2268

LAWS OF MARYLAND

[Ch. 380

(5)        BE IN A FORM EITHER WITH OR WITHOUT

COUPON OR REGISTERED,

PRIVILEGE,

(6)      CARRY A CONVERSION OR REGISTRATION

(7)    HAVE A RANK OR PRIORITY,

(8)    BE EXECUTED IN A MANNER,

(9)    BE PAYABLE IN A MEDIUM OR PAYMENT, AT A
PLACE OR PLACES AND BE SUBJECT TO TERMS OF REDEMPTION
(WITH OR WITHOUT PREMIUM),

(10)   BE SECURED IN A MANNER, AND

(11)    HAVE OTHER CHARACTERISTICS, AS ARE
PROVIDED BY THE RESOLUTION, TRUST INDENTURE OR MORTGAGE
ISSUED PURSUANT TO IT.

(D)    THESE BONDS MAY NOT BE SOLD AT LESS THAN PAR
VALUE AT PUBLIC SALES WHICH ARE HELD AFTER NOTICE IS
PUBLISHED PRIOR TO THE SALE IN A NEWSPAPER HAVING A
GENERAL CIRCULATION IN THE AREA IN WHICH THE MUNICIPALITY
IS LOCATED AND IN WHATEVER OTHER MEDIUM OF PUBLICATION AS
THE MUNICIPALITY MAY DETERMINE. THE BONDS MAY BE
EXCHANGED ALSO FOR OTHER BONDS ON THE BASIS OF PAR.
HOWEVER, THE BONDS MAY NOT BE SOLD TO THE FEDERAL
GOVERNMENT AT PRIVATE SALE AT LESS THAN PAR, AND, IN THE
EVENT LESS THAN ALL OF THE AUTHORIZED PRINCIPAL AMOUNT OF
THE BONDS IS SOLD TO THE FEDERAL GOVERNMENT, THE BALANCE
MAY NOT BE SOLD AT PRIVATE SALE AT LESS THAN PAR AT AN
INTEREST COST TO THE MUNICIPALITY WHICH DOES NOT EXCEED
THE INTEREST COST TO THE MUNICIPALITY OF THE PORTION OF
THE BONDS SOLD TO THE FEDERAL GOVERNMENT.

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

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