142

LAWS OF MARYLAND

Ch. 80

SUBHEADING 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:

(1)    SHALL 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,

(5)    BE IN A FORM EITHER WITH OR WITHOUT
COUPON OR REGISTERED,

(6)    CARRY A CONVERSION OR REGISTRATION
PRIVILEGE,

(7)    HAVE A RANK OR PRIORITY,

(8)    BE EXECUTED IN A MANNER,

(9)    BE PAYABLE IN A MEDIUM OF PAYMENT, AT A
PLACE OR PLACES AND BE SUBJECT TO TERMS OF REDEMPTION

(WITH OR WITHOUT PREMIUM),

(10)   BE SECURED IN A MANNER, AND

(11)   HAVE OTHER CHARACTERISTICS, AS ARE
PROVIDED BY THE RESOLUTION, TRUST INDENTURE OR MORTGAGE
ISSUED PURSUANT TO IT.

(D)    THESE BONDS MAY NOT BE SOLD AT LESS THAN PAR
VALUE AT PUBLIC SALES WHICH ARE 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 NOT BE SOLD TO THE FEDERAL
GOVERNMENT AT PRIVATE SALE AT 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 NOT BE SOLD AT PRIVATE SALE AT 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 SUBHEADING CEASE TO BE
OFFICIALS OF THE MUNICIPALITY BEFORE THE DELIVERY OF THE