4893
UPPER MARLBORO

MATERIALS, EQUIPMENT AND ADMINISTRATIVE EXPENSES, AND ANY
OTHER EXPENSES INCIDENTAL THERETO. SUCH REVENUE BONDS
SHALL NOT BE GENERAL OBLIGATIONS OF THE TOWN OF UPPER
MARLBORO BUT SHALL BE PAYABLE AS TO PRINCIPAL, INTEREST
AND PREMIUM (IF ANY) SOLELY FROM AND SECURED SOLELY BY A
PLEDGE OF THE TOLLS, RECEIPTS, RENTALS, AND ANY OTHER
REVENUES OF ANY TYPE AND KIND WHATSOEVER REALIZED FROM OR
IN CONNECTION WITH THE PROJECT BEING FINANCED. SUCH
SECURITY MAY INCLUDE, WITHOUT IN ANY WAY LIMITING THE
GENERALITY OF THE FOREGOING, A PLEDGE OF THE REVENUES
REALIZED FROM THE PROPERTY, FACILITIES, DEVELOPMENTS AND
IMPROVEMENTS BEING FINANCED BY THE REVENUE BONDS AND FROM
EXISTING FACILITIES TO WHICH SUCH NEW PROPERTY,
FACILITIES, DEVELOPMENTS AND IMPROVEMENTS ARE RELATED.
THE REVENUE BONDS MAY BE FURTHER SECURED BY MORTGAGE,
PLEDGE, ASSIGNMENT, OR CREATION OF ANY SECURITY INTEREST
OF ANY KIND AND NATURE WHATSOEVER AS, IN THE JUDGMENT OF
THE COMMISSIONERS OF THE TOWN, SHALL BE APPROPRIATE.

SUCH REVENUE BONDS SHALL NOT CONSTITUTE AN
INDEBTEDNESS OF THE TOWN OF UPPER MARLBORO TO WHICH ITS
FAITH AND CREDIT OR TAXING POWER ARE PLEDGED, NOR SHALL
SUCH BONDS CONSTITUTE A DEBT OF THE TOWN WITHIN THE
MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER
PROVISION, AND ALL SUCH REVENUE BONDS SHALL CONTAIN ON
THEIR FACE A STATEMENT TO THAT EFFECT.

ALL REVENUE BONDS, REVENUE REFUNDING BONDS, REVENUE
BOND ANTICIPATION NOTES, AND OTHER OBLIGATIONS ISSUED BY
THE TOWN IN ACCORDANCE WITH THIS SECTION SHALL HAVE AND
POSSESS ALL THE ATTRIBUTES OF NEGOTIABLE INSTRUMENTS AS
PROVIDED IN SECTION 8 OF ARTICLE 31 OF THE ANNOTATED CODE
OF MARYLAND, IN ACCORDANCE WITH SECTION 35 OF ARTICLE 23A
OF THE ANNOTATED CODE OF MARYLAND. AS ALSO PROVIDED BY
SECTION 35 OF ARTICLE 23A, THE PRINCIPAL OF AND INTEREST
ON ANY SUCH REVENUE BONDS, REVENUE REFUNDING BONDS,
REVENUE BOND ANTICIPATION NOTES OR OTHER OBLIGATIONS
SHALL BE AND REMAIN EXEMPT FROM TAXATION OF ANY KIND OR
NATURE WHATSOEVER BY THE STATE OF MARYLAND AND BY ANY
COUNTY, MUNICIPAL CORPORATION OR OTHER POLITICAL
SUBDIVISION THEREOF.

(B) THE TOWN SHALL HAVE ABSOLUTE DISCRETION BY
RESOLUTION OR ORDINANCE TO DETERMINE WITH RESPECT TO THE
REVENUE BONDS OF ANY ISSUE: (I) THE DATE OR DATES OF
ISSUE; (II) THE DATE OR DATES AND AMOUNT OR AMOUNTS OF
MATURITY, PROVIDED ONLY THAT NO REVENUE BOND OF ANY ISSUE
SHALL MATURE LATER THAN FORTY (40) YEARS FROM THE DATE OF
ITS ISSUE; (III) THE RATE OR RATES OF INTEREST PAYABLE
THEREON AND THE DATE OR DATES OF SUCH PAYMENT; (IV) THE
FORM OR FORMS, DENOMINATION OR DENOMINATIONS, MANNER OF
EXECUTION (WHICH MAY BE BY FACSIMILE) AND THE PLACE OR
PLACES OF PAYMENT THEREOF, AND OF THE INTEREST THEREON,
WHICH MAY BE AT ANY BANK OR TRUST COMPANY WITHIN OR