1542

LAWS OF MARYLAND

Ch. 498

(5)  THE TIME OR TIMES THAT THE BONDS MAY BE
EXECUTED, ISSUED, AND DELIVERED;

(6)  THE FORM AND TENOR OF THE BONDS AND THE
DENOMINATIONS IN WHICH THE BONDS MAY BE ISSUED;

(7)  THE MANNER IN WHICH AND THE TIMES AND PLACES
THAT THE PRINCIPAL OF THE BONDS IS TO BE PAID, WITHIN THE
LIMITATIONS SET FORTH IN THIS SUBHEADING;

(8)  PROVISIONS PURSUANT TO WHICH ANY OR ALL OF
THE BONDS MAY BE CALLED FOR REDEMPTION PRIOR TO THEIR STATED
MATURITY DATES;

(9)  SUCH OTHER PROVISIONS NOT INCONSISTENT WITH
THIS ACT AS SHALL BE DETERMINED BY SUCH LEGISLATIVE BODY TO
BE NECESSARY OR DESIRABLE TO EFFECT THE FINANCING OF THE
PROPOSED UNDERTAKING.

(C) NEITHER THE ORDINANCE AUTHORIZING THE BONDS
REFERRED TO HEREIN, NOR ANY ORDINANCE, RESOLUTION, OR
EXECUTIVE ORDER PASSED OR ADOPTED IN FURTHERANCE THEREOF,
NOR THE BONDS THEMSELVES, SHALL BE SUBJECT TO ANY REFERENDUM
BY REASON OF ANY OTHER STATE OR LOCAL LAW, EXCEPT THAT AN
ORDINANCE AUTHORIZING THE PLEDGE OF THE FULL FAITH AND
CREDIT OF A COUNTY OR MUNICIPALITY TO THE PAYMENT OF
PRINCIPAL AND INTEREST ON BONDS ISSUED PURSUANT TO THIS
SUBHEADING SHALL BE SUBJECT TO ANY APPLICABLE PROVISIONS FOR
REFERENDUM.

266-II-9.

THE PRINCIPAL AMOUNT OF THE BONDS, THE INTEREST PAYABLE
THEREON, THEIR TRANSFER, AND ANY INCOME DERIVED THEREFROM,
INCLUDING ANY PROFIT MADE IN THE SALE OR TRANSFER THEREOF,
SHALL BE EXEMPT FROM TAXATION BY THE STATE OF MARYLAND AND
BY THE SEVERAL COUNTIES AND MUNICIPALITIES OF THIS STATE AND
SHALL MAY NOT BE INCLUDED IN THE INCOME OF FINANCIAL
INSTITUTIONS FOR PURPOSES OF MEASURING THE STATE FRANCHISE
TAX.

266-II-10.

(A)  ALL BONDS MAY BE IN BEARER FORM OR IN COUPON FORM
OR MAY BE REGISTRABLE AS TO PRINCIPAL ALONE OR AS TO BOTH
PRINCIPAL AND INTEREST. EACH OF THE BONDS SHALL BE DEEMED
TO BE A "SECURITY" WITHIN THE MEANING OF SECTION 8-102 OF
THE MARYLAND UNIFORM COMMERCIAL CODE--INVESTMENT SECURITIES,

WHETHER OR NOT IT IS EITHER ONE OR A CLASS OR SERIES OR BY
ITS TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF
INSTRUMENTS.

(B)  ALL BONDS SHALL BE SIGNED MANUALLY OR IN FACSIMILE
BY THE CHIEF EXECUTIVE OFFICER OF THE MUNICIPALITY OR
COUNTY, AND THE SEAL OF THE MUNICIPALITY OR COUNTY SHALL BE
AFFIXED THERETO AND ATTESTED BY THE CLERK OR OTHER SIMILAR
ADMINISTRATIVE OFFICER OF THE COUNTY OR MUNICIPALITY IF