MARVIN MANDEL, Governor

1741

listed and assessed for taxation in such municipality]].
Said bonds may be issued without previous legislative
authority and the amounts of said bonds outstanding at
any time may be in addition to the total indebtedness
otherwise permitted by law. Bonds issued under this
section may be of such type and denomination [and may
bear such rate of interest, not exceeding five (5)
percent per annum,] as said authorities issuing them may
determine upon, provided that no bonds shall be issued
maturing at a period exceeding fifty years from the date
of issue. Said bonds shall be forever exempt from State,
county or municipal taxation. They shall be a lien upon
all property within the jurisdiction issuing them.

431.

The planning, construction, acquisition,

reconstruction, improvement, betterment or extension of
any sewerage facilities may be authorized under this
subtitle and bonds may be authorized to be issued under
this subtitle to provide funds for such purpose or
purposes by resolution or resolutions of the governing
body which may be adopted at the same meeting at which
they are introduced by a majority of all the members
thereof then in office and shall take effect immediately
upon adoption. Said bonds shall [bear interest at such
rate or rates not exceeding six per centum per annum,] BE
payable semiannually, may be in one or more series, may
bear such date or dates, may mature at such time or times
not exceeding forty years from their respective dates,
may be payable in such medium of payment, at such place
or places, may carry such registration privileges, may be
subject to such terms of redemption, may be executed in
such manner, may contain such terms, covenants and

conditions, and may be in such form, either coupon or

registered, as such resolution or subsequent resolutions
may provide. Said bonds shall be sold at public sale,

after advertisement, at not__less than par.___Provided,

however,__that__said bonds may be sold at private sale to

the United__States of America or to any agency,

instrumentality or corporation thereof, at a price or
prices not less than par. Pending the preparation of the
definitive bonds, interim receipts or certificates in
such form and with such provisions as the governing body
may determine may be issued to the purchaser or
purchasers of bonds sold pursuant to this subtitle. Said
bonds and interim receipts or certificates shall be fully
negotiable within the meaning of and for all the purposes

of the Negotiable Instruments Law of the State. These

bonds, notes, or other instruments issued under this
subtitle shall be forever exempt from State, county or
municipal taxation.

452.

(a) Each authority created under the provisions of

this subtitle is hereby authorized to provide by

resolution of its board, at one time or from time to