WILLIAM DONALD SCHAEFER, Governor                            Ch. 222

(II) THE RENEWAL OF THE NOTES AT MATURITY WITH OR
WITHOUT RESALE.

(F)      (1) IF THE AUTHORIZING RESOLUTION PROVIDES, NOTES MAY BE
SECURED BY:

(I)       A TRUST INDENTURE WITH A CORPORATE TRUSTEE OR
TRUSTEES, WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE POWERS OF
A TRUST COMPANY WITHIN OR WITHOUT THE STATE; AND

(II)     A LETTER OF CREDIT, LINE OF CREDIT, OR OTHER CREDIT OR
LIQUIDITY INSTRUMENT FROM OR WITH A BANK OR OTHER LENDING INSTITUTION.

(2) A SECURITY PROVIDED BY AN AUTHORIZING RESOLUTION UNDER
THIS SUBSECTION MAY BE SECURED BY THE SAME SECURITY GIVEN TO HOLDERS
OF THE NOTES FOR THE PERFORMANCE BY A COUNTY OF THE COUNTY'S
MONETARY OBLIGATIONS UNDER THE NOTES.

(G)     A NOTE ISSUED UNDER THIS SECTION IS NOT SUBJECT TO §§ 10 AND 11 OF
THIS ARTICLE.

(H) NOTES ARE VALID AND BINDING OBLIGATIONS OF THE ISSUING COUNTY
IN ACCORDANCE WITH THE TERMS OF THE NOTES EVEN IF:

(1)      AN OFFICIAL WHOSE SIGNATURE APPEARS ON ANY NOTES CEASES
TO BE AN OFFICIAL PRIOR TO THE DELIVERY OF THE NOTES; OR

(2)      AN OFFICIAL WHOSE SIGNATURE APPEARS ON ANY OF THE NOTES
BECOMES AN OFFICIAL AFTER THE DATE OF ISSUE OF THE NOTES.

(I) THE NOTES, THE TRANSFER OF THE NOTES, THE INTEREST PAYABLE ON
THE NOTES, AND ANY INCOME DERIVED FROM THE NOTES, INCLUDING ANY PROFIT
REALIZED IN THE SALE OR EXCHANGE OF THE NOTES, SHALL AT ALL TIMES BE AND
REMAIN EXEMPT FROM TAXATION OF ANY KIND AND NATURE BY THE STATE OF
MARYLAND AND BY ANY COUNTY, MUNICIPAL CORPORATION, OR OTHER
POLITICAL SUBDIVISION OF THE STATE.

(J) (1) THE RESOLUTION AND NOTES AND AGREEMENTS AUTHORIZED
UNDER THE RESOLUTION ARE NOT SUBJECT TO:

(I)       THE PROCEDURES REQUIRED FOR LEGISLATIVE ACTS; OR

(II)     A REFERENDUM.

(2) UNLESS A STATE CONSTITUTIONAL PROVISION OTHERWISE
REQUIRES, THE AUTHORIZING RESOLUTION MAY INCLUDE COVENANTS
REGARDING THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES
NOTWITHSTANDING ANY:

(I)       LIMITATIONS IN THE COUNTY'S CHARTER;

(II)     PUBLIC GENERAL LAW; OR

(III)    PUBLIC LOCAL LAW.

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