HARRY HUGHES, Governor

2135

SUBJECT TO THE PROVISIONS OF ARTICLE 11E OF THE CONSTITUTION
OF THIS STATE, PUBLIC CORPORATION, OTHER POLITICAL
SUBDIVISIONS OF THIS STATE, OR ANY OF THEIR
INSTRUMENTALITIES OR AGENCIES, OR ANY AGENCY, DEPARTMENT OR
INSTRUMENTALITY OF THE STATE. THE TERM DOES NOT INCLUDE THE
STATE OF MARYLAND OR THE CITY OF BALTIMORE.

(B)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE
CONTRARY, A PUBLIC BODY AUTHORIZED BY LAW TO ISSUE AND SELL
BONDS MAY SELL BONDS IN DENOMINATIONS OF LESS THAN $1,000
AND IN ANY FORM, IF THE PUBLIC BODY DETERMINES THE ISSUANCE
AND SALE TO BE IN THE PUBLIC INTEREST.

(C)  THE PROVISIONS OF §§ 10 AND 11 OF THIS ARTICLE,
AND ANY OTHER PROVISION OF LAW, INCLUDING WITHOUT LIMITATION
PUBLIC GENERAL LAW, PUBLIC LOCAL LAW, OR THE CHARTER OF ANY
PUBLIC BODY, REQUIRING THE SOLICITATION OF COMPETITIVE BIDS
OR THE PUBLIC SALE OF BONDS TO THE HIGHEST BIDDER OR
BIDDERS, OR REGULATING THE MANNER OF ADVERTISING THE SALE OF
THE BONDS OR THE MANNER IN WHICH THE BONDS MAY BE SOLD, DO
NOT APPLY TO THE BONDS ISSUED AND SOLD UNDER THIS SECTION.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY,
ANY PUBLIC BODY ISSUING BONDS UNDER THIS SECTION MAY SELL
THE BONDS IN ANY MANNER THAT IT DEEMS APPROPRIATE.

(D)  EXCEPT AS OTHERWISE PROVIDED BY LAW, ANY PUBLIC
BODY ISSUING BONDS UNDER THIS SECTION MAY DETERMINE THE
PRICE OR PRICES FOR, AND THE INTEREST RATE OR RATES TO BE
PAID ON, THE BONDS.

(E)  ANY PUBLIC BODY ISSUING BONDS UNDER THIS SECTION
SHALL APPROVE AND MAKE AVAILABLE TO PURCHASERS OF THESE
BONDS AN OFFICIAL STATEMENT OR OTHER DISCLOSURE DOCUMENT
THAT SHALL INCLUDE, WITHOUT LIMITATION, THE FOLLOWING:

(1)  A DESCRIPTION OF THE SECURITY FOR THE BONDS;

(2)  A STATEMENT OF THE PURPOSES FOR WHICH THE
PROCEEDS OF THE BONDS WILL BE USED;

(3)  A DESCRIPTION OF THE FINANCIAL CONDITION OF
THE PUBLIC BODY ISSUING THE BONDS;

(4)  THE PRICE OR PRICES FOR AND THE INTEREST
RATE OR RATES TO BE PAID ON THE BONDS; AND

(5)  A STATEMENT OF THE TIME OR TIMES AND PLACE
OR PLACES OF PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE
BONDS.

(F)  NO PUBLIC BODY ISSUING BONDS UNDER THIS SECTION
MAY HAVE ISSUED AND OUTSTANDING AT ANY TIME MORE THAN
$1,000,000 AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS.

(G)  A PUBLIC BODY AUTHORIZED BY THIS SECTION TO ISSUE
AND SELL BONDS IN DENOMINATIONS OF LESS THAN $1,000 MAY IN
NO CASE EXCEED THE LIMITATIONS OF INDEBTEDNESS IMPOSED BY