MARVIN MANDEL, Governor                                 2229

facilities, new facilities, or designated facilities.]
Any and all of such bonds, notes or other obligations
shall not be general obligations of the Mayor and City
Council of Baltimore and shall not be a pledge of or
involve the faith and credit or the taxing power of the
Mayor and City Council of Baltimore, and shall not
constitute a debt of the Mayor and City Council of
Baltimore, all within the meaning of Section 7 of Article
XI of the Constitution of Maryland or within the meaning
of any other constitutional, statutory or charter
provision limiting or restricting the sale or issuance of
bonds, notes or other obligations of the Mayor and City
Council of Baltimore. The [debt] OBLIGATIONS authorized
by the provisions of this [act] SUB—SECTION (50), and the
bonds issued and sold pursuant thereto and their
transfer, and the principal and interest payable thereon
(including any profit made in the sale thereof) shall be
and remain exempt from any and all state, county and
municipal taxation in the State of Maryland.

(B)    Any and all such bonds, notes or other
obligations shall be issued by the Mayor and City Council
of Baltimore pursuant to an ordinance of said
municipality without the necessity of submitting the
question of such issuance to the legal voters of
Baltimore City for approval or disapproval. Any such
ordinance may prescribe, among other things but not
limited to, the form, terms, provisions, manner or method
of issuing and selling (including negotiated as well as
competitive bid sale), and the time or times of issuance,
and any and all other details of any such bonds, notes or
other obligations and the issuance and sale thereof, and
may authorize and empower the Commissioners of Finance by
resolution to determine and set forth any and all of the
things hereinabove mentioned and to do any and all things
necessary, proper or expedient in connection with the
issuance and sale of such notes, bonds or other
obligations authorized to be issued under the provisions
of this [paragraph] SUB—SECTION (50). Any moneys from
the bonds, notes or other obligations authorized under
this [paragraph] SOB-SECTION (50) shall not be expended
for projects within the limits of Baltimore County
without the express consent of the County Executive and
County Council of Baltimore County.

(C)    BONDS, NOTES OR OTHER OBLIGATIONS AUTHORIZED
TO BE ISSUED UNDER THE PROVISIONS OF THIS SUB-SECTION

(50) BY AN ORDINANCE OF THE MAYOR AND CITY COUNCIL OF
BALTIMORE MAY BE SECURED BY A TRUST AGREEMENT BY AND
BETWEEN THE MAYOR AND CITY COUNCIL OF BALTIMORE AND A
CORPORATE TRUSTEE, WHICH MAY BE ANY TRUST COMPANY, OR
BANK HAVING TRUST POWERS, WITHIN OR WITHOUT THE STATE.
THE ORDINANCE MAY (I) APPROVE THE FORM OF THE TRUST
AGREEMENT, (II) AUTHORIZE THE COMMISSIONERS OF FINANCE TO