Ch. 549

1995 LAWS OF MARYLAND

(ix) Any other provisions not inconsistent with this section as shall be
determined by the governing body of the municipal corporation to bo necessary or
desirable to effect the financing of the proposed undertaking.

(3) (i) [An] 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 any municipal
corporation to provide for the payment of the principal of or interest on any bonds issued
by the municipal corporation under the provisions of this section may not be invested by
the fiscal officer of the municipal corporation 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.

(h) 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 taxation by the State and by the counties
and municipal corporations of the State but shall be included, to the extent required
under Title 8, Subtitle 2 of the Tax—General Article, in computing the net earnings of
financial institutions.

(i) (1) All bonds may be in bearer form or in coupon form or may be registrable
as to principal alone or as to both principal and interest. Each of the bonds shall be
deemed to be a security as defined in § 8-102 of the Commercial Law Article, whether or
not it is either one of 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 chief executive
officer of the municipal corporation, and the seal of the municipal corporation shall be
affixed to the bonds and attested by the clerk or other similar administrative officer of the
municipal corporation. If any officer whoso signature or countersignature appears on the
coupons ceases to be such officer before delivery of the bonds, the officer's signature or
countersignature shall nevertheless be valid and sufficient for all purposes the same as if
the officer had remained in office until delivery.

(3)     All bonds shall mature not later than 30 years from their date of
issuance.

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