2590

LAWS OF MARYLAND

Ch. 748

(2)  THE BONDS MAY BE ISSUED TO BEAR INTEREST,
PAYABLE EITHER ANNUALLY, SEMIANNUALLY OR OTHERWISE, AND MAY
BE EXECUTED, ISSUED AND DELIVERED AT ANY TIME OR FROM TIME
TO TIME, MAY BE IN A FORM AND DENOMINATION, OF A TENOR,
PAYABLE IN AMOUNTS AT TIMES NOT EXCEEDING 40 YEARS FROM THE
DATE OF ISSUE, AND AT A PLACE OR PLACES AS THE LEGISLATIVE
BODY OF THE COUNTY OR MUNICIPALITY DETERMINES.

(3)  THE BONDS MAY BE SECURED BY A PLEDGE OF
MORTGAGES, OR NOTES SECURED BY DEEDS OF TRUST, ON ANY TYPE
OF INTEREST IN REAL OR OTHER PROPERTY, INCLUDING THE REAL
PROPERTY OR OTHER INTERESTS HELD BY STOCK COOPERATIVES AND
CONDOMINIUMS AND THEIR UNIT OWNERS, SERVICING AGREEMENTS,
CONDEMNATION PROCEEDS, PROCEEDS OF PRIVATE OR GOVERNMENTAL
OR OTHER MORTGAGE INSURANCE PROCEEDS, CASUALTY AND SPECIAL
HAZARD INSURANCE PROCEEDS AND ANY OTHER SECURITY DEEMED
APPROPRIATE BY THE LEGISLATIVE BODY OF THE COUNTY OR
MUNICIPALITY.

(4)  THE BONDS MAY PROVIDE THAT THEY OR ANY OF
THEM MAY BE CALLED FOR REDEMPTION, AT THE OPTION OF THE
COUNTY OR MUNICIPALITY, PRIOR TO MATURITY AT A PRICE OR
PRICES AND UNDER THE TERMS AND CONDITIONS AS MAY BE FIXED BY
THE LEGISLATIVE BODY OF THE COUNTY OR MUNICIPALITY BEFORE
ISSUING THE BONDS.

(5)  THE PRINCIPAL AMOUNT OF THE BONDS, THE
INTEREST PAYABLE ON THEM, THEIR TRANSFER, AND ANY INCOME
DERIVED FROM THE BONDS, INCLUDING ANY PROFIT MADE IN THE
SALE OR TRANSFER, SHALL BE AND REMAIN EXEMPT FROM TAXATION
BY THE STATE OF MARYLAND AND BY THE SEVERAL COUNTIES AND
MUNICIPALITIES OF THIS STATE.

(G) (1) BONDS ISSUED PURSUANT TO THIS SECTION SHALL BE
NEGOTIABLE AND MAY BE IN COUPON FORM OR REGISTRABLE AS TO
PRINCIPAL ALONE OR AS TO BOTH PRINCIPAL AND INTEREST.

(2)  THE BONDS SHALL BE SIGNED BY THE
COMMISSIONER OR OTHER CHIEF EXECUTIVE OFFICER, AND THE SEAL
OF THE COUNTY OR MUNICIPALITY SHALL BE AFFIXED AND ATTESTED
TO BY THE CLERK OR THE OFFICER EXERCISING THE FUNCTIONS OF A
CLERK. IF ANY OFFICER WHOSE SIGNATURE OR COUNTERSIGNATURE
APPEARS ON THE BONDS OR COUPONS CEASES TO BE THE OFFICER
BEFORE DELIVERY OF THE BONDS, HIS SIGNATURE OR
COUNTERSIGNATURE SHALL NEVERTHELESS BE VALID AND SUFFICIENT
FOR ALL PURPOSES THE SAME AS IF HE HAD REMAINED IN OFFICE
UNTIL DELIVERY.

(3)  THE BONDS SHALL BE SOLD IN A MANNER, EITHER
AT PUBLIC OR PRIVATE SALE, AND UPON THE TERMS AS THE
LEGISLATIVE BODY OF THE COUNTY OR MUNICIPALITY DEEMS BEST.
BONDS ISSUED UNDER THIS SECTION ARE NOT SUBJECT TO THE
PROVISIONS OF §§ 9, 10, AND 11 OF ARTICLE 31 OF THE CODE.

(4)  THE BONDS AND THE INTEREST ON THEM SHALL BE
LIMITED OBLIGATIONS OF THE COUNTY OR MUNICIPALITY. THE