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Martin O'Malley, Governor
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H.B. 1365
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(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 SECTIONS 9, 10, AND 11 OF ARTICLE 31
(DEBT - PUBLIC) OF 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 SHALL:
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(1) BEAR A DATE OR DATES;
(2) MATURE AT A TIME OR TIMES;
(3) BEAR INTEREST AT A RATE OR RATES;
(4) BE IN A DENOMINATION OR DENOMINATIONS;
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(5) BE IN A FORM EITHER WITH OR WITHOUT COUPON OR
REGISTERED;
(6) CARRY A CONVERSION OR REGISTRATION PRIVILEGE;
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(7) HAVE A RANK OR PRIORITY;
(8) BE EXECUTED IN A MANNER;
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(9) BE PAYABLE IN A MEDIUM OF PAYMENT, AT A PLACE OR
PLACES, AND BE SUBJECT TO TERMS OF REDEMPTION (WITH OR WITHOUT
PREMIUM);
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(10) BE SECURED IN A MANNER; AND
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(11) HAVE OTHER CHARACTERISTICS, AS ARE PROVIDED BY THE
RESOLUTION, TRUST INDENTURE, OR MORTGAGE ISSUED PURSUANT TO IT.
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- 4867 -
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