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Maryland Code, State Finance and Procurement § 8-302

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “bond” means an obligation of the State or of any of its units or instrumentalities.

(b) If a bond otherwise complies with the requirements of the Commercial Law Article for investment securities, the bond shall be considered to be an investment security notwithstanding that:

(1) the resolution or other authority under which the bond is issued subjects the bond to an indenture or agreement that is separate from the resolution or authority;

(2) the resolution or other authority under which the bond is issued limits payment of principal and interest to:

(i) the proceeds of limited sources of revenue; or

(ii) a special fund established for that purpose;

(3) any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or

(4) principal or interest are registrable.

(c) A bond that is considered to be an investment security under subsection (b) of this section has all the attributes of an investment security that are possessed by a bond that is:

(1) issued on the full faith and credit of the issuer;

(2) payable to bearer; and

(3) secured as to the payment of principal and interest by the unlimited taxing power of the issuer.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 8-302 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-8-302/

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