In addition to the authority conferred by Section 2-268 the County shall issue revenue bonds to finance the undertaking of any urban renewal project and related activities. It shall issue refunding bonds for the payment or retirement of such bonds previously issued by it. Such bonds shall be made payable, as to both principal and interest, solely from the income, proceeds, revenues, and funds of the County derived from or held in connection with its undertaking and carrying out of urban renewal projects under this Division. Payment of such bonds, both as to principal and interest, may be further secured by a pledge of any loan, grant, or contribution from the Federal Government or other source, in aid of any urban renewal projects of the County under this Division, and by a mortgage of any such urban renewal projects, or any part thereof, title to which is in the County. In addition, the County may enter into an indenture of trust with any private banking institution of this State having trust powers and may make in such indenture of trust such covenants and commitments as may be required by any purchaser for the adequate security of the bonds.

Bonds issued under this Division shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, shall not be subject to the provisions of any other law or charter relating to the authorization, issuance or sale of bonds, and are hereby specifically exempted from the restrictions contained in Sections 9, 10, and 11 of Article 31 of the Annotated Code of Maryland (1957 Edition, as amended). Bonds issued under the provisions of this Division are declared to be issued for an essential public and governmental purpose and, together with interest thereon and income therefrom, shall be exempted from all taxes.

Bonds issued under this Division shall be authorized by ordinance of the Council and may be issued in one (1) or more series. The bonds shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding six percent (6%) per annum, be in such denomination or denominations, be in such form either with or without coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium or payment, at such place or places, and be subject to such terms of redemption (with or without premium), be secured in such manner, and have such other characteristics, as may be provided by such resolution or trust indenture or mortgage issued pursuant thereto.

Bonds issued under this Division may be sold at not less than par at public sales held after notice published prior to such sale in a newspaper having a general circulation in the County and in such other medium of publication as the County may determine or may be exchanged for other bonds on the basis of par. Such bonds may be sold to the Federal Government at private sale at not less than par, and, in the event less than all of the authorized principal amount of such bonds is sold to the Federal Government, the balance may be sold at private sale at not less than par at an interest cost to the County of not to exceed the interest cost to the County of the portion of the bonds sold to the Federal Government.

In case any of the public officials of the County whose signatures appear on any bonds or coupons issued under this Division cease to be such officials before delivery of such bond or, in the event any such officials cease to be public officials after the date of issue of the bonds, the bonds shall nevertheless be valid and binding obligations of the County in accordance with their terms. Any provisions of any law to the contrary notwithstanding, any bonds issued pursuant to this Division shall be fully negotiable.

In any suit, action, or proceeding involving the validity or enforceability of any bond issued under this Division or the security therefor, any such bond reciting in substance that it has been issued by the County in connection with an urban renewal project, as herein defined, shall be conclusively deemed to have been issued for such purpose. Such project shall be conclusively deemed to have been planned, located, and carried out in accordance with the provisions of this Division.

All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business; all insurance companies, insurance associations, and other persons carrying on an insurance business; and all executors, administrators, curators, trustees, and other fiduciaries, may legally invest any sinking funds, monies, or other funds belonging to them or within their control in any bonds or other obligations issued by the County pursuant to this Division provided that such bonds and other obligations are secured by an agreement between the issuer and the Federal Government in which the issuer agrees to borrow from the Federal Government and the Federal Government agrees to lend to the issuer, prior to the maturity of such bonds or other obligations, monies in an amount which (together with any other monies irrevocably committed to the payment of principal and interest on such bonds or other obligations) will suffice to pay the principal of such bonds or other obligations with interest to maturity thereon. Such monies under the terms of the agreement are required to be used for the purpose of paying the principal of and the interest on such bonds or other obligations at their maturity. Such bonds and other obligations shall be authorized security for all public deposits. It is the purpose of this Section to authorize any persons, political subdivisions and officers, public or private, to use any funds owned or controlled by them for the purchase of any bonds or other obligations. Nothing contained in this Section with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities.

All plans, whether preliminary or final, prepared or presented under the provisions of this Division by the County shall not conflict with, and shall conform to the master plan for the County. This Section shall be construed to mean that all urban renewal plans affecting a change in zoning shall be reviewed by the Maryland-National Capital Park and Planning Commission. Any zoning amendments pursuant to this urban renewal program shall be approved by the District Council.