXES.

(C)  SAME; ISSUE. BONDS ISSUED UNDER THIS SECTION SHALL
BE AUTHORIZED BY RESOLUTION OR ORDINANCE OF THE
LEGISLATIVE BODY OF THE MUNICIPALITY 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, NOT EXCEEDING SIX PER CENTUM PER
ANNUM, BE IN SUCH DENOMINATION OR DENOMINATIONS, BE IN
SUCH FORM EITHER WITH OR WITHOUT COUPON OR REGISTERED,
CARRYING 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 PREMIUM), BE SECURED IN SUCH MANNER, AND
HAVE SUCH OTHER CHARACTERISTICS, AS MAY BE PROVIDED BY
SUCH RESOLUTION OR TRUST INDENTURE OR MORTGAGE ISSUED
PURSUANT THERETO.

(D)  SALE. SUCH BONDS MAY BE SOLD AT NOT LESS THAN PAR
AT PUBLIC SALES HELD AFTER NOTICE PUBLISHED PRIOR TO
SUCH SALE IN A NEWSPAPER HAVING A GENERAL CIRCULATION
IN THE AREA IN WHICH THE MUNICIPALITY IS LOCATED AND IN
SUCH OTHER MEDIUM OF PUBLICATION AS THE MUNICIPALITY
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 MUNICIPALITY OF NOT TO EXCEED THE INTEREST COST TO
THE MUNICIPALITY OF THE PORTION OF THE BONDS SOLD TO THE
FEDERAL GOVERNMENT.

(E)  NEGOTIABILITY. IN CASE ANY OF THE PUBLIC OFFICIALS
OF THE MUNICIPALITY WHOSE SIGNATURES APPEAR ON ANY
BONDS OR COUPONS ISSUED UNDER THIS SUBHEADING SHALL
CEASE TO BE SUCH OFFICIALS BEFORE THE DELIVERY OF SUCH
BOND, OR, IN THE EVENT ANY SUCH OFFICIALS SHALL HAVE
BECOME SUCH AFTER THE DATE OF ISSUE THEREOF, SAID BONDS
SHALL NEVERTHELESS BE VALID AND BINDING OBLIGATIONS OF
SAID MUNICIPALITY IN ACCORDANCE WITH THEIR TERMS. ANY
PROVISION OF ANY LAW TO THE CONTRARY NOTWITHSTANDING,
ANY BONDS ISSUED PURSUANT TO THIS SUBHEADING SHALL BE
FULLY NEGOTIABLE.

(F)  SUIT. IN ANY SUIT, ACTION OR PROCEEDING INVOLVING
THE VALIDITY OR ENFORCEABILITY OF ANY BOND ISSUED UNDER
THIS SUBHEADING OR THE SECURITY THEREFOR, ANY SUCH
BOND RECITING IN SUBSTANCE THAT IT HAS BEEN ISSUED BY THE
MUNICIPALITY IN CONNECTION WITH AN URBAN RENEWAL
PROJECT, AS HEREIN DEFINED, SHALL BE CONCLUSIVELY DEEMED
TO HAVE BEEN ISSUED FOR SUCH PURPOSE AND SUCH PROJECT