PARRIS N. GLENDENING, Governor                                 Ch. 549

(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.

(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 COUNTY, AND THE SEAL OF THE COUNTY SHALL
BE AFFIXED TO THE BONDS AND ATTESTED BY THE CLERK OR OTHER SIMILAR
ADMINISTRATIVE OFFICER OF THE COUNTY. IF ANY OFFICER WHOSE 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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