WILLIAM DONALD SCHAEFER, Governor                   Ch. 745

ANNUAL PRINCIPAL REDEMPTION BEGINNING NOT LATER THAN 3 YEARS FROM
THE DATE OF ISSUE.

(D) ALL BONDS SHALL BE SOLD IN SUCH MANNER, EITHER AT
PUBLIC OR PRIVATE SALE, AND UPON SUCH TERMS AT, ABOVE, OR BELOW
PAR, AS THE GOVERNING BODY OF THE LOCAL GOVERNING BODY DEEMS
BEST. ANY CONTRACT FOR THE ACQUISITION OF PROPERTY MAY PROVIDE
THAT PAYMENTS SHALL BE MADE IN BONDS. BONDS SHALL NOT BE SUBJECT
TO THE PROVISIONS OF §§ 9, 10, AND 11 OF ARTICLE 31 OF THE CODE.

14-809.

BONDS ISSUED UNDER THIS SUBTITLE, THEIR TRANSFER, THE
INTEREST PAYABLE ON THEM AND ANY INCOME DERIVED FROM THEM,
INCLUDING ANY PROFIT REALIZED IN THEIR SALE AND EXCHANGE, SHALL
BE EXEMPT AT ALL TIMES FROM EVERY KIND AND NATURE OF TAXATION BY
THIS STATE OR BY ANY OF ITS POLITICAL SUBDIVISIONS, MUNICIPAL
CORPORATIONS, OR PUBLIC AGENCIES OF ANY KIND. NOTHING IN THIS
SUBTITLE SHALL PREVENT ANY LOCAL GOVERNING BODY FROM AUTHORIZING
THE ISSUANCE AND SALE OF BONDS THE INTEREST ON WHICH IS NOT
EXCLUDABLE FROM GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES.

14-810.

IN ANY ACTION, SUIT, OR PROCEEDING INVOLVING THE VALIDITY OR
ENFORCEABILITY OF ANY BOND AUTHORIZED BY THIS SUBTITLE, OR ANY
SECURITY THEREFOR, ANY FINDING BY A LOCAL GOVERNING BODY AS TO
THE PUBLIC PURPOSE OF ANY ACTION TAKEN UNDER THIS SUBTITLE OR AS
TO OTHER MATTERS RELATING TO THE ISSUANCE OF BONDS HEREUNDER
SHALL BE CONCLUSIVE.

14-811.

THIS SUBTITLE MAY NOT BE CONSTRUED TO AUTHORIZE ANY LOCAL
GOVERNING BODY TO ACQUIRE ANY PROPERTY BY EMINENT DOMAIN.

14-812.

THIS SUBTITLE MAY BE REFERRED TO AS THE REDEVELOPMENT BOND
ACT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
be liberally construed to effect the purposes thereof, and if any
provision of this Act or the application thereof to any person or
circumstance is held invalid for any reason in a court of
competent jurisdiction, the invalidity does not affect other
provisions or any other application of this Act which can be
given effect without the invalid provision or application, and
for this purpose the provisions of this Act are declared
severable.

- 3357 -