4332

LAWS OF MARYLAND

Ch. 791

SUBTITLE IS SELF-EXECUTING AND FULLY AUTHORIZES AND ENABLES
ANY COUNTY, MUNICIPALITY, OR AUTHORITY TO ISSUE AND SELL
BONDS AS ITS LIMITED OBLIGATIONS AND NOT UPON ITS FAITH AND
CREDIT AT ANY TIME AND FROM TIME TO TIME FOR THE PURPOSE OF
FINANCING ANY COSTS OF THE ACQUISITION OF 1 OR MORE
FACILITIES, AND NOTWITHSTANDING ANY OTHER STATUTORY OR
CHARTER PROVISION, NO FURTHER CHARTER AMENDMENT, ENABLING
LEGISLATION, ORDINANCE, BILL, OR OTHER SIMILAR ACTION NEED
BE TAKEN BY THE LEGISLATIVE BODY OF ANY COUNTY OR
MUNICIPALITY OR BY THE BOARD OF DIRECTORS OF ANY AUTHORITY
TO IMPLEMENT THE AUTHORITY HEREBY CONFERRED, OTHER THAN THE
ADOPTION OF SUCH ADMINISTRATIVE RESOLUTION.

(G) THIS SUBTITLE SHALL NOT BE CONSTRUED TO AUTHORIZE
ANY COUNTY OR MUNICIPALITY TO ACQUIRE ANY FACILITY BY
EMINENT DOMAIN.

(H) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING THE
VALIDITY OR ENFORCEABILITY OF ANY BOND ISSUED UNDER THIS
SUBTITLE OR ANY SECURITY THEREFOR, ANY FINDING BY THE
LEGISLATIVE BODY OF THE COUNTY OR MUNICIPALITY OR BY THE
BOARD OF DIRECTORS OF ANY AUTHORITY AS TO THE PUBLIC PURPOSE
OF ANY ACTION TAKEN UNDER THIS SUBTITLE AND THE
APPROPRIATENESS OF THOSE ACTIONS TO SERVE THE PUBLIC PURPOSE
SHALL BE CONCLUSIVE.

(I) AS AN ALTERNATIVE TO THE PROCEDURES FOR THE
ISSUANCE OF BONDS AUTHORIZED BY THIS SUBTITLE, ANY
MUNICIPALITY, BY CHARTER AMENDMENT ADOPTED PURSUANT TO
ARTICLE 23A OF THIS CODE, OR ANY CHARTER COUNTY, BY CHARTER
AMENDMENT ADOPTED PURSUANT TO ARTICLE XI-A OF THE
CONSTITUTION OF MARYLAND, MAY PROVIDE FOR THE ISSUANCE OF
REVENUE BONDS ON SUCH TERMS AND CONDITIONS AS IT MAY DEEM
NECESSARY OR APPROPRIATE TO ENABLE IT TO ACHIEVE THE
LEGISLATIVE POLICY OF THIS SUBTITLE.

266E.

THE PRINCIPAL AMOUNT OF BONDS, THE INTEREST PAYABLE
THEREON, THEIR TRANSFER, AND ANY INCOME DERIVED THEREFROM,
INCLUDING ANY PROFIT MADE IN THE SALE OR TRANSFER THEREOF,
IS AND SHALL REMAIN EXEMPT FROM TAXATION BY THE STATE AND BY
ITS SEVERAL COUNTIES AND MUNICIPALITIES.

266F.

(A) BONDS MAY BE IN BEARER FORM, COUPON FORM, AND OR
MAY BE REGISTRABLE AS TO PRINCIPAL ALONE OR AS TO BOTH
PRINCIPAL AND INTEREST. EACH BOND IS DEEMED TO BE A
"SECURITY" WITHIN THE MEANING OF § 8-102 OF THE COMMERCIAL
LAW ARTICLE OF THE CODE, WHETHER OR NOT IT IS EITHER ONE OF
A CLASS OR SERIES OR BY ITS TERMS IS DIVISIBLE INTO A CLASS
OR SERIES OF INSTRUMENTS.