PARRIS N. GLENDENING, Governor

Ch. 517

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

(VIII) PROVISIONS PURSUANT TO WHICH ANY OR ALL OF THE BONDS
MAY BE 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 COUNTY COMMISSIONERS TO BE
NECESSARY OR DESIRABLE TO EFFECT THE FINANCING OF THE PROPOSED
UNDERTAKING.

(3) AN ORDINANCE OR RESOLUTION AUTHORIZING THE BONDS
REQUIRED UNDER THIS SUBSECTION, ANY ORDINANCE OR RESOLUTION ADOPTED
IN FURTHERANCE OF THE REQUIRED ORDINANCE OR RESOLUTION, THE BONDS,
THE DESIGNATION OF A COMMUNITY DEVELOPMENT AUTHORITY, OR THE LEVY OF
A SPECIAL AD VALOREM TAX OR SPECIAL TAX OR FEE SHALL BE SUBJECT TO THE
REQUEST OF THE PROPERTY OWNERS AS SPECIFIED UNDER SUBSECTION (C) OF
THIS SECTION.

(4) THE SPECIAL FUND AND ANY SINKING FUND ESTABLISHED BY THE
COUNTY COMMISSIONERS 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 OR ANY SINKING FUND EXCEPT IN THE
MANNER PRESCRIBED BY ARTICLE 31, §§ 6 AND 7 OF THE ANNOTATED CODE OF
MARYLAND. THE FISCAL OFFICER HAVING CUSTODY OF THE PROCEEDS OF THE
SALE OF ANY SUCH BONDS MAY INVEST THE PROCEEDS, PENDING THE
EXPENDITURE THEREOF, AS PRESCRIBED BY ARTICLE 95, § 22 OF THE ANNOTATED
CODE OF MARYLAND.

(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 S, SUBTITLE 2, OF THE TAX - GENERAL ARTICLE OF THE
ANNOTATED CODE OF MARYLAND, IN COMPUTING THE NET EARNINGS OF
FINANCIAL INSTITUTIONS.

(I) (1) BONDS ISSUED UNDER THIS SECTION 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 BOND SHALL BE DEEMED TO BE A SECURITY
AS DEFINED IN § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE ANNOTATED
CODE OF MARYLAND, WHETHER OR NOT IT IS ONE OF A CLASS OR SERIES OR BY ITS
TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF INSTRUMENTS.

(2) BONDS SHALL BE SIGNED MANUALLY OR IN FACSIMILE BY THE
PRESIDENT OR VICE PRESIDENT OF THE BOARD OF COUNTY COMMISSIONERS, AND
THE SEAL OF THE COUNTY SHALL BE AFFIXED TO THE BONDS AND ATTESTED TO BY

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