HARRY HUGHES, Governor

2231

CORPORATION shall have previously determined to apply to the
payment of [said] THE bonds and the interest thereon. The
proceeds of sale of [such] THE notes, after payment
[therefrom] FROM THE PROCEEDS of the expenses of the
issuance [thereof] THE NOTES, shall be expended only on the
public purposes for which [said] THE bonds are authorized[,
provided, however, that twelve (12)]. TWELVE months'
interest on [said] THE notes, or any renewal thereof, may be
paid from [said] THE proceeds, OR FROM THE PROCEEDS OF THE
SALE OF THE BONDS, accounting from the initial date of issue
thereof. [Such] THE notes shall be authorized by ordinance,
resolution, or other form of official action customarily
used by [such] THE public body OR MUNICIPAL CORPORATION,
which shall cite the authority for [said] THE notes and
bonds and the amount authorized, shall fix the maturities,
interest rates or the manner of determining the same, and
other terms of such bond anticipation notes, the price or
prices at which [said] THE notes will be sold, which may be
at, above or below the face value thereof, and the manner of
their sale, which may be by private negotiation by the
public body OR MUNICIPAL CORPORATION with a prospective
purchaser or purchasers if deemed by [said] THE public body
OR MUNICIPAL CORPORATION to be for its best interest.
[Said] THE resolution or ordinance may provide for the
issuance of [said] THE notes, pursuant to [such] THE sale,
in series as funds are required, and may also provide for
the renewal of [said] THE notes at maturity with or without
resale. All such notes shall be signed, endorsed or
guaranteed in the same manner as shall be provided by law
for the bonds in anticipation of which [said] THE notes are
issued, and no such notes shall be issued [hereunder] UNDER
THIS SUBSECTION unless so signed, endorsed, or guaranteed.

(b) No such bond anticipation notes shall be issued
and sold hereunder unless [said] THE public body OR
MUNICIPAL CORPORATION shall, by the resolution or ordinance
authorizing [said] THE notes, covenant to pay the same and
[the] ANY interest thereon NOT PAID FROM THE PROCEEDS OF THE
SALE OF THE NOTES from the proceeds of the bonds in
anticipation of the sale of which [said] THE notes are
issued and shall further covenant to issue [said] THE bonds
when, and as soon as, the reason for deferring [the] THEIR
issuance [thereof] no longer exists.

(g) Any bond anticipation notes OR GRANT ANTICIPATION
NOTES issued under the authority [hereof] OF THIS SECTION,
and any bonds thereafter issued from the proceeds of which
[said] THE notes are to be paid, together with the interest
on [said] THE obligations, shall be and remain exempt from
taxation of any kind and nature whatsoever by the State of
Maryland and by any county, municipal corporation, or other
political subdivision [thereof] OF THE STATE.

(I) ANY PUBLIC BODY AND ANY MUNICIPAL CORPORATION,
INCLUDING THE MAYOR AND CITY COUNCIL OF BALTIMORE AND THOSE
MUNICIPAL CORPORATIONS SUBJECT TO THE PROVISIONS OF ARTICLE
11E OF THE STATE CONSTITUTION, MAY FROM TIME TO TIME ISSUE