2060                                         LAWS OF MARYLAND                                     Ch. 582

CONDEMNATION OF LAND OR PROPERTY UNDER THE PROVISIONS OF
THIS ARTICLE SHALL BE IN ACCORDANCE WITH THE PROCEDURE PROVIDED
IN THE REAL PROPERTY ARTICLE OF THE ANNOTATED CODE OF MARYLAND.

SECTION 10. ENCOURAGEMENT OF PRIVATE ENTERPRISE.

THE MUNICIPALITY, TO THE EXTENT IT DETERMINES TO BE FEASIBLE
IN CARRYING OUT THE PROVISIONS OF THIS ARTICLE, SHALL AFFORD
MAXIMUM OPPORTUNITY TO THE REHABILITATION OR REDEVELOPMENT OF ANY
URBAN RENEWAL AREA BY PRIVATE ENTERPRISE CONSISTENT WITH THE
SOUND NEEDS OF THE MUNICIPALITY AS A WHOLE. THE MUNICIPALITY
SHALL GIVE CONSIDERATION TO THIS OBJECTIVE IN EXERCISING ITS
POWERS UNDER THIS ARTICLE.

SECTION 11. GENERAL OBLIGATION BONDS.

FOR THE PURPOSE OF FINANCING AND CARRYING OUT OF AN URBAN
RENEWAL PROJECT AND RELATED ACTIVITIES, THE MUNICIPALITY MAY
ISSUE AND SELL ITS GENERAL OBLIGATION BONDS. ANY BONDS ISSUED BY
THE MUNICIPALITY PURSUANT TO THIS SECTION SHALL BE ISSUED IN THE
MANNER AND WITHIN THE LIMITATIONS PRESCRIBED BY APPLICABLE LAW
FOR THE ISSUANCE AND AUTHORIZATION OF GENERAL OBLIGATION BONDS BY
THE MUNICIPALITY, AND ALSO WITHIN LIMITATION DETERMINED BY THE
MUNICIPALITY.

SECTION 12. REVENUE BONDS.

(A)  IN ADDITION TO THE AUTHORITY CONFERRED BY SECTION 11 OF
THIS ARTICLE, THE MUNICIPALITY MAY ISSUE REVENUE BONDS TO FINANCE
THE UNDERTAKING OF ANY URBAN RENEWAL PROJECT AND RELATED
ACTIVITIES. ALSO, IT MAY ISSUE REFUNDING BONDS FOR THE PAYMENT
OR RETIREMENT OF THE BONDS ISSUED PREVIOUSLY BY IT. THE BONDS
SHALL BE MADE PAYABLE, AS TO BOTH PRINCIPAL AND INTEREST, SOLELY
FROM THE INCOME,' PROCEEDS, REVENUES, AND FUNDS OF THE
MUNICIPALITY DERIVED FROM OR HELD IN CONNECTION WITH ITS
UNDERTAKING AND CARRYING OUT OF URBAN RENEWAL PROJECTS UNDER THIS
ARTICLE. HOWEVER, PAYMENT OF THE BONDS, BOTH AS TO PRINCIPAL AND
INTEREST, MAY BE FURTHER SECURED BY A PLEDGE OF ANY LOAN, GRANT
OR CONTRIBUTION FROM THE FEDERAL GOVERNMENT OR OTHER SOURCE, IN
AID OF ANY URBAN RENEWAL PROJECTS OF THE MUNICIPALITY UNDER THIS
ARTICLE, AND BY A MORTGAGE OF ANY URBAN RENEWAL PROJECT, OR ANY
PART OF A PROJECT, TITLE TO WHICH IS IN THE MUNICIPALITY. IN
ADDITION, THE MUNICIPALITY MAY ENTER INTO AN INDENTURE OF TRUST
WITH ANY PRIVATE BANKING INSTITUTION OF THIS STATE HAVING TRUST
POWERS AND MAY MAKE IN THE INDENTURE OF TRUST COVENANTS AND
COMMITMENTS REQUIRED BY ANY PURCHASER FOR THE ADEQUATE SECURITY
OF THE BONDS,

(B)  BONDS ISSUED UNDER THIS SECTION DO NOT CONSTITUTE AN
INDEBTEDNESS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR
STATUTORY DEBT LIMITATION OR RESTRICTION, ARE NOT SUBJECT TO THE
PROVISIONS OF ANY OTHER LAW OR CHARTER RELATING TO THE
AUTHORIZATION, ISSUANCE OR SALE OF BONDS, AND ARE EXEMPTED
SPECIFICALLY FROM THE RESTRICTIONS CONTAINED IN SECTIONS 9, 10,
AND 11 OF ARTICLE 31 (DEBTS - PUBLIC) OF THE ANNOTATED CODE OF