1052

LAWS OF MARYLAND

Ch. 11

and sold" repeats a provision in the first sentence of
present Art. 31, § 12(a). In light of this phrase,
the reference, in present § 12(c), to "the maximum
amount of bonds for the issuance of which said public
body has authority at the times said notes are issued"
is omitted.

Defined terms: "Bond" § 8-201

"Includes";"including" § 1-101 "State unit" § 8-201

8-216. WRITTEN COMMITMENT FOR GRANT.

GRANT ANTICIPATION NOTES MAY NOT BE SOLD UNDER THIS PART III
OF THIS SUBTITLE UNTIL THE STATE UNIT RECEIVES FROM THE GRANTOR A
WRITTEN COMMITMENT FOR THE GRANT.

REVISOR'S NOTE: This section is new language that repeats
the provisions of the third sentence of present Art.
31, § 12(i).

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.

The word "grantor" is substituted for the present
reference to the "federal or State government or
agency or agencies making the grant or grants", for
brevity.

Defined term: "State unit" § 8-201

8-217. SIGNING OF NOTES.

(A)  GENERAL REQUIREMENT FOR BOND ANTICIPATION NOTES.

A BOND ANTICIPATION NOTE MAY NOT BE ISSUED UNDER THIS PART
III OF THIS SUBTITLE UNLESS IT IS SIGNED, ENDORSED, OR GUARANTEED
IN THE MANNER REQUIRED BY LAW FOR THE BONDS IN ANTICIPATION OF
WHICH THE NOTE IS ISSUED.

(B)  OFFICIAL.

A BOND OR GRANT ANTICIPATION NOTE IS VALID AND BINDING IN
ACCORDANCE WITH ITS TERMS NOTWITHSTANDING THAT:                         

(1)  AN OFFICIAL WHOSE SIGNATURE APPEARS ON THE NOTE
IS NO LONGER AN OFFICIAL WHEN THE NOTE IS DELIVERED; OR

(2)  AN OFFICIAL WHOSE SIGNATURE APPEARS ON THE NOTE
BECAME AN OFFICIAL AFTER THE NOTE WAS ISSUED.

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