Ch. 3                                       1994 LAWS OF MARYLAND

other form of official action, customarily used by the public body or municipal
corporation, which shall cite the authority for the notes and bonds and the amount
authorized, shall fix the maturities, interest rates or the manner of determining the same,
and other terms of such bond anticipation notes, the price or prices at which the notes
will be sold, which may be at, above or below the face value thereof, or the manner of
determining the price or prices at which the notes will be sold and the manner of their
sale, which may be by private negotiation by the public body or municipal corporation
with a prospective purchaser or purchasers if deemed by the public body or municipal
corporation to be for its best interest. The resolution or ordinance may provide for the
issuance of the notes, pursuant to the sale, in series as funds are required, and may also
provide for the renewal of the notes at maturity with or without resale. All such notes
shall be signed, [endorsed] ENDORSED, or guaranteed in the same manner as shall be
provided by law for the bonds in anticipation of which the notes are issued, and no such
notes shall be issued under this subsection unless so signed, endorsed, or guaranteed.
Bond anticipation notes authorized by [subsection (a) of this section] THIS SUBSECTION
may be issued as notes in the nature of commercial paper and, if so issued, may, in the
discretion of the public body or municipality issuing the notes, be secured by a trust
indenture with a corporate trustee or trustees, which may be any trust company or bank
having the powers of a trust company within or without the State, and by a letter of credit,
line of credit, or other credit arrangement from or with a bank or other lending
institution. The letter of credit, line of credit, or other credit arrangement may be made
payable out of the first proceeds of sale of the bonds, or from the tax or other revenue
which the public body or municipal corporation shall have previously determined to apply
to the payment of the bonds and the interest thereon.

DRAFTER'S NOTE:                                           

Error: Stylistic errors in Article 31, § 12(a).

Occurred: Ch. 255, Acts of 1984.

Article 33 - Election Code

2-3.

(a) Each member of the boards of the several political subdivisions of the State
shall receive an annual salary of not less than the following amounts:                 

(1) Allegany County: The members shall receive the salary set by the County
Commissioners in accordance with Article 24, [Title 11] TITLE 12, Subtitle 1 of the Code.

DRAFTER'S NOTE:

Error: Obsolete cross-reference in Article 33, § 2-3(a)(1).

Occurred: As a result of the renumbering of Article 24, Title 11. to be Article
24, Title 12 by the Michie Company in the codification of Chapters 4 and 196
of the Acts of 1992.

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