The authority conferred on code counties by this subtitle is subject to the following limitations:

            (1)      No bonds shall be issued by any code county to mature later than forty years from their respective date of issue; and

            (2)      No bonds shall be issued by any code county except for cash or be sold at less than parvalue thereof; and

            (3)      If a valid petition for referendum is filed with the board of supervisors of elections in regard to a public local law enacted by the board of county commissioners of a code county and authorizing the issuance of bonds, the bonds authorized by the public local law shall be issued only if a majority of the registered voters voting on the public local law approve it; and

            (4)      All bonds sold by a code county shall be subject to the provisions of §§ 9 to 11, inclusive, of Article 31 of this Code, as amended from time to time, unless the public local law authorizing the bonds specifically exempts them from the provisions of these sections.