2498

LAWS OF MARYLAND

[Ch. 494

THE MUNICIPALITY, TO THE EXTENT IT DETERMINES TO BE
FEASIBLE IN CARRYING OUT THE PROVISIONS OF THIS
SUBHEADING, SHALL AFFORD MAXIMUM OPPORTUNITY TO THE
REHABILITATION OR REDEVELOPMENT OF ANY URBAN RENEWAL AREA
BY PRIVATE ENTERPRISE CONSISTENT WITH THE SOUND NEEDS OF
THE MUNICIPALITY AS A WHOLE. THE MUNICIPALITY SHALL GIVE
CONSIDERATION TO THIS OBJECTIVE IN EXERCISING ITS POWERS
UNDER THIS SUBHEADING.

84K. GENERAL OBLIGATION BONDS

FOR THE PURPOSE OF FINANCING AND CARRYING OUT OF AN
URBAN RENEWAL PROJECT AND RELATED ACTIVITIES, THE
MUNICIPALITY MAY ISSUE AND SELL ITS GENERAL OBLIGATION
BONDS. ANY BONDS ISSUED BY THE MUNICIPALITY PURSUANT TO
THIS SECTION SHALL BE ISSUED IN THE MANNER AND WITHIN THE
LIMITATIONS PRESCRIBED BY APPLICABLE LAW FOR THE ISSUANCE
AND AUTHORIZATION OF GENERAL OBLIGATION BONDS BY THE
MUNICIPALITY, AND ALSO WITHIN LIMITATIONS DETERMINED BY
THE MUNICIPALITY.

84L. REVENUE BONDS

(A)     IN ADDITION TO THE AUTHORITY CONFERRED BY
SECTION 84K OF THIS SUBHEADING, THE MUNICIPALITY MAY
ISSUE REVENUE BONDS TO FINANCE THE UNDERTAKING OF ANY
URBAN RENEWAL PROJECT AND RELATED ACTIVITIES. ALSO, IT
MAY ISSUE REFUNDING BONDS FOR THE PAYMENT OR RETIREMENT
OF THE BONDS ISSUED PREVIOUSLY BY IT. THE BONDS SHALL BE
MADE PAYABLE, AS TO BOTH PRINCIPAL AND INTEREST, SOLELY
FROM THE INCOME, PROCEEDS, REVENUES, AND FUNDS OF THE
MUNICIPALITY DERIVED FROM OR HELD IN CONNECTION WITH ITS
UNDERTAKING AND CARRYING OUT OF URBAN RENEWAL PROJECTS
UNDER THIS SUBHEADING. HOWEVER, PAYMENT OF THE BONDS,
BOTH AS TO PRINCIPAL AND INTEREST, MAY BE FURTHER SECURED
BY A PLEDGE OF ANY LOAN, GRANT OR CONTRIBUTION FROM THE
FEDERAL GOVERNMENT OR OTHER SOURCE, IN AID OF ANY URBAN
RENEWAL PROJECTS OF THE MUNICIPALITY UNDER THIS
SUBHEADING, AND BY A MORTGAGE OF ANY URBAN RENEWAL
PROJECT, OR ANY PART OF A PROJECT, TITLE TO WHICH IS IN
THE MUNICIPALITY. IN ADDITION, THE MUNICIPALITY MAY
ENTER INTO AN INDENTURE OF TRUST WITH ANY PRIVATE BANKING
INSTITUTION OF THIS STATE HAVING TRUST POWERS AND MAY
MAKE IN THE INDENTURE OF TRUST COVENANTS AND COMMITMENTS
REQUIRED BY ANY PURCHASER FOR THE ADEQUATE SECURITY OF
THE BONDS.

(B)     BONDS ISSUED UNDER THIS SECTION DO NOT
CONSTITUTE AN INDEBTEDNESS WITHIN THE MEANING OF ANY
CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OR
RESTRICTION, ARE NOT SUBJECT TO THE PROVISIONS OF ANY
OTHER LAW OR CHARTER RELATING TO THE AUTHORIZATION,
ISSUANCE OR SALE OF BONDS, AND ARE EXEMPTED SPECIFICALLY
FROM THE RESTRICTIONS CONTAINED IN SECTIONS 9, 10 AND 11