1112

LAWS OF MARYLAND

[Ch. 164

(f)   Revenue bonds issued under the provisions of
this section shall not be deemed to constitute a debt of
the State or of any political subdivision thereof or a
pledge of the faith and credit of the State or of any
such political subdivision, but such bonds shall be
payable solely from the funds herein provided therefor
from revenues of the community development or
developments and, in the event the trustee under the
trust agreement securing such bonds holds any additional
security for the payment of the same, from the proceeds
of such security. All such revenue bonds shall contain
on the face thereof a statement to the effect that
neither the Administration nor the State nor any
political subdivision thereof shall be obligated to pay
the same or the interest thereon except from revenues
and, in case the trustee under the trust agreement
securing such bonds holds other security for the payment
of the same or the interest thereon, a statement to the
effect that neither the Administration nor the State or
any political subdivision thereof is pledged to the
payment of the principal of or the interest on such
bonds.                                                       

(g)    The Administration shall determine the form of
the bonds of each series issued under this section,
including any interest coupons to be attached thereto,
the date of the bonds, the denomination or denominations
of the - bonds, and the place or places of payment of
principal and interest, which may be at any bank or trust
company within or without the State of Maryland. The
bonds of each such series may be made redeemable before
their maturity or maturities, at the option of the
Administration, at such price or prices and under such
terms and conditions as may be fixed by the Department
prior to the issuance of the bonds.

(h) The bonds issued under the provisions of this
section, their transfer and the income therefrom
including any profit made on the sale thereof shall at
all times be free from all sales taxes and other taxes of
any kind whatsoever of the State of Maryland, or any of
its subdivisions.]

(C) THE ADMINISTRATION MAY BORROW MONEY AND
ISSUE BONDS OR NOTES TO PROVIDE FUNDS FOR MAKING OR
PARTICIPATING IN MAKING MORTGAGE LOANS FOR ANY COMMUNITY
DEVELOPMENT PROJECT, MEETING ANY DEVELOPMENT COST, OR
ACHIEVING ANY OTHER OF ITS PURPOSES. EVERY ISSUANCE OF
BONDS OR NOTES SHALL BE PURSUANT TO A DETERMINATION THAT
THE ISSUANCE IS NECESSARY TO ACHIEVE ONE OR MORE PURPOSES
OF THE ADMINISTRATION. THE DETERMINATION SHALL BE MADE
BY THE DIRECTOR OF THE ADMINISTRATION OR BY ANY PERSON
DESIGNATED BY THE SECRETARY OF ECONOMIC AND COMMUNITY
DEVELOPMENT, AND APPROVED BY THE SECRETARY OF ECONOMIC