Or, in the alternative, the county council for Montgomery County may issue revenue bonds which shall be fully negotiable and payable, as to both principal and interest, solely from, and secured solely by, a pledge of and lien upon either or both, of the following (a) or (b):
(a) Income. Any and all of the income, receipts, proceeds, revenues, and funds derived from, or available or to be made available for, any undertakings for the accomplishment of the purposes and object mentioned in or contemplated by this article.
(b) Contracts. Any contract, or right thereunder existing between the United States of America, or any department or agency thereof, and the county council of Montgomery County with respect to any undertaking for the accomplishment of the purposes and objects of this article.
Any and all of such bonds, notes or obligations, issued as revenue bonds, shall not be general obligations of Montgomery County and shall not be a pledge of or involve the full faith and credit or taxing power of Montgomery County, and shall not pledge, convey or mortgage any real property owned by Montgomery County, and shall not constitute a debt of Montgomery County, within the meaning of the constitution of Maryland, or within the meaning of any other constitutional, statutory, or charter provisions, limiting or restricting the sale or issuance of bonds, notes or other obligations of Montgomery County. (Mont. Co. Code 1965, § 26-8; 1961, ch. 821, § 1.)
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