ROBERT L. EHRLICH, JR., Governor                             Ch. 235

(1997 Replacement Volume and 2002 Supplement)

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

Article - State Finance and Procurement

8-120.

By resolution, the Board may provide that the State bonds authorized by an
enabling act:

(1)     be in 1 or more series;

(2)     bear a certain date of issue;

(3)     be executed in a certain manner;

(4)     be sold in a certain manner at public OR PRIVATE, NEGOTIATED sale;

(5)     be in certain denominations, not necessarily in equal paramounts;

(6)     mature in certain amounts at certain times, not necessarily in
consecutive annual installments, but not later than 15 years after their respective
dates of issue;

(7)     bear interest at certain rates or at rates to be determined in the
manner stated in the resolution; and

(8)     be paid, as to principal and interest, at certain places.
8-121.

(a)     By resolution, the Board may specify the form in which State bonds are to
be issued, including:

(1)     a coupon form;

(2)     a capital appreciation form;

(3)      A VARIABLE INTEREST RATE FORM;

[(3)] (4) a form that qualifies as a registered form under §§ 103 and 149
of the Internal Revenue Code or a regulation proposed or adopted under those
sections; and

[(4)] (5) any other registered form.

(b)     (1) Whenever the Board provides for the sale of State bonds in registered
form, the Board may establish procedures for the registration and transfer of the
State bonds.

(2) The Board may exercise any other power that relates to issuance of
State bonds in registered form and that is not conferred on the Treasurer.

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