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Ch. 75
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2002 LAWS OF MARYLAND
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(9) PAYABILITY IN TERMS OF REDEMPTION (WITH OR WITHOUT
PREMIUM);
(10) MANNER OF SECURITY; AND
(11) ANY OTHER CHARACTERISTICS, AS ARE PROVIDED BY THE
RESOLUTION, TRUST INDENTURE, OR MORTGAGE ISSUED PURSUANT TO IT.
(D) THESE BONDS MAY BE SOLD AT PUBLIC SALES HELD AFTER NOTICE IS
PUBLISHED PRIOR TO THE SALE IN A NEWSPAPER HAVING A GENERAL CIRCULATION
IN THE AREA IN WHICH THE MUNICIPALITY IS LOCATED AND IN WHATEVER OTHER
MEDIUM OF PUBLICATION AS THE MUNICIPALITY MAY DETERMINE. THE BONDS MAY
BE EXCHANGED ALSO FOR OTHER BONDS ON THE BASIS OF PAR HOWEVER THE
BONDS MAY BE SOLD TO THE FEDERAL GOVERNMENT AT PRIVATE SALE AT NOT LESS
THAN PAR, AND, IN THE EVENT LESS THAN ALL OF THE AUTHORIZED PRINCIPAL
AMOUNT OF THE BONDS IS SOLD TO THE FEDERAL GOVERNMENT, THE BALANCE
MAY BE SOLD AT PRIVATE SALE AT NOT LESS THAN PAR AT AN INTEREST COST TO
THE MUNICIPALITY WHICH DOES NOT EXCEED THE INTEREST COST TO THE
MUNICIPALITY OF THE PORTION OF THE BONDS SOLD TO THE FEDERAL
GOVERNMENT.
(E) IN CASE ANY OF THE PUBLIC OFFICIALS OF THE MUNICIPALITY WHOSE
SIGNATURES APPEAR ON ANY BONDS OR COUPONS ISSUED UNDER THIS APPENDIX
CEASE TO BE OFFICIALS OF THE MUNICIPALITY BEFORE THE DELIVERY OF THE
BONDS OR, IN THE EVENT ANY OF THE OFFICIALS HAVE BECOME SUCH AFTER THE
DATE OF ISSUE OF THEM, THE BONDS ARE VALID AND BINDING OBLIGATIONS OF
THE MUNICIPALITY IN ACCORDANCE WITH THEIR TERMS. ANY PROVISION OF ANY
LAW TO THE CONTRARY NOTWITHSTANDING, ANY BONDS ISSUED PURSUANT TO
THIS APPENDIX ARE FULLY NEGOTIABLE.
(F) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING THE VALIDITY OR
ENFORCEABILITY OF ANY BOND ISSUED UNDER THIS APPENDIX, OR THE SECURITY
FOR IT, ANY BOND WHICH RECITES IN SUBSTANCE THAT IT HAS BEEN ISSUED BY THE
MUNICIPALITY IN CONNECTION WITH AN URBAN RENEWAL PROJECT SHALL BE
CONSIDERED CONCLUSIVELY TO HAVE BEEN ISSUED FOR THAT PURPOSE, AND THE
PROJECT SHALL BE CONSIDERED CONCLUSIVELY TO HAVE BEEN PLANNED,
LOCATED, AND CARRIED OUT IN ACCORDANCE WITH THE PROVISIONS OF THIS
APPENDIX.
(G) ALL BANKS, TRUST COMPANIES, BANKERS, SAVINGS BANKS, AND
INSTITUTIONS, BUILDING AND LOAN ASSOCIATIONS, SAVINGS AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES, AND OTHER PERSONS CARRYING ON A
BANKING OR INVESTMENT BUSINESS; ALL INSURANCE COMPANIES, INSURANCE
ASSOCIATIONS, AND OTHER PERSONS CARRYING ON AN INSURANCE BUSINESS; AND
ALL EXECUTORS, ADMINISTRATORS, CURATORS, TRUSTEES, AND OTHER
FIDUCIARIES, MAY LEGALLY INVEST ANY SINKING FUNDS, MONEYS, OR OTHER
FUNDS BELONGING TO THEM OR WITHIN THEIR CONTROL IN ANY BONDS OR OTHER
OBLIGATIONS ISSUED BY THE MUNICIPALITY PURSUANT TO THIS APPENDIX.
HOWEVER, THE BONDS AND OTHER OBLIGATIONS SHALL BE SECURED BY AN
AGREEMENT BETWEEN THE ISSUER AND THE FEDERAL GOVERNMENT IN WHICH
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- 1202 -
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