2338

LAWS OF MARYLAND

Ch. 240

As to the manner in which Ch. 248, Acts of 1970,
and Ch. 626, Acts of 1970 are reflected in the
revision of this section, see the revisor's note
to § 9-686 of this subtitle.

9-689. STATUS OF BONDS.

BONDS ISSUED UNDER THIS SUBTITLE ARE:

(1) FULLY NEGOTIABLE WITHIN THE MEANING OF AND
FOR ALL THE PURPOSES OF TITLE 8 OF THE COMMERCIAL LAW
ARTICLE; AND

(2) EXEMPT FROM ALL STATE, COUNTY, AND CITY
TAXATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the fifth and
eighth sentences of former Article 43, § 654(a).

In item (1) of this section, reference to Title 8
of the Commercial Law Article is substituted for
"the negotiable instruments law of the State of
Maryland". The Negotiable Instruments Law was
repealed by Ch. 538, Acts of 1963, and was
replaced in substance, with regard to municipal
bonds, by the investment securities provisions of
the Maryland Uniform Commercial Code. No
substantive change results from this
substitution.

9-690. TEMPORARY BONDS AND RECEIPTS.

(A)  POWER OF SANITARY COMMISSION.

BEFORE THE DEFINITIVE BONDS ARE AVAILABLE FOR DELIVERY
TO BOND HOLDERS, THE DISTRICT MAY ISSUE:

(1) INTERIM RECEIPTS FOR PAYMENT FOR THE BONDS;
OR

(2) TEMPORARY BONDS WITH OR WITHOUT COUPONS.

(B)  EXCHANGE FOR DEFINITIVE BONDS.

THE INTERIM RECEIPTS OR TEMPORARY BONDS MAY BE
EXCHANGED FOR DEFINITIVE BONDS WHEN THE DEFINITIVE BONDS ARE
AVAILABLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of former Article 43, § 654(c).

In subsection (a) of this section, the former