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Ch. 470
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2002 LAWS OF MARYLAND
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3-603.
(A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR ANY RECITALS IN
THE INSTRUMENTS, THE BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION
ISSUED UNDER THIS SUBTITLE ARE INVESTMENT SECURITIES UNDER THE LAWS OF
THIS STATE.
(B) THE BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION ISSUED
UNDER THIS SUBTITLE AND THEIR ISSUANCE AND SALE ARE EXEMPT FROM THE
PROVISIONS OF §§ 8-206 AND 8-208 OF THE STATE FINANCE AND PROCUREMENT
ARTICLE.
3-604.
(A) THE DEPARTMENT FROM TIME TO TIME MAY ISSUE ITS REFUNDING
BONDS FOR REFUNDING ANY SPECIAL TRANSPORTATION PROJECT REVENUE BONDS.
(B) THE POWERS GRANTED AND LIMITATIONS IMPOSED IN THIS SUBTITLE AS
TO THE ISSUANCE OF SPECIAL TRANSPORTATION PROJECT REVENUE BONDS ALSO
APPLY TO THE ISSUANCE OF REFUNDING BONDS.
(C) THE STATE TREASURER SHALL SEGREGATE THE PROCEEDS OF THE SALE
OF ANY REFUNDING BONDS IN A SEPARATE TRUST FUND TO BE USED ONLY TO PAY
THE PURCHASE OR REDEMPTION PRICES OF THE BONDS TO BE REFUNDED.
3-605.
(A) BEFORE THE PREPARATION OF DEFINITIVE BONDS, THE DEPARTMENT
MAY ISSUE ITS INTERIM CERTIFICATES OR TEMPORARY BONDS, WITH OR WITHOUT
COUPONS, EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THE DEFINITIVE BONDS
HAVE BEEN EXECUTED AND ARE AVAILABLE FOR DELIVERY.
(B) THE DEPARTMENT MAY ISSUE ITS BOND ANTICIPATION NOTES, PAYABLE
TO THE BEARER OR REGISTERED HOLDER OF THE NOTES OUT OF THE FIRST
PROCEEDS OF THE NEXT SALE OF SPECIAL TRANSPORTATION PROJECT REVENUE
BONDS.
(C) THE RESOLUTION AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION
NOTES MAY PROVIDE FOR THE ISSUANCE OF THESE NOTES IN SERIES, AS FUNDS ARE
REQUIRED, AND FOR THE RENEWAL OF THESE NOTES AT MATURITY, WITH OR
WITHOUT RESALE.
(D) THE ISSUANCE OF BOND ANTICIPATION NOTES, THE DETAILS OF
ISSUANCE, THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS, DUTIES, AND
OBLIGATIONS OF THE DEPARTMENT WITH RESPECT TO THE BOND ANTICIPATION
NOTES ARE GOVERNED BY THE PROVISIONS OF THIS SUBTITLE RELATING TO THE
ISSUANCE OF THE BONDS IN ANTICIPATION OF THE SALE OF WHICH THE NOTES ARE
ISSUED.
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- 3762 -
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