MARVIN MANDEL, Governor

2511

(B)    THE MUNICIPALITY MAY OPERATE TEMPORARILY AND
MAINTAIN REAL PROPERTY ACQUIRED BY IT IN AN URBAN RENEWAL
AREA FOR OR IN CONNECTION WITH AN URBAN RENEWAL PROJECT
PENDING THE DISPOSITION OF THE PROPERTY AS AUTHORIZED IN
THIS SUBHEADING, WITHOUT REGARD TO THE PROVISIONS OF
SUBSECTION (A), FOR USES AND PURPOSES CONSIDERED
DESIRABLE EVEN THOUGH NOT IN CONFORMITY WITH THE URBAN
RENEWAL PLAN.

(C)    ANY INSTRUMENT EXECUTED BY THE MUNICIPALITY
AND PURPORTING TO CONVEY ANY RIGHT, TITLE OR INTEREST IN
ANY PROPERTY UNDER THIS SUBHEADING SHALL BE PRESUMED
CONCLUSIVELY TO HAVE BEEN EXECUTED IN COMPLIANCE WITH THE
PROVISIONS OF THIS SUBHEADING INSOFAR AS TITLE OR OTHER
INTEREST OF ANY BONA FIDE PURCHASERS, LESSEES OR
TRANSFEREES OF THE PROPERTY IS CONCERNED.

126-I. EMINENT DOMAIN

CONDEMNATION OF LAND OR PROPERTY UNDER THE
PROVISIONS OF THIS SUBHEADING SHALL BE IN ACCORDANCE WITH
THE PROCEDURE PROVIDED IN THE REAL PROPERTY ARTICLE OF
THE ANNOTATED CODE OF MARYLAND.

126J. ENCOURAGEMENT OF PRIVATE ENTERPRISE

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.

126K. 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.

126L. REVENUE BONDS.

(A) IN ADDITION TO THE AUTHORITY CONFERRED BY
SECTION 126K 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