2404                                  LAWS OF MARYLAND                                Ch. 240

BONDS OF THE AUTHORITY, AND ANY TRUST AGREEMENT SECURING
THOSE BONDS, MAY CONTAIN ANY LIMITATIONS ON THE ISSUANCE OF
ADDITIONAL REVENUE BONDS THAT THE AUTHORITY CONSIDERS PROPER
AND THE ADDITIONAL REVENUE BONDS SHALL BE ISSUED UNDER THE
RESTRICTIONS AND LIMITATIONS THAT ARE PRESCRIBED BY THE
RESOLUTION OR TRUST AGREEMENT.

REVISOR'S NOTE: This section formerly appeared as
Article 43, § 452.

In subsection (b) of this section, reference to
Title 8 of the Commercial Law Article is
substituted for "the Negotiable Instruments Law
of this State". The Negotiable Instruments Law
was repealed by Ch. 538, Acts of 1963, and was
replaced in substance by the investment
securities provisions of the Maryland Uniform
Commercial Code. No substantive change results
from this substitution.

The only other changes are in style.

9-909. BONDS NOT A PLEDGE OF CREDIT OF STATE OR POLITICAL
SUBDIVISION.

REVENUE BONDS ISSUED UNDER THIS SUBTITLE SHALL NOT BE
DEEMED TO CONSTITUTE A PLEDGE OF THE FAITH AND CREDIT OF
THIS STATE OR OF ANY POLITICAL SUBDIVISION OF THIS STATE.
ALL REVENUE BONDS ISSUED UNDER THIS SUBTITLE SHALL CONTAIN
A STATEMENT ON THEIR FACE SUBSTANTIALLY TO THE EFFECT THAT
NEITHER THE FAITH AND CREDIT OF THIS STATE NOR THE FAITH AND
CREDIT OF ANY COUNTY, CITY, TOWN, OR OTHER SUBDIVISION OF
THIS STATE ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR
THE INTEREST ON THE BONDS. THE ISSUANCE OF REVENUE BONDS
UNDER THIS SUBTITLE SHALL NOT DIRECTLY OR INDIRECTLY OR
CONTINGENTLY OBLIGATE THIS STATE OR ANY COUNTY, CITY, TOWN,
OR OTHER SUBDIVISION OF THIS STATE TO LEVY ANY TAXES
WHATEVER OR TO MAKE ANY APPROPRIATION FOR PAYMENT OF THE
BONDS EXCEPT FROM THE FUNDS PLEDGED UNDER THE PROVISIONS OF
THIS SUBTITLE.

REVISOR'S NOTE: This section formerly appears as
Article 43, § 453.

The only changes are in style.

9-910. AUTHORITY EXEMPT FROM TAXATION.

NO AUTHORITY SHALL BE REQUIRED TO PAY ANY TAXES OR
ASSESSMENTS ON ANY PROJECT ACQUIRED, CONSTRUCTED, OR
OPERATED BY IT UNDER THIS SUBTITLE OR ON THE INCOME FROM THE
PROJECT, AND THE BONDS ISSUED UNDER THIS SUBTITLE, THEIR
TRANSFER, AND THE INCOME FROM THEM, INCLUDING ANY PROFIT
MADE ON THE SALE OF THE BONDS, SHALL AT ALL TIMES BE FREE
FROM TAXATION BY THIS STATE OR ANY OF ITS POLITICAL