BLAIR LEE III, Acting Governor                           2101

241M.

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 COMMUNITY DEVELOPMENT

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.

241N.

FOR THE PURPOSE OF FINANCING AND CARRYING OUT OF AN

URBAN RENEWAL A COMMUNITY DEVELOPMENT BLOCK GRANTS 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.

241-O.

(A)    IN ADDITION TO THE AUTHORITY CONFERRED BY SECTION
241N OF THIS SUBHEADING, THE MUNICIPALITY MAY ISSUE REVENUE
BONDS TO FINANCE THE UNDERTAKING OF ANY URBAN RENEWAL
COMMUNITY DEVELOPMENT BLOCK GRANTS 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
COMMUNITY DEVELOPMENT BLOCK GRANTS 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
COMMUNITY DEVELOPMENT BLOCK GRANTS PROJECTS OF THE
MUNICIPALITY UNDER THIS SUBHEADING, AND BY A MORTGAGE OF ANY
URBAN RENEWAL COMMUNITY DEVELOPMENT BLOCK GRANTS 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
PURCHASES 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 OF THE ANNOTATED CODE OF MARYLAND.
BONDS ISSUED UNDER THE PROVISIONS OF THIS SUBHEADING ARE