Ch. 689                                       LAWS OF MARYLAND

Approved May 25, 1989.

CHAPTER 689

(House Bill 777)

AN ACT concerning

Small Denomination Bonds

FOR the purpose of altering the limitation on the maximum
denomination of small denomination bonds that a public body
may issue; allowing for certain restrictions on the amount
of bonds sold to a single purchaser; and altering the
limitation on the aggregate principal amount of small
denomination bonds that a public body may issue.

BY repealing and reenacting, with amendments,

Article 31 - Debt - Public

Section 29(f) 29(b), (c), and (f)

Annotated Code of Maryland

(1986 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 31 - Debt - Public

29.

(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 OR LESS and
in any form, if the public body determines the issuance and sale
to be in the public interest.

(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, INCLUDING RESTRICTING THE AMOUNT OF BONDS SOLD TO A
SINGLE PURCHASER.

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