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PARRIS N. GLENDENING, Governor
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Ch. 559
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(6) BEAR THE OFFICIAL SEAL OF THE BOARD OR A FACSIMILE OF THE
SEAL AFFIXED TO THE BONDS AND ATTESTED BY THE MANUAL OR FACSIMILE
SIGNATURE OF THE SECRETARY OF THE BOARD;
(7) BE PAYABLE IN LAWFUL MONEY OF THE UNITED STATES OF
AMERICA AT A DESIGNATED PLACE;
(8) BE SUBJECT TO THE TERMS OF PURCHASE, PAYMENT, REDEMPTION,
REFUNDING, OR REFINANCING THAT THE RESOLUTION OF THE BOARD PROVIDES;
AND
(9) BE SOLD IN THE MANNER AND UPON THE TERMS DETERMINED BY
THE BOARD INCLUDING PRIVATE OR NEGOTIATED SALE.
(H) ALL BONDS ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE SHALL
HAVE ALL THE QUALITIES AND INCIDENTS OF NEGOTIABLE INSTRUMENTS UNDER
THE LAWS OF THE STATE RELATING TO NEGOTIABLE INSTRUMENTS.
(I) PRIOR TO THE PREPARATION OF DEFINITIVE BONDS, THE BOARD, UNDER
LIKE RESTRICTIONS, MAY ISSUE INTERIM RECEIPTS OR TEMPORARY BONDS, WITH
OR WITHOUT COUPONS, EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THE BONDS
ARE EXECUTED AND AVAILABLE FOR DELIVERY.
(J) (1) BONDS MAY BE ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE:
(I) WITHOUT OBTAINING THE CONSENT OF ANY DEPARTMENT,
DIVISION, COMMISSION, BOARD, BUREAU, OR AGENCY OF THE STATE; OR
(II) WITHOUT ANY OTHER PROCEEDINGS OR THE OCCURRENCE OF
ANY OTHER CONDITIONS OTHER THAN THOSE PROCEEDINGS OR CONDITIONS THAT
ARE REQUIRED SPECIFICALLY BY PROVISIONS OF THIS SUBTITLE.
(2) THE PROVISIONS OF TITLE 8, SUBTITLE 2 OF THE STATE FINANCE
AND PROCUREMENT ARTICLE DO NOT APPLY TO BONDS ISSUED UNDER THE
PROVISIONS OF THIS SUBTITLE.
(K) THE BOARD SHALL ESTABLISH ONE OR MORE TRUST FUNDS FOR THE
DEPOSIT OF THE PROCEEDS OF THE BONDS OF ANY ISSUE.
(L) THE BOARD MAY:
(1) MAINTAIN SEPARATE ACCOUNTS FOR PURPOSES OF IDENTIFYING
THE SOURCES OF PAYMENT OF THE BONDS FOR THE ACQUISITION, DEVELOPMENT,
OR IMPROVEMENT OF PUBLIC SCHOOL FACILITIES; AND
(2) RETAIN THE INTEREST REVENUE OR OTHER INVESTMENT INCOME
FROM THE BONDS OF ANY ISSUE FOR THE PURPOSES OF APPLYING THE REVENUE OR
INCOME TO THE COSTS OF ACQUIRING, CONSTRUCTING, RECONSTRUCTING,
RENOVATING, EQUIPPING, MAINTAINING, OR REPAIRING SCHOOL FACILITIES.
(K) (M) (1) ANY BONDS BOND ISSUED UNDER THIS SUBTITLE DO SHALL
STATE ON ITS FACE THAT THE BOND DOES NOT CREATE OR CONSTITUTE ANY
INDEBTEDNESS OR OBLIGATION OF THE STATE, OF THE MAYOR AND CITY COUNCIL
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- 2971 -
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