§ 10-513
256 words·~1 min read·
/md/economic-development/10-513A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–513.
(a)The Corporation may authorize the issuance of revenue bonds by resolution.
(b)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)The Corporation may issue the bonds at one time or from time to time.
(d)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)An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(1)The bonds are negotiable instruments under the laws of the State.
(2)Bonds may be registrable.
(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)Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.