§ 10-513. Bonds -- In general

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

(b) Purposes. -- The Corporation may issue the bonds:

   (1) to finance all or part of the costs of a project; and

   (2) for any other lawful purpose of the Corporation authorized in this subtitle.

(c) Timing. -- The Corporation may issue the bonds at one time or from time to time.

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

   (1) the date of the bonds;

   (2) the interest rates of the bonds;

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

   (4) the prices, terms, and conditions of sale of the bonds;

   (5) the form of the bonds;

   (6) the manner of executing the bonds;

   (7) the denominations of the bonds; and

   (8) the places of payment of principal of and interest on the bonds, at a bank or trust company in or outside the State.

(e) 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.

(f) Negotiability. --

   (1) The bonds are negotiable instruments under the laws of the State.

   (2) Bonds may be registrable.

(g) Sale. --

   (1) The Corporation may sell the bonds by competitive or negotiated sale in a manner and for a price that the Corporation determines.

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

(h) 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. 41, § 13-508(12), 13-510(a), (b), (d)-(g); 2008, ch. 306, § 2.