1050

LAWS OF MARYLAND

Ch. 11

THE STATE, OR ANY OF THEIR UNITS IF, IN THE RESOLUTION THAT
AUTHORIZES THE NOTES, THE STATE UNIT COVENANTS TO PAY FROM THE
PROCEEDS OF THE GRANT IN ANTICIPATION OF THE RECEIPT OF WHICH THE
NOTES ARE ISSUED:

(1)  THE PRINCIPAL OF THE NOTES; AND

(2)  THE INTEREST ON THE NOTES.

REVISOR'S NOTE: This section is new language that repeats.
the provisions of present Art. 31, § 12(b), the first
clause of the first sentence of (a), and the second
and fourth sentences and the first clause of the first
sentence of (i).

In subsection (a) of this section, the broadly defined
term "bond[s]" is substituted for the reference, in
present Art. 31, § 12(a), to "bonds or other
obligations" and the reference, in present § 12(b), to
"bonds", since the words "or other obligations"
suggested that the narrower definition of "bonds", in
present Art. 31, § 9(b), was not intended to apply to
§ 12. Therefore, the exclusions listed in present §
9(b) are not set forth in this section.

In the introductory language of subsection (a) of this
section, the present phrase "for any proper public
purpose" is omitted as surplusage.

Defined terms: "Bond" § 8-201
"Resolution" § 8-201 "State unit" § 8-201

8-214. RESOLUTION.

(A)  REQUIRED.

BOND AND GRANT ANTICIPATION NOTES ISSUED UNDER THIS PART III
OF THIS SUBTITLE SHALL BE AUTHORIZED BY RESOLUTION OF THE STATE
UNIT.

(B)  CONTENTS.

(1)  THE RESOLUTION SHALL STATE:

(I)  THE AUTHORITY FOR THE NOTES AND, IF THE
NOTES ARE BOND ANTICIPATION NOTES, THE AUTHORITY FOR THE BONDS;

(II)  THE AMOUNT OF NOTES AUTHORIZED; AND

(III)  THE TERMS OF THE NOTES.

(2)  THE RESOLUTION SHALL SPECIFY THAT THE NOTES:

(I) BE SOLD IN A CERTAIN MANNER, AT PUBLIC SALE
OR, IF THE STATE UNIT CONSIDERS PRIVATE NEGOTIATION TO BE IN ITS
BEST INTEREST, AT PRIVATE SALE;