Ch. 311

LAWS OF MARYLAND

persons and families, the need for financing permitted under this
section, the types of housing available and needed in the county,
and other factors as the county deems appropriate to establish a
residential mortgage program. In any suit, action, or proceeding
involving the validity or enforceability of any bond issued under
this section or the security therefor, any finding by the
legislative body of the county in regard to the qualification of
a person or family as a low income or moderate income person or
family, or other finding with respect to the program, shall be
conclusive.

[(2)] (B) The bonds may be issued to bear interest,
payable either annually, semiannually or otherwise, and may be
executed, issued and delivered at any time or from time to time,
may be in a form and denomination, of a tenor, payable in amounts
at times not exceeding 40 years from the date of issue, and at a
place or places as the legislative body of the county determines.

[(3)] (C) The bonds may be secured by a pledge of
mortgages, or notes secured by deeds of trust, on any type of
interest in real or other property, including the real property
or other interests held by stock cooperatives and condominiums
and their unit owners, servicing agreements, condemnation
proceeds, proceeds of private or governmental or other mortgage
insurance proceeds, casualty and special hazard insurance
proceeds and any other security deemed appropriate by the
legislative body of the county.

[(4)] (D) The bonds may provide that they or any of
them may be called for redemption, at the option of the county,
prior to maturity at a price or prices and under the terms and
conditions as may be fixed by the legislative body of the county
before issuing the bonds.

[(5)] (E) The principal amount of the bonds, the
interest payable on them, their transfer, and any income derived
from the bonds, including any profit made in the sale or
transfer, shall be and remain exempt from taxation by the State
of Maryland and by the several counties of this State.

[(g) (1)] 2-407. (A) Bonds issued pursuant to this

[section] SUBTITLE shall be negotiable and may be in coupon   form

or registrable as to principal alone or as to both principal     and
interest.

[(2)] (B) The bonds shall be signed by the
commissioner or other chief executive officer, and the seal of
the county shall be affixed and attested to by the clerk or the
officer exercising the functions of a clerk. If any officer
whose signature or countersignature appears on the bonds or
coupons ceases to be the officer before delivery of the bonds,
his signature or countersignature shall nevertheless be valid and

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