BLAIR LEE III,

Acting Governor

1155

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.

29-36. 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.

29-37. 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.

29-38. 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.

29-39. REVENUE BONDS

(A) IN ADDITION TO THE AUTHORITY CONFERRED BY SECTION
29-38 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