Section 10-118 - Bonds - In general. - Maryland Statutes

§ 10-118. Bonds - In general.
 

(a)  Resolution.- The Corporation may authorize the issuance of revenue bonds by resolution. 

(b)  Timing.- The Corporation may issue the bonds at one time or in one or more series from time to time. 

(c)  Terms and conditions.- The Corporation shall determine: 

(1) the date of the bonds; 

(2) the maturity dates of the bonds, which may not exceed 40 years from the date of issue; 

(3) the interest rates on the bonds; 

(4) the medium of payment of the principal of and interest on the bonds; 

(5) the form of the bonds; 

(6) the manner of executing the bonds; 

(7) the denominations of the bonds; and 

(8) the place at which the principal of and interest on the bonds will be payable, including at a bank or trust company in or outside the State. 

(d)  Validity of signature.- An officer's signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered. 

(e)  Negotiability.-  

(1) Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code. 

(2) Bonds may be registrable. 

(f)  Sale.-  

(1) The Corporation shall sell the bonds by competitive or negotiated sale in a manner and for a price the Corporation determines to be in its best interests. 

(2) Bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article. 

(g)  Escrow.- Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued. 
 

[An. Code 1957, art. 83A, § 5-206(a), (b), (d)-(g); 2008, ch. 306, § 2.]