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§ 19-204. Form of bonds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 2. Public Securities (Refs & Annos)
Part II. Conditions on Sale of Public Securities (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-204
Formerly cited as MD CODE, Art. 31, § 30
§ 19-204. Form of bonds
Currentness
Scope of section
(a) This section applies only to the following governmental entities:
(1) a county;
(2) a municipality;
(3) a public corporation of the State;
(4) a sanitary commission or district; and
(5) a unit, public corporation, or other instrumentality of a county or a municipality.
General authority
(b) Notwithstanding any other law, a governmental entity authorized to issue bonds may issue bonds in a form that qualifies as a registered form under §§ 103 and 149 of the Internal Revenue Code or a regulation adopted under those sections.
Ancillary powers
(c) Whenever a governmental entity provides for the sale of bonds in registered form, the governmental entity may:
(1) establish procedures for the registration and transfer of the bonds;
(2) appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent;
(3) in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the bonds, make agreements with:
(i) custodian banks and their nominees; or
(ii) financial intermediaries and their nominees; and
(4) exercise any other power that relates to issuance of bonds in registered form.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-204, MD LOCAL GOVT § 19-204
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document