MARVIN MANDEL, Governor                             1729

Article 44A — Housing Authorities

16.

Bonds of an authority shall be authorized by its
resolution and may be issued in one or more series and
shall bear such date or dates, mature at such time or
times, bear interest at such rate or rates, not exceeding
[six per centum (6%) per annum] EIGHT PERCENT A TEAR, be
in such denomination or denominations, be in such form,
either coupon or registered, carry such conversion or
registration privileges, have such rank or priority, be
executed in such manner, be payable in such medium of
payment, at such place or places, and be subject to such
terms of redemption (with or without premium) as such
resolution, its trust indenture or mortgage may provide.

The bonds may be sold at not less than par at public
sale held after notice published once at least five days
prior to such sale in a newspaper having a general
circulation in the city and in a financial newspaper
published in the City of Baltimore, Maryland, or in the
City of New York, New York, provided, however, that such
bonds may be sold at not less than par to the federal
government at private sale without any public
advertisement.

In case any of the commissioners or officers of the
authority whose signatures appear on any bonds or coupons
shall cease to be such commissioners or officers before
the delivery of such bonds, such signatures shall,
nevertheless, be valid and sufficient for all purposes,
the same as if they had remained in office until such
delivery. Any provision of any law to the contrary
notwithstanding, any bonds issued pursuant to this
article shall be fully negotiable.

Any bond reciting in substance that it has been
issued by an authority to aid in financing a housing
project to provide dwelling accommodations for persons of
low income shall be conclusively deemed, in any suit,
action or proceeding involving the validity or
enforceability of such bond or the security therefor, to
have been issued for a housing project of such character.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved April 30, 1974.