PARRIS N. GLENDENING, Governor                                 Ch. 548

(III)    THE MANNER IN WHICH AND THE TERMS UPON WHICH THE
BONDS ARE TO BE SOLD;

(IV)    THE MANNER IN WHICH AND THE TIMES AND PLACES THAT THE
INTEREST ON THE BONDS IS TO BE PAID;

(V) THE TIME OR TIMES THAT THE BONDS MAY BE EXECUTED,
ISSUED, AND DELIVERED;

(VI)    THE FORM AND TENOR OF THE BONDS AND THE DENOMINATIONS
IN WHICH THE BONDS MAYBE ISSUED;

(VII)   THE MANNER IN WHICH AND THE TIMES AND PLACES THAT THE
PRINCIPAL OF THE BONDS IS TO BE PAID, WITHIN THE LIMITATIONS SET FORTH IN THIS
SECTION;

(VIII) PROVISIONS PURSUANT TO WHICH ANY OR ALL OF THE BONDS
MAYBE CALLED FOR REDEMPTION PRIOR TO THEIR STATED MATURITY DATES; OR

(IX)   ANY OTHER PROVISIONS NOT INCONSISTENT WITH THIS SECTION
AS SHALL BE DETERMINED BY THE GOVERNING BODY OF THE COUNTY TO BE
NECESSARY OR DESIRABLE TO EFFECT THE FINANCING OF THE PROPOSED
UNDERTAKING.

(3) (I) EXCEPT AS MAY BE REQUIRED BY THE MARYLAND CONSTITUTION,
AN ORDINANCE OR RESOLUTION AUTHORIZING THE BONDS REQUIRED UNDER THIS
SUBSECTION, AN ORDINANCE, RESOLUTION, OR EXECUTIVE ORDER PASSED OR
ADOPTED IN FURTHERANCE OF THE REQUIRED ORDINANCE OR RESOLUTION, THE
BONDS, THE DESIGNATION OF A SPECIAL TAXING DISTRICT, OR THE LEVY OF A SPECIAL
AD VALOREM TAX OR SPECIAL TAX MAY NOT BE SUBJECT TO ANY REFERENDUM BY
REASON OF ANY OTHER STATE OR LOCAL LAW.

(II) THE ORDINANCE OR RESOLUTION AUTHORIZING THE BONDS
REQUIRED UNDER THIS SUBSECTION, ANY ORDINANCE, RESOLUTION, OR EXECUTIVE
ORDER PASSED OR ADOPTED IN FURTHERANCE OF THE REQUIRED ORDINANCE OR
RESOLUTION, THE BONDS, THE DESIGNATION OF A SPECIAL TAXING DISTRICT, OR THE
LEVY OF A SPECIAL AD VALOREM TAX OR SPECIAL TAX SHALL BE SUBJECT TO THE
REQUEST OF THE LANDOWNERS AS SPECIFIED UNDER SUBSECTION (C)(1) OF THIS
SECTION.

(4) THE SPECIAL FUND AND ANY SINKING FUND ESTABLISHED BY THE
COUNTY TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON ANY
BONDS ISSUED BY THE COUNTY UNDER THE PROVISIONS OF THIS SECTION MAY NOT BE
INVESTED BY THE FISCAL OFFICER OF THE COUNTY HAVING CUSTODY OF THE SPECIAL
FUND AND ANY SINKING FUND EXCEPT IN THE MANNER PRESCRIBED BY ARTICLE 31, §§ 6
AND 7 OF THE CODE. ANY SUCH FISCAL OFFICER HAVING CUSTODY OF THE PROCEEDS
OF SALE OF ANY SUCH BONDS MAY INVEST THE PROCEEDS, PENDING THE EXPENDITURE
THEREOF, AS PRESCRIBED UNDER THE PROVISIONS OF ARTICLE 95, § 22 OF THE CODE.

(I) THE PRINCIPAL AMOUNT OF THE BONDS, THE INTEREST PAYABLE ON THE
BONDS, THEIR TRANSFER AND ANY INCOME DERIVED FROM THE TRANSFER, INCLUDING
ANY PROFIT MADE IN THE SALE OR TRANSFER OF THE BONDS, SHALL BE EXEMPT FROM

- 3183 -