Section 8-211 – Exclusion of Interest From Gross Income for Federal Tax Purposes
(a) (1) In this section the following words have the meanings indicated. (2) “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code. (3) “Financial officer” means the Controller, the director of finance or similar official of a unit of the State government or a political instrumentality of the State that has […]
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 8-207 – 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 8-208 – 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 8-209 – 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 8-210 – Small Denominations
(a) A State unit authorized to issue bonds: (1) subject to the limitations in this section and notwithstanding any other law, if the State unit determines that it is in the public interest, may issue and sell the bonds in denominations of less than $1,000, in any form; and (2) subject to any other provision of law, may […]