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§ 9-808. Sale of bonds; interim receipts or certificates; negotiability; exemptions from taxati...

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 8. Sewerage Facilities Bond Act
MD Code, Environment, § 9-808
§ 9-808. Sale of bonds; interim receipts or certificates; negotiability; exemptions from taxation
Currentness
Sale of bonds
(a)(1) Except for bonds issued under this subtitle and sold to the United States or to any agency, instrumentality, or corporation of the federal government, any bond issued under this subtitle shall be sold:
(i) At public sale;
(ii) After advertisement; and
(iii) At a price that is not less than par.
(2) Any bond issued under this subtitle may be sold, at a price that is not less than par, to the United States or to any agency, instrumentality, or corporation of the federal government at private sale.
Interim receipts or certificates
(b) The governing body of the municipality that issues the bonds may:
(1) Issue, to any purchaser of a bond, an interim receipt or certificate pending preparation of the definitive bond; and
(2) Determine the form and provisions of the interim receipt or certificate.
Negotiability and exemption from taxation
(c) Any bond and interim receipt or certificate issued under this subtitle is:
(1) Fully negotiable within the meaning of and for all the purposes of Title 8 of the Commercial Law Article; and
(2) Forever exempt from State, county, or municipal taxation.

Credits

Added by Acts 1982, c. 240, § 2.
Formerly Art. 43, § 431.
MD Code, Environment, § 9-808, MD ENVIR § 9-808
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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