3416                                        LAWS OF MARYLAND                     [Ch. 799

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 800

(House Bill 1453)

AN ACT concerning

Housing Authorities — Interest on Bonds

FOR the purpose of providing that Housing Authority bonds
may be sold at public or private sale and
eliminating a maximum rate of interest for such
bonds; and relating generally to Housing Authority
bonds.

BY repealing and re—enacting, with amendments,

Article 44A — Housing Authorities

Section 16

Annotated Code of Maryland

(1971 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 16 of Article 44A - Housing
Authorities, of the Annotated Code of Maryland (1971
Replacement Volume and 1974 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 44A — Housing Authorities

16.

Bonds of an authority shall be authorized by its
resolution and may be issued in one or more series and
shall bear such date or dates, mature at such time or
times, bear interest at such rate or rates, [not
exceeding eight percent a year,] be in such denomination
or denominations, be in such form, either coupon or
registered, carry such conversion or registration
privileges, have such rank or priority, be executed in
such manner, be payable in such medium of payment, at
such place or places, and be subject to such terms of
redemption (with or without premium) as such resolution,
its trust indenture or mortgage may provide.