HARRY HUGHES, Governor                                     1013

this section is unclear. If the word "replacement"
refers, e.g., to replacement of a lost bond, the
Commission notes the authority of the Treasurer under
§ 8-145 of this subtitle. On the other hand, if the
word "replacement" is used in the context of a
registered bond, the Board has this authority under §
8-121 of this subtitle.

Defined terms: "Board" § 8-101

"Enabling act" § 8-101 "State bond" § 8-101

8-120. SAME -- SPECIFIC PROVISIONS.

BY RESOLUTION, THE BOARD MAY PROVIDE THAT THE STATE BONDS
AUTHORIZED BY AN ENABLING ACT:

(1)  BE IN 1 OR MORE SERIES;

(2)  BEAR A CERTAIN DATE OF ISSUE;

(3)  BE EXECUTED IN A CERTAIN MANNER;

(4)  BE SOLD IN A CERTAIN MANNER AT PUBLIC SALE;

(5)  BE IN CERTAIN DENOMINATIONS, NOT NECESSARILY IN
EQUAL PAR AMOUNTS;

(6)  MATURE AT CERTAIN TIMES, NOT NECESSARILY IN
CONSECUTIVE ANNUAL INSTALLMENTS, BUT NOT LATER THAN 15 YEARS
AFTER THEIR RESPECTIVE DATES OF ISSUE;

(7)  BEAR INTEREST AT CERTAIN RATES OR AT RATES TO BE
DETERMINED IN THE MANNER STATED IN THE RESOLUTION; AND

(.8) BE PAID, AS TO PRINCIPAL AND INTEREST, AT CERTAIN
PLACES.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause of
former Art. 31, § 21(b)(2), (3), the first sentence of
(6)(a), the first phrase of (5), and, except as it
related to form, (4) and the first clause of § 21(a).

In item (2) of this section, the former reference to
the "manner" of issue is deleted as unnecessary in
light of § 8-119(a) of this subtitle.

Similarly, in item (4) of this section, the former
reference to the "terms and conditions of sale" is
deleted.

In item (5) of this section, the former reference to
the "amount or amounts of maturity" is deleted as
unnecessary in light of the reference to
"denominations".