HARRY HUGHES, Governor

1051

(II)  MATURE AT CERTAIN TIMES;

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

(IV)  BE SOLD FOR CERTAIN PRICES OR FOR PRICES
TO BE DETERMINED IN THE MANNER STATED IN THE RESOLUTION, WHICH
MAY BE AT, ABOVE, OR BELOW PAR.

(3) THE RESOLUTION MAY PROVIDE THAT THE NOTES:

(I)  BE IN 1 OR MORE SERIES, AS MONEY IS
REQUIRED; AND

(II)  BE RENEWABLE AT MATURITY WITH OR WITHOUT
RESALE.

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

In subsection (a) of this subtitle, the phrase "under
this Part III of this subtitle" is added to clarify
that this section does not apply to notes issued under
other authority.

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

8-215. AMOUNT OF NOTES.

(A)  BOND ANTICIPATION NOTES.

A STATE UNIT MAY NOT ISSUE BOND ANTICIPATION NOTES UNDER
THIS PART III OF THIS SUBTITLE IN A TOTAL PRINCIPAL AMOUNT THAT
EXCEEDS THE AUTHORIZED AMOUNT OF THE BONDS IN ANTICIPATION OF THE
SALE OF WHICH THE NOTES ARE ISSUED AND SOLD.

(B)  GRANT ANTICIPATION NOTES.

A STATE UNIT MAY NOT ISSUE GRANT ANTICIPATION NOTES UNDER
THIS PART III OF THIS SUBTITLE IN A TOTAL AMOUNT, INCLUDING
INTEREST, THAT EXCEEDS THE AMOUNT OF THE GRANT IN ANTICIPATION OF
THE RECEIPT OF WHICH THE NOTES ARE ISSUED AND SOLD.

REVISOR'S NOTE: This section is new language that repeats
the provisions of present Art. 31, § 12(c) and the
references to amount in the first sentence of (a) and
in the first sentence of (i).

In subsection (a) of this section, the phrase "in
anticipation of the sale of which the notes are issued