Current as of December 31, 2021 | Updated by FindLaw Staff
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(a) The Corporation may authorize the issuance of revenue bonds by resolution.
(b) The Corporation may issue the bonds at one time or in one or more series from time to time.
(c) 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) An officer's signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(e)(1) Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code.
(2) Bonds may be registrable.
(f)(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) Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-118 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-118.html
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