2382

LAWS OF MARYLAND

Ch. 240

(III) AT A PRICE THAT IS NOT LESS THAN
PAR.

(2) ANY BOND ISSUED UNDER THIS SUBTITLE MAY BE
SOLD, AT A PRICE THAT IS NOT LESS THAN PAR, TO THE UNITED
STATES OR TO ANY AGENCY, INSTRUMENTALITY, OR CORPORATION OF
THE FEDERAL GOVERNMENT AT PRIVATE SALE.

(B) INTERIM RECEIPTS OR CERTIFICATES.

THE GOVERNING BODY OF THE MUNICIPALITY THAT ISSUES THE
BONDS MAY:

(1) ISSUE, TO ANY PURCHASER OF A BOND, AN
INTERIM RECEIPT OR CERTIFICATE PENDING PREPARATION OF THE
DEFINITIVE BOND; AND

(2) DETERMINE THE FORM AND PROVISIONS OF THE
INTERIM RECEIPT OR CERTIFICATE.

(C) NEGOTIABILITY AND EXEMPTION FROM TAXATION.

ANY BOND AND INTERIM RECEIPT OR CERTIFICATE ISSUED
UNDER THIS SUBTITLE IS:

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

(2) FOREVER EXEMPT FROM STATE, COUNTY, OR
MUNICIPAL TAXATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the third through
seventh sentences of former Article 43, § 431.

In subsection (c)(1) of this section, reference
to Title 8 of the Commercial Law Article is
substituted for "the Negotiable Instruments Law
of this State". 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was repealed by Ch. 538, Acts of 1963, and was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.

9-809. VALIDITY OF BONDS.

(A) SIGNATURES.

(1) ANY BOND ISSUED UNDER THIS SUBTITLE THAT
BEARS THE SIGNATURES OF THE OFFICERS IN OFFICE ON THE DATE

THE BOND IS SIGNED IS A VALID AND BINDING OBLIGATION