§ 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.

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