HARRY HUGHES, Governor

1759

in the manner prescribed by, Section 12 of] UNDER Article 31,
SECTION 12 of the Annotated Code [of Maryland (1957 Edition)].
With respect to [any such] bonds, coupons, temporary bonds,
receipts or bond anticipation notes[,] which have matured, been
exchanged or redeemed, the Commission shall make arrangements for
[the] THEIR mutilation and cremation [of any such instruments]
after an appropriate accounting [therefor]. [The Commission may
also provide for the replacement of any such instruments which
shall become mutilated or be destroyed or lost] ANY MUTILATED,
DESTROYED, OR LOST INSTRUMENTS MAY BE REPLACED, upon receipt of
such indemnification[,] and [the] payment of [the] REPLACEMENT
expenses [of replacement], as the Commission[, in its discretion,
may deem] CONSIDERS proper or requisite.

(B)  Bonds may be issued under the provisions of this
subtitle without obtaining the approval or consent of any
division, commission, board, bureau or agency of the State of
Maryland and, except as provided in Section 28-7(a) of this
subtitle, without any other proceeding or the happening of any
other condition or thing than those proceedings, conditions, or
things which are specifically required by this subtitle.

(C)   [In the event] IF the Commission [shall determine]
DECIDES to sell any bonds of the District [authorized by this
subtitle] at public sale, it shall comply with the provisions of
[Section 10 of] Article 31, SECTION 10 of the Annotated Code [of
Maryland (1957 Edition). as amended, but in]. IN all other
respects the provisions of Sections 9 to 11, inclusive, of [said]
Article 31 [shall] DO not apply to bonds issued under this
subtitle.

(D)   If the Commission [shall provide] PROVIDES for the
execution of any such bonds in facsimile, it shall comply with
the provisions of Sections 13 to 18, inclusive, of [said] Article
31.

(E)  All bond proceeds, as well as all [moneys] MONEY held
in sinking or reserve funds in the name of the District, shall be
invested by the Commission in the manner prescribed by [Section
22 of] Article 95, SECTION 22 of the Annotated Code [of Maryland
(1957 Edition)]. (1961, ch. 743, sec. 536.)

28-10. Tax exemption.

The District [shall] IS not [be] required to pay any taxes
or assessments [upon] ON any project acquired, constructed, or
operated [by it,] under the provisions of this subtitle[,] or
[upon] ON the income FROM IT [therefrom, and the]. THE bonds
issued under the provisions of this subtitle, their transfer, and
the income [therefrom] FROM THEM (including any profit made on
[the] THEIR sale [thereof] by any person other than the initial
purchaser [thereof]) [shall at all times be free from taxation]
MAY NOT BE TAXED by the State of Maryland or any of its political
subdivisions, or by any town or incorporated municipality or any
other public agency within the State. (1957 Code, sec. 537. 1957,
ch. 694, sec. 883; 1961, ch. 743, sec. 537.)