2102

LAWS OF MARYLAND

Ch. 709

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 OR TIMES;

(3)    BEAR INTEREST AT A RATE OR RATES;

(4)    BE IN A DENOMINATION OR DENOMINATIONS;

(5)    BE IN A FORM EITHER WITH OR WITHOUT COUPON
OR REGISTERED;

PRIVILEGE;

(6)    CARRY A CONVERSION OR REGISTRATION

(7)    HAVE A RANK OR PRIORITY;

(8)    BE EXECUTED IN A MANNER;

(9)    BE PAYABLE IN A MEDIUM OR PAYMENT, AT A
PLACE OR PLACES, AND BE SUBJECT TO TERMS OF REDEMPTION (WITH
OR WITHOUT PREMIUM);

(10)   BE SECURED IN A MANNER; AND

(11)   HAVE OTHER CHARACTERISTICS, AS ARE PROVIDED
BY THE RESOLUTION, TRUST INDENTURE, OR MORTGAGE ISSUED
PURSUANT TO IT.

(D)    THESE BONDS MAY NOT BE SOLD AT LESS THAN PAR
VALUE AT PUBLIC SALES WHICH ARE HELD AFTER NOTICE IS
PUBLISHED PRIOR TO THE SALE IN A NEWSPAPER HAVING A GENERAL
CIRCULATION IN THE AREA IN WHICH THE MUNICIPALITY IS LOCATED
AND IN WHATEVER OTHER MEDIUM OF PUBLICATION AS THE
MUNICIPALITY MAY DETERMINE. THE BONDS MAY BE EXCHANGED ALSO
FOR OTHER BONDS ON THE BASIS OF PAR. HOWEVER, THE BONDS MAY
NOT BE SOLD TO THE FEDERAL GOVERNMENT AT PRIVATE SALE AT
LESS THAN PAR, AND, IN THE EVENT LESS THAN ALL OF THE
AUTHORIZED PRINCIPAL AMOUNT OF THE BONDS IS SOLD TO THE
FEDERAL GOVERNMENT, THE BALANCE MAY NOT BE SOLD AT PRIVATE
SALE AT LESS THAN PAR AT AN INTEREST COST TO THE
MUNICIPALITY WHICH DOES NOT EXCEED THE INTEREST COST TO THE
MUNICIPALITY OF THE PORTION OF THE BONDS SOLD TO THE FEDERAL
GOVERNMENT.

(E)    IN CASE ANY OF THE PUBLIC OFFICIALS OF THE
MUNICIPALITY WHOSE SIGNATURES APPEAR ON ANY BONDS OR COUPONS
ISSUED UNDER THIS SUBHEADING CEASE TO BE OFFICIALS OF THE
MUNICIPALITY BEFORE THE DELIVERY OF THE BONDS OR, IN THE
EVENT ANY OF THE OFFICIALS HAVE BECOME SUCH AFTER THE DATE