HARRY HUGHES, Governor

2061

MARYLAND. BONDS ISSUED UNDER THE PROVISIONS OF THIS ARTICLE ARE
DECLARED TO BE ISSUED FOR AN ESSENTIAL PUBLIC AND GOVERNMENTAL
PURPOSE AND, TOGETHER WITH INTEREST ON THEM AND INCOME FROM THEM,
ARE EXEMPT FROM ALL TAXES.

(C) BONDS ISSUED UNDER THIS SECTION SHALL BE AUTHORIZED BY
RESOLUTION OR ORDINANCE OF THE LEGISLATIVE BODY OF THE
MUNICIPALITY. THEY MAY BE ISSUED IN ONE OR MORE SERIES AND:

REGISTERED,

(1)  SHALL BEAR A DATE OR DATES,

(2)  MATURE. AT A TIME OR TIMES,

(3)  BEAR INTEREST AT A RATE OR RATES,

(4)  BE IN A DENOMINATION OR DENOMINATIONS,

(5)  BE IN A FORM EITHER WITH OR WITHOUT COUPON OR

(6)  CARRY A CONVERSION OR REGISTRATION PRIVILEGE,

(7)  HAVE A RANK OR PRIORITY,

(8)  BE EXECUTED IN A MANNER,

(9)
PLACES AND BE
PREMIUM),

BE PAYABLE IN A MEDIUM OR PAYMENT, AT A PLACE OR
SUBJECT TO TERMS OF REDEMPTION (WITH OR WITHOUT

(10)  BE SECURED IN A MANNER, AND

(11)  HAVE OTHER CHARACTERISTICS, AS ARE PROVIDED BY
THE RESOLUTION, TRUST INDENTURE OR MORTGAGE ISSUED PURSUANT TO
IT.

(D) THESE BONDS MAY NOT BE SOLD AT LESS THAN PAR VALUE AT
PUBLIC SALES WHICH ARE HELD AFTER NOTICE IS PUBLISHED PRIOR TO
THE SALE IN A NEWSPAPER HAVING A GENERAL CIRCULATION IN THE AREA
IN WHICH THE MUNICIPALITY IS LOCATED AND IN WHATEVER OTHER MEDIUM
OF PUBLICATION AS THE MUNICIPALITY MAY DETERMINE. THE BONDS MAY
BE EXCHANGED ALSO FOR OTHER BONDS ON THE BASIS OF PAR. HOWEVER,
THE BONDS MAY NOT BE SOLD TO THE FEDERAL GOVERNMENT AT PRIVATE
SALE AT LESS THAN PAR, AND, IN THE EVENT LESS THAN ALL OF THE
AUTHORIZED PRINCIPAL AMOUNT OF THE BONDS IS SOLD TO THE FEDERAL
GOVERNMENT, THE BALANCE MAY NOT BE SOLD AT PRIVATE SALE AT LESS
THAN PAR AT AN INTEREST COST TO THE MUNICIPALITY WHICH DOES NOT
EXCEED THE INTEREST COST TO THE MUNICIPALITY OF THE PORTION OF
THE BONDS SOLD TO THE FEDERAL GOVERNMENT.

(E) IN CASE ANY OF THE PUBLIC OFFICIALS OF THE MUNICIPALITY
WHOSE SIGNATURES APPEAR ON ANY BONDS OR COUPONS ISSUED UNDER THIS
ARTICLE CEASE TO BE OFFICIALS OF THE MUNICIPALITY BEFORE THE
DELIVERY OF THE BOND OR, IN THE EVENT ANY OF THE OFFICIALS HAVE
BECOME SUCH AFTER THE DATE OF ISSUE OF THEM, THE BONDS ARE VALID