Section 8-219 – Proceeds of Sale of Bond Anticipation Notes
The proceeds of sale of bond anticipation notes shall be spent: (1) 1st, for payment of the expenses of issuance of the notes; and (2) then, subject to § 8-218(a)(2) of this subtitle, only for the public purposes for which the bonds are authorized.
Section 8-220 – Interest Rate Limit on Bonds
(a) (1) Except for the provisions of this section, each State unit shall comply with the provisions, requirements, and limitations in the enabling act. (2) If a State unit is unable to sell bonds to pay the bond anticipation notes under this Part III of this subtitle when due because of an interest rate limitation in the enabling […]
Section 8-202 – Scope of Subtitle
This subtitle does not apply to an entity that is governed by Title 19, Subtitles 1, 2, and 9 and Subtitle 6, Part I of the Local Government Article.
Section 8-205 – Form of Bonds
(a) A State unit authorized to issue bonds may issue bonds: (1) in coupon form; or (2) notwithstanding any other provision of law, in a form that qualifies as a registered form under §§ 103 and 149 of the Internal Revenue Code or a regulation proposed or adopted under those sections. (b) Whenever a State unit provides for the […]
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.