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ROBERT L. EHRLICH, JR., Governor Ch. 63
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(2) NEITHER THE STATE NOR A POLITICAL SUBDIVISION IS LIABLE ON
THE BONDS.
(C) DEBT.
THE BONDS OF AN AUTHORITY:
(1) ARE NOT A DEBT OF THE STATE OR A POLITICAL SUBDIVISION AND
SHALL STATE SO ON THEIR FACE;
(2) ARE PAYABLE ONLY OUT OF MONEY OR PROPERTY OF THE
AUTHORITY; AND
(3) ARE NOT AN INDEBTEDNESS FOR PURPOSES OF A CONSTITUTIONAL
OR STATUTORY DEBT LIMITATION OR RESTRICTION.
(D) FREE FROM TAXATION.
BONDS ISSUED UNDER THIS DIVISION II AND THEIR TRANSFER AND THE
INCOME FROM THEM, INCLUDING ANY PROFIT MADE ON THEIR SALE, SHALL BE
FREE FROM TAXATION OF EVERY KIND BY THE STATE AND BY ALL POLITICAL
SUBDIVISIONS.
(E) BONDS AS NEGOTIABLE INSTRUMENTS.
BONDS ISSUED BY AN AUTHORITY ARE NEGOTIABLE FOR THE PURPOSES OF
THE MARYLAND UNIFORM COMMERCIAL CODE, SUBJECT TO THE REGISTRATION
PROVISIONS OF THE CODE.
(F) BONDS AS INVESTMENTS.
(1) BONDS. ISSUED BY AN AUTHORITY ARE SECURITIES IN WHICH
MONEY MAY BE INVESTED BY:
(I) PUBLIC OFFICERS AND GOVERNMENTAL UNITS OF THE STATE
OR ITS POLITICAL SUBDIVISIONS;
(II) BANKS, TRUST COMPANIES, SAVINGS AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES, AND OTHERS CARRYING ON A BANKING
BUSINESS;
(III) INSURANCE COMPANIES, INSURANCE ASSOCIATIONS, AND
OTHERS CARRYING ON AN INSURANCE BUSINESS;
(IV) PERSONAL REPRESENTATIVES, GUARDIANS, TRUSTEES, AND
OTHER FIDUCIARIES; AND
(V) ALL OTHER PERSONS.
(2) MONEY THAT MAY BE INVESTED IN THE BONDS INCLUDES CAPITAL
THAT AN INVESTOR OWNS OR CONTROLS.
(G) BONDS AS SECURITIES.
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