S.B. 689

VETOES

(I) (1) BONDS ISSUED UNDER THIS SECTION MAY BE IN BEARER FORM OR
IN COUPON FORM OR MAY BE REGISTRABLE AS TO PRINCIPAL ALONE OR AS TO
BOTH PRINCIPAL AND INTEREST. EACH BOND SHALL BE DEEMED TO BE A SECURITY
AS DEFINED IN § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE ANNOTATED
CODE OF MARYLAND, WHETHER OR NOT IT IS ONE OF A CLASS OR SERIES OR BY ITS
TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF INSTRUMENTS.

(2)      BONDS SHALL BE SIGNED MANUALLY OR IN FACSIMILE BY THE
PRESIDENT OR VICE PRESIDENT OF THE BOARD OF COUNTY COMMISSIONERS, AND
THE SEAL OF THE COUNTY SHALL BE AFFIXED TO THE BONDS AND ATTESTED TO BY
THE COUNTY MANAGER OR OTHER SIMILAR ADMINISTRATIVE OFFICER OF THE
COUNTY. IF ANY OFFICER WHOSE SIGNATURE OR COUNTERSIGNATURE APPEARS
ON THE COUPONS CEASES TO BE SUCH OFFICER BEFORE DELIVERY OF THE BONDS,
THE OFFICER'S SIGNATURE OR COUNTERSIGNATURE SHALL NEVERTHELESS BE
VALID AND SUFFICIENT FOR ALL PURPOSES THE SAME AS IF THE OFFICER HAD
REMAINED IN OFFICE UNTIL DELIVERY.

(3)      ALL BONDS SHALL MATURE NOT LATER THAN 30 YEARS FROM
THEIR DATE OF ISSUANCE.

(4)      ALL BONDS SHALL BE SOLD EITHER AT PUBLIC OR PRIVATE SALE,
AND IN THE MANNER AND UPON THE TERMS AS THE COUNTY COMMISSIONERS
DEEM BEST. ANY CONTRACT FOR THE ACQUISITION OF PROPERTY MAY PROVIDE
THAT PAYMENT SHALL BE MADE IN BONDS. BONDS ISSUED UNDER THIS SECTION
ARE NOT SUBJECT TO ARTICLE 31, §§ 9, 10, AND 11 OF THE ANNOTATED CODE OF
MARYLAND.

(J) BONDS ISSUED UNDER THIS SECTION ARE SECURITIES:

(1)      IN WHICH ALL PUBLIC OFFICERS AND PUBLIC BODIES OF THE STATE
AND ITS POLITICAL SUBDIVISIONS, ALL INSURANCE COMPANIES, STATE BANKS AND
TRUST COMPANIES, NATIONAL BANKING ASSOCIATIONS, SAVINGS BANKS, SAVINGS
AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, EXECUTORS,
ADMINISTRATORS, TRUSTEES, AND OTHER FIDUCIARIES MAY PROPERLY AND
LEGALLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING
TO THEM; AND

(2)      WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED WITH AND
RECEIVED BY ANY STATE OR COUNTY OFFICER OR ANY AGENCY OR POLITICAL
SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS
OR OBLIGATIONS OF THE STATE IS AUTHORIZED BY LAW.

(K) THE POWERS GRANTED UNDER THIS SECTION SHALL BE REGARDED. AS
SUPPLEMENTAL AND ADDITIONAL TO POWERS CONFERRED BY OTHER LAWS, AND
MAY NOT BE REGARDED AS IN DEROGATION OF ANY POWERS NOW EXISTING.

(L) THIS SECTION, BEING NECESSARY FOR THE WELFARE OF THE STATE AND
ITS RESIDENTS, SHALL BE LIBERALLY CONSTRUED TO EFFECT THE PURPOSE
STATED IN SUBSECTION (B)(2) OF THIS SECTION.

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