(a) For the purpose of financing and carrying out an urban renewal project and related activities, the county council is hereby granted the power and authority to do the following:
(b) Borrow money, etc. To borrow money and incur indebtedness and to evidence such borrowing or indebtedness by the issuance, at any time, and from time to time, its general obligation serial maturity bonds, upon the full faith and credit of Montgomery County, and the county is authorized to contribute and deliver in whole or in part the net cash proceeds of such bond issue, or issues, to a commission, board, or agency created and appointed to administer the provisions of this article.
(c) Levy taxes, etc. The county council is hereby authorized and directed in and for each and every fiscal year during which any of such bonds are outstanding, to levy and collect an ad valorem tax, upon all the assessable property in Montgomery County, in an amount sufficient to provide for the payment when due of the principal and interest in all such bonds becoming due in such fiscal year, and in the event the proceeds from the taxes so levied in any such fiscal year shall prove inadequate for the purposes cited in this article, additional taxes shall be levied in the succeeding fiscal year to make up any such deficiency. The bonds hereby authorized shall constitute and they shall so recite an irrevocable pledge of the full faith and credit and unlimited taxing power of the county to the payment of the maturing principal and interest of such bonds as [and] when the same respectively mature. The county may apply to the payment of principal and interest of any bonds issued under this article, any funds received from the State of Maryland, or United States of America or any agency or instrumentality thereof.
(d) Bonds to be negotiable instruments. All such bonds shall have, and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments laws of the state to the extent provided in section 8 of article 31, Annotated Code of Maryland, 1957, as amended.
(e) Bonds tax exempt. Any and all such bonds and the interest thereon and the income derived therefrom, in the hands of the holders thereof from time to time, shall be and are hereby declared to be exempt from state, county, city, and municipal taxation of every kind and nature whatsoever in the state.
(f) Bonds cumulative. All bonds issued under this article are additional and cumulative and the bonds authorized by this article may be issued notwithstanding that other bond acts may provide for the issuance of other bonds or the borrowing of money for the same or similar purposes on the same or other terms and conditions. (Mont. Co. Code 1965, § 26-7; 1961, ch. 821, § 1.)