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1291
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MARVIN MANDEL,
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Governor
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(A) IN ADDITION TO THE AUTHORITY CONFERRED BY
SECTION 11 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 THE
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
OF ARTICLE 31 (DEBT - PUBLIC) OF THE ANNOTATED CODE OF
MARYLAND. BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBHEADING ARE DECLARED TO BE ISSUED FOR AN ESSENTIAL
PUBLIC AND GOVERNMENTAL PURPOSE AND, TOGETHER WITH
INTEREST ON THEM AND INCOME FROM THEM, ARE EXEMPT FROM
ALL TAXES.
(C) BONDS ISSUED UNDER THIS SECTION SHALL BE
AUTHORIZED BY RESOLUTION OR ORDINANCE OF THE LEGISLATIVE
BODY OF THE MUNICIPALITY. THEY MAY BE ISSUED IN ONE OR
MORE SERIES AND:
(1) SHALL BEAR A DATE OR DATES,
(2) MATURE AT A TIME OF TIMES,
(3) BEAR INTEREST AT A RATES OR RATES,
(4) BE IN A DENOMINATION OR DENOMINATIONS,
(5) BE IN A FORM EITHER WITH OR WITHOUT
COUPON OR REGISTERED,
(6) CARRY A CONVERSION OR REGISTRATION
PRIVILEGE,
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(7) HAVE A RANK OR PRIORITY,
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