BLAIR LEE III, Acting Governor                           2619

the Housing Opportunities Commission of Montgomery
County.

BY repealing and reenacting, with amendments,

Article 44A - Housing Authorities

Section 16

Annotated Code of Maryland

(1971 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 44A - Housing Authorities

16.

(A)    Bonds of an authority shall be authorized by its
resolution and may be issued in one or more series and shall
bear such date or dates, mature at such time or times, bear
interest at such rate or rates, be in such denomination or
denominations, be in such form, either coupon or registered,
carry such conversion or registration privileges, have such
rank or priority, be executed in such manner, be payable in
such medium of payment, at such place or places, and be
subject to such terms of redemption (with or without
premium) as such resolution, its trust indenture or mortgage
may provide.

(B)    For a period of two years ending June 30, 1977,
bonds may be sold either at public or private sale in such
manner and upon such terms as shall be authorized by
resolution of the authority.

(C)    BONDS OF THE HOUSING OPPORTUNITIES COMMISSION OF
MONTGOMERY COUNTY MAY BE SOLD EITHER AT PUBLIC OR PRIVATE
SALE IN SUCH MANNER AND UPON SUCH TERMS AS SHALL BE
AUTHORIZED BY RESOLUTION OF THE COMMISSION. PRIVATE SALES
SHALL NOT EXCEED TWO MILLION DOLLARS FOR EACH SALE.

(D)    In case any of the commissioners or officers of
the authority whose signatures appear on any bonds or
coupons shall cease to be such commissioners or officers
before the delivery of such bonds, such signatures shall,
nevertheless, be valid and sufficient for all purposes, the
same as if they had remained in office until such delivery.
Any provision of any law to the contrary notwithstanding,
any bonds issued pursuant to this article shall be fully
negotiable.

(E)    Any bond reciting in substance that it has been
issued by an authority to aid in financing a housing project
to provide dwelling accommodations for persons of low income
shall be conclusively deemed, in any suit, action or
proceeding involving the validity or enforceability of such
bond or the security therefor, to have been issued for a