(a) A State unit authorized to issue bonds may issue and sell bond anticipation notes if, in the resolution that authorizes the notes, the State unit covenants to: (1) pay from the proceeds of the bonds in anticipation of the sale of which the notes are issued: (i) the principal of the notes; and (ii) to the extent that […]
(a) Bond and grant anticipation notes issued under this Part III of this subtitle shall be authorized by resolution of the State unit. (b) (1) The resolution shall state: (i) the authority for the notes and, if the notes are bond anticipation notes, the authority for the bonds; (ii) the amount of notes authorized; and (iii) the terms of the notes. […]
(a) A State unit may not issue bond anticipation notes under this Part III of this subtitle in a total principal amount that exceeds the authorized amount of the bonds in anticipation of the sale of which the notes are issued and sold. (b) A State unit may not issue grant anticipation notes under this Part III […]
Grant anticipation notes may not be sold under this Part III of this subtitle until the State unit receives from the grantor a written commitment for the grant.
(a) A bond anticipation note may not be issued under this Part III of this subtitle unless it is signed, endorsed, or guaranteed in the manner required by law for the bonds in anticipation of which the note is issued. (b) A bond or grant anticipation note is valid and binding in accordance with its terms notwithstanding […]
(a) (1) The principal of and interest on bond anticipation notes under this Part III of this subtitle shall be payable from: (i) the 1st proceeds of sale of the bonds; or (ii) the tax or other revenue that the State unit has pledged to the payment of the bonds. (2) One year’s interest on the notes, or on any […]
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.
(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 […]
(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 […]
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.
