Ch. 624                                        1994 LAWS OF MARYLAND

CODE OF MARYLAND, AS AMENDED, REPLACED, OR SUPPLEMENTED FROM TIME TO
TIME, WHETHER OR NOT IT IS EITHER ONE OR A CLASS OR SERIES OR BY ITS TERMS
IS DIVISIBLE INTO A CLASS OR SERIES OF INSTRUMENTS.

(2)      ALL BONDS SHALL BE SIGNED MANUALLY OR IN FACSIMILE BY THE
MAYOR OF THE CITY OF BALTIMORE, AND THE SEAL OF THE MAYOR AND CITY
COUNCIL OF BALTIMORE SHALL BE IMPRESSED THEREON MANUALLY OR BY
FACSIMILE AND ATTESTED BY THE CUSTODIAN OF THE CITY SEAL, MANUALLY OR
BY FACSIMILE. IF ANY OFFICER WHOSE SIGNATURE OR COUNTERSIGNATURE
APPEARS ON THE BONDS CEASES TO BE SUCH OFFICER BEFORE DELIVERY OF THE
BONDS, HIS SIGNATURE OR COUNTERSIGNATURE SHALL NEVERTHELESS BE VALID
AND SUFFICIENT FOR ALL PURPOSES THE SAME AS IF HE HAD REMAINED IN OFFICE
UNTIL DELIVERY THEREOF.

(3)      ALL BONDS SHALL MATURE NOT LATER THAN 40 YEARS FROM
THEIR DATE OF ISSUANCE.

(4)      ALL BONDS SHALL BE SOLD IN SUCH MANNER, EITHER AT PUBLIC
OR PRIVATE SALE, AND UPON SUCH TERMS AS THE MAYOR AND CITY COUNCIL OF
BALTIMORE BY ORDINANCE OR (IF AUTHORIZED IN THE ORDINANCE
AUTHORIZING SUCH BONDS) THE BOARD OF FINANCE BY RESOLUTION DEEMS BEST.
ANY CONTRACT FOR THE ACQUISITION OF PROPERTY MAY PROVIDE THAT
PAYMENT SHALL BE IN BONDS.

(I) (1) THE MAYOR AND CITY COUNCIL OF BALTIMORE, ACTING BY AND
THROUGH THE BOARD OF FINANCE THEREOF, IS HEREBY AUTHORIZED AND
EMPOWERED TO ISSUE' ITS BONDS FOR THE PURPOSE OF REFUNDING ANY BONDS
AUTHORIZED TO BE ISSUED UNDER THE PROVISIONS OF THIS SECTION BY PAYMENT
AT MATURITY OR THE PURCHASE OR REDEMPTION OF BONDS IN ADVANCE OF
MATURITY. THE VALIDITY OF ANY REFUNDING BONDS SHALL IN NO WAY BE
DEPENDENT UPON OR RELATED TO THE VALIDITY OR INVALIDITY OF THE BONDS
BEING REFUNDED. SUCH REFUNDING BONDS MAY BE ISSUED BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE, ACTING BY AND THROUGH THE BOARD OF FINANCE
THEREOF, FOR THE PURPOSE OF PROVIDING IT WITH FUNDS TO PAY ANY OF ITS
OUTSTANDING BONDS AUTHORIZED TO BE ISSUED UNDER THE PROVISIONS OF THIS
SECTION AT MATURITY, TO PURCHASE IN THE OPEN MARKET ANY OF ITS
OUTSTANDING BONDS AUTHORIZED TO BE ISSUED UNDER THE PROVISIONS OF THIS
SUBSECTION PRIOR TO THEIR MATURITY, TO REDEEM PRIOR TO THEIR MATURITY
ANY OUTSTANDING BONDS WHICH ARE, BY THEIR TERMS, REDEEMABLE, TO PAY
INTEREST ON ANY OUTSTANDING BONDS PRIOR TO THEIR PAYMENT AT MATURITY
OR PURCHASE OR REDEMPTION IN ADVANCE OF MATURITY, OR TO PAY ANY
REDEMPTION OR PURCHASE PREMIUM IN CONNECTION WITH THE REFUNDING OF
ANY OF ITS OUTSTANDING BONDS AUTHORIZED TO BE ISSUED UNDER THE
PROVISIONS OF THIS SUBSECTION.

(2) ANY REFUNDING BONDS AUTHORIZED TO BE ISSUED AND SOLD
UNDER THE PROVISIONS OF THIS SECTION MAY BE ISSUED FOR THE PUBLIC
PURPOSE OF:

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