Ch. 626                                    1996 LAWS OF MARYLAND

(2) (I) [Bonds] EXCEPT AS PROVIDED UNDER SUBPARAGRAPH (II) OF
THIS PARAGRAPH, BONDS may not be issued under this section unless the County
obtains a rating of investment grade for the bonds from at least one of the organizations
that, rate the County's general obligation bonds.

(II) AN INVESTMENT GRADE RATING IS NOT REQUIRED FOR
BONDS THAT ARE SOLD TO NOT MORE THAN 35 PURCHASERS. EACH OF WHOM
CERTIFIES TO THE COUNTY AND THE PARTICIPATING UNDERWRITER THAT THE
PURCHASER:

1. HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL
AND BUSINESS MATTERS THAT IT IS CAPABLE OF EVALUATING THE MERITS AND
RISKS OF INVESTMENT IN THE BONDS; AND

2. IS NOT PURCHASING FOR MORE THAN ONE ACCOUNT OR
WITH A VIEW TO DISTRIBUTING THE BONDS.

(3) BONDS OR OTHER EVIDENCES OF INDEBTEDNESS ISSUED UNDER
THIS SECTION SHALL BE TREATED AS SECURITIES TO THE SAME EXTENT
PERMITTED FOR SPECIAL OBLIGATION DEBT ISSUED UNDER ARTICLE 24. § 9-1301 OF
THE CODE

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1996.

Approved May 23, 1996.

CHAPTER 626
(House Bill 609)

AN ACT concerning

Work, Not Welfare, and Enterprise Zone Income Tax Credits - Tax Exempt
Organizations - Withholding Taxes Unrelated Easiness Taxable Income

FOR the purpose of allowing certain tax exempt organizations to apply certain tax credits
against certain taxes withheld from the wages of employees and required to be paid
to the Comptroller; providing that certain addition modifications relating to certain
tax credits do not apply to certain tax exempt organizations income tax due on
unrelated business taxable income; altering certain definitions; providing for the
application of this Act; providing for the termination of part of this Act; and
generally relating to certain tax credits for certain tax exempt organizations against
certain taxes.

BY repealing and reenacting, with amendments,
Article - Tax - General

Section 10-702(a)(2)(i), (b), (o), and (f) and (b)
Annotated Code of Maryland

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