HARRY HUGHES, Governor

1083

borrowing power. The procedures for the issuance of refunding
bonds shall be the same as those applicable to the bonds or other
obligations being refunded, except that refunding bonds may be
sold on a negotiated basis without solicitation of bids if the
issuer determines in a public meeting that such procedure is in
the public interest.

REVISOR'S NOTE: Chapter ____, Acts of 1985, which enacted

the State Finance and Procurement Article, also
amended subsection (a) of this section to delete the
references to the State and its units and
instrumentalities.

These deletions reflect that the substance of this
section, as it related to the State and its units and
instrumentalities, has been repeated in Title 8,
Subtitle 2 of the State Finance and Procurement
Article.

In subsection (a) of this section, the reference to a
"public corporation of the State" is retained, to
standardize the treatment of public corporations.
Formerly, this section and § 30(a)(4) of this article,
a public corporation was listed as an
"instrumentality" of the State. However, in §§ 9(a)
and 29(a)(3) of this article, a public corporation was
included with "political subdivision[s]". To avoid
having 2 laws that might apply to 1 entity, references
to public corporations are retained in this article,
and SF § 8-202 ensures that the provisions of Title 8,
Subtitle 2 of the State Finance and Procurement
Article are not applicable.

29.

(a) (1) In this section, the following words have the
meanings indicated.

(2)  "Bond" means a bond, note, certificate of
indebtedness, or other obligation for the payment of money issued
by a public body.

(3)  "Public body" means any county, any municipal
corporation subject to the provisions of Article XI-E of the
MARYLAND Constitution [of this State], ANY public corporation, OR
ANY other political [subdivisions] SUBDIVISION of this State, or
any of their instrumentalities or agencies[, or any agency,
department or instrumentality of the State]. The term does not
include [the State of Maryland or] the City of Baltimore.

(b)  Notwithstanding any other provision of law to the
contrary, a public body authorized by law to issue and sell
bonds may sell bonds in denominations of less than $1,000 and in
any form, if the public body determines the issuance and sale to
be in the public interest.