Section 8-221 – Commercial Paper
(a) A State unit may issue bond or grant anticipation notes under this Part III of this subtitle as notes in the nature of commercial paper. (b) A bond or grant anticipation note issued as a note in the nature of commercial paper may be secured by: (1) a trust indenture with a trust company, or a bank […]
Section 8-222 – Exemption From Taxation
The following obligations are exempt from State and local taxation: (1) a bond or grant anticipation note issued under this part; (2) a bond issued to pay the notes issued under item (1) of this section; and (3) the interest on the obligations.
Section 8-206 – Public and Private Sales of Bonds
(a) (1) This section does not apply if the total principal amount of the authorized issue is $25,000 or less. (2) This section does not apply to a bond that: (i) matures within 1 year after the date of issue and is issued: 1. in anticipation of tax receipts; 2. to meet current expenses; or 3. to meet an emergency; (ii) is sold […]
Section 8-131.2 – Exemption From Taxation
The State bonds, the transfer of State bonds, the interest payable on State bonds, and any income derived from State bonds, including profit realized in the sale or exchange of State bonds, are exempt from State and local taxes.
Section 8-207 – Simultaneous Issues
(a) This section does not apply to bonds issued under an enabling act that specifically states that this section does not apply. (b) Whenever a State unit simultaneously issues bonds authorized under 2 or more enabling acts, the State unit may allow submission of a bid that: (1) is for bonds authorized under 1 enabling act; and (2) is […]
Section 8-132 – Annuity Bond Fund
(a) In this section, “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code. (b) There is an Annuity Bond Fund. (c) The Comptroller shall: (1) credit to the Annuity Bond Fund any money appropriated in the State budget to: (i) meet the debt service requirements on State bonds; and (ii) pay the costs […]
Section 8-208 – Maturity
(a) (1) This section does not apply to a bond that: (i) matures within 1 year after the date of issue and is issued: 1. in anticipation of tax receipts; 2. to meet current expenses; or 3. to meet an emergency; (ii) is sold to the United States or a unit or instrumentality of the United States; (iii) is issued under a plan […]
Section 8-133 – State and Local Facilities Loan
(a) The source of payment for the principal of and interest on each State bond that is sold as part of a State and local facilities loan shall be as provided in the enabling act under which the State bond is issued. (b) This section does not affect any exemption from taxation provided by law.
Section 8-209 – Refunding Bonds
(a) Subject to the limitations in this section, with the approval of the Board of Public Works, a State unit authorized to issue bonds may issue new bonds to refund its outstanding bonds. (b) The power to issue bonds under this section is in addition to any other power to borrow. (c) A State unit may issue bonds […]
Section 8-134 – State Tax on Property
(a) (1) Subject to the provisions of subsection (b) of this section, on or before May 1 of each year, the Board shall certify to the governing body of each county the rates of State tax on assessable property needed to meet the debt service requirements during the next taxable year on all the State bonds that […]