1080

LAWS OF MARYLAND

Ch. 11

granted, securities which, by such authority or by the resolution
or ordinance providing for the same, are issued subject to a
separate indenture or agreement or are limited, as to the payment
of the principal and interest thereof, to the proceeds of the
collection of special assessments, tolls, rents, special taxes,
or other limited sources of revenue, or where such principal and
interest are, by such authority, resolution or ordinance, made
payable only from some special fund established for that purpose,
or where such issuer is limited by law in the amount or rate of
taxation which may be levied or imposed for the purpose of paying
such principal and interest, or where provision is made for the
registration of any such securities as to both principal and
interest, then, notwithstanding the provisions of the Commercial
Law Article, as to negotiable instruments, such securities shall
nevertheless pass as negotiable instruments and shall possess all
the attributes thereof, but no more, as are possessed by
securities which any such issuer could or might be authorized to
issue on its full faith and credit, payable to bearer, secured as
to payment of principal and interest by its unlimited taxing
power, provided always that the securities herein referred to
shall comply in all other respects with those provisions as to
negotiable instruments.

REVISOR'S NOTE: Chapter____, Acts of 1985, which enacted

the State Finance and Procurement Article, also
amended this section to delete the references to the
State and its units and instrumentalities and to make
stylistic changes.

These deletions reflect that the substance of this
section, as it related to the State and its units and
instrumentalities, has been repeated in SF § 8-302.

9.

The following terms, wherever used or referred to in this
subtitle, shall have the following meanings unless a different
meaning clearly appears from the context:

(a)  The term "public body" shall mean any county, public
corporation or other political subdivision of this State or any
instrumentality or agency of [this State or of] any county,
public corporation or other political subdivision [thereof] OF
THE STATE, except that said term shall not be construed to
include [this State,] the Mayor and City Council of Baltimore,
any municipal corporation subject to the provisions of Article
XI-E of the MARYLAND Constitution [of this State], or any housing
authority formed pursuant to the provisions of Article 44A of the
Code [of Public General Laws of Maryland].

(b)  The term "bonds" shall mean bonds, interim
certificates, revenue bonds or other obligations limited as to
source of payment, notes, certificates of indebtedness or other
obligations hereafter issued and sold or offered for sale by any
public body pursuant to general or special statutory authority