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1427
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HARRY HUGHES, Governor
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corporations, and other instrumentalities of the State or
any political subdivision, to issue bonds, notes, and other
evidences of obligation in registered form.
BY adding to
Article 31 - Debt - Public
Section 30 to be under the new subtitle "Registered Bonds"
Annotated Code of Maryland
(1976 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 31 - Debt - Public
REGISTERED BONDS
30.
(A) (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(2) "BONDS" MEANS GENERAL OBLIGATION BONDS OR NOTES,
REVENUE BONDS OR NOTES, OR OTHER EVIDENCES OF OBLIGATION BY
WHATEVER NAME KNOWN OR SOURCE OF FUNDS SECURED.
(3) "BONDS IN REGISTERED FORM" MEANS BONDS ISSUED IN
ANY FORM QUALIFYING AS "REGISTERED FORM" WITHIN THE MEANING OF
SECTION 103 OF THE INTERNAL REVENUE CODE OF 1954, AS AMENDED, AND
ANY REGULATIONS PROMULGATED OR PROPOSED THEREUNDER, AS AMENDED
FROM TIME TO TIME.
(4) "PUBLIC BODY" MEANS A MUNICIPAL CORPORATION
SUBJECT TO THE PROVISIONS OF ARTICLE 23A, A COUNTY, WHETHER
SUBJECT TO THE PROVISIONS OF ARTICLES 25, 25A, OR 25B, MAYOR AND
CITY COUNCIL OF BALTIMORE, A SANITARY COMMISSION OR DISTRICT,
WHETHER ORGANIZED UNDER THE PROVISIONS OF PUBLIC GENERAL OR
PUBLIC LOCAL LAW, AND A DEPARTMENT, COMMISSION, AUTHORITY, PUBLIC
CORPORATION, AGENCY OR OTHER INSTRUMENTALITY OF THE STATE, A
COUNTY OR A MUNICIPAL CORPORATION, INCLUDING BALTIMORE CITY.
(B) NOTWITHSTANDING ANY PUBLIC GENERAL LAW, PUBLIC LOCAL
LAW, CHARTER OR CODE OF ANY PUBLIC BODY, OR OTHER PROVISION OF
LAW TO THE CONTRARY, ANY PUBLIC BODY AUTHORIZED BY LAW TO ISSUE
AND SELL BONDS MAY ISSUE AND SELL BONDS IN REGISTERED FORM AND
MAY ESTABLISH SUCH PROCEDURES FOR THE REGISTRATION AND TRANSFER
OF BONDS AS IT MAY FIND NECESSARY OR APPROPRIATE. THE POWER TO
ISSUE BONDS IN REGISTERED FORM INCLUDES, WITHOUT LIMITATION, THE
POWER TO APPOINT CORPORATE OR OTHER AUTHENTICATING TRUSTEES,
TRANSFER AGENTS, REGISTRARS, AND PAYING OR OTHER AGENTS, AND THE
POWER TO ENTER INTO AGREEMENTS WITH CUSTODIAN BANKS AND FINANCIAL
INTERMEDIARIES, AND NOMINEES OF ANY OF THEM, IN CONNECTION WITH
THE ESTABLISHMENT AND MAINTENANCE BY OTHERS OF A CENTRAL
DEPOSITORY SYSTEM FOR THE TRANSFER OR PLEDGE OF BONDS.
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