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2002 LAWS OF MARYLAND
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Ch. 234
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IN AID OF ANY URBAN RENEWAL PROJECTS OF THE MUNICIPALITY UNDER THIS
APPENDIX, AND BY A MORTGAGE OF ANY URBAN RENEWAL PROJECT, OR ANY PART
OF A PROJECT, TITLE TO WHICH IS IN THE MUNICIPALITY. IN ADDITION, THE
MUNICIPALITY MAY ENTER INTO AN INDENTURE OF TRUST WITH ANY PRIVATE
BANKING INSTITUTION OF THIS STATE HAVING TRUST POWERS AND MAY MAKE IN
THE INDENTURE OF TRUST COVENANTS AND COMMITMENTS REQUIRED BY ANY
PURCHASER FOR THE ADEQUATE SECURITY OF THE BONDS.
(B) BONDS ISSUED UNDER THIS SECTION DO NOT CONSTITUTE AN
INDEBTEDNESS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY
DEBT LIMITATION OR RESTRICTION, ARE NOT SUBJECT TO THE PROVISIONS OF ANY
OTHER LAW OR CHARTER RELATING TO THE AUTHORIZATION, ISSUANCE, OR SALE
OF BONDS, AND ARE EXEMPTED SPECIFICALLY FROM THE RESTRICTIONS
CONTAINED IN THE ANNOTATED CODE OF MARYLAND. BONDS ISSUED UNDER THE
PROVISIONS OF THIS APPENDIX ARE DECLARED TO BE ISSUED FOR AN ESSENTIAL
PUBLIC AND GOVERNMENTAL PURPOSE AND, TOGETHER WITH INTEREST ON THEM
AND INCOME FROM THEM, ARE EXEMPT FROM ALL TAXES.
(C) BONDS ISSUED UNDER THIS SECTION SHALL BE AUTHORIZED BY
RESOLUTION OR ORDINANCE OF THE LEGISLATIVE BODY OF THE MUNICIPALITY.
THEY MAY BE ISSUED IN ONE OR MORE SERIES AND, IN ACCORDANCE WITH THE
RESOLUTION, TRUST INDENTURE, OR MORTGAGE UNDER WHICH THE BONDS ARE
ISSUED, CONTAIN INFORMATION CONCERNING:
(1) DATE OR DATES;
(2) TIME OR TIMES OF MATURITY;
(3) INTEREST AT A RATE OR RATES NOT EXCEEDING 6% PER ANNUM;
(4) DENOMINATION OR DENOMINATIONS;
(5) FORM EITHER WITH OR WITHOUT COUPON OR REGISTERED;
(6) CONVERSION OR REGISTRATION PRIVILEGE;
(7) RANK OR PRIORITY;
(8) MANNER OF EXECUTION;
(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
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- 1920 -
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