1084

LAWS OF MARYLAND

Ch. 11

(c)  The provisions of §§ 10 and 11 of this article, and any
other provision of law, including without limitation public
general law, public local law, or the charter of any public body,
requiring the solicitation of competitive bids or the public sale
of bonds to the highest bidder or bidders, or regulating the
manner of advertising the sale of the bonds or the manner in
which the bonds may be sold, do not apply to the bonds issued and
sold under this section. Notwithstanding any other provision of
law to the contrary, any public body issuing bonds under this
section may sell the bonds in any manner that it deems
appropriate.

(d)  Except as otherwise provided by law, any public body
issuing bonds under this section may determine the price or
prices for, and the interest rate or rates to be paid on, the
bonds.

(e)  Any public body issuing bonds under this section shall
approve and make available to purchasers of these bonds an
official statement or other disclosure document that shall
include, without limitation, the following:

(1)  A description of the security for the bonds;

(2)  A statement of the purposes for which the
proceeds of the bonds will be used;

(3)  A description of the financial condition of the
public body issuing the bonds;

(4)  The price or prices for the interest rate or
rates to be paid on the bonds; and

(5)  A statement of the time or times and place or
places of payment of the principal of and interest on the bonds.

(f)  No public body issuing bonds under this section may
have issued and outstanding at any time more than $1,000,000
aggregate principal amount of such bonds.

(g)  A public body authorized by this section to issue and
sell bonds in denominations of less than $1,000 may in no case
exceed the limitations of indebtedness imposed by State law,
county charter, county code, or any other provision of law.

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

the State Finance and Procurement Article, also

amended subsection (a)(3) 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,