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§ 9-941. Miscellaneous provisions

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 9. Water and Sewer Authorities
Part IV. Bonds of Authorities
MD Code, Environment, § 9-941
§ 9-941. Miscellaneous provisions
Currentness
Payment of principal and interest on bonds
(a) An authority shall pay the principal of and interest on its bonds only from the funds from which this subtitle authorizes payment.
Power of authority regarding bonds issued
(b) For any bond that an authority issues, the authority:
(1) Shall place the date of issue on the bond;
(2) Shall set the maturity date for the bond, which shall be any time up to 40 years from the date of issue; and
(3) May provide for the redemption of the bond before maturity:
(i) At the option of the authority; and
(ii) At a price and on terms and conditions that the authority fixes before it issues the bond.
Validity of bond or certificate; change of officers
(c) A bond or certificate that otherwise conforms to this section is valid and sufficient for all purposes whether or not the officer whose signature or a facsimile of whose signature is on the bond or certificate is still an officer when the bond or certificate is delivered.
Form of bonds
(d) An authority:
(1) Shall determine the form of its bonds; and
(2) May issue its bonds in coupon or registered form or both.
Authority determinations; execution, denominations, and payment of bonds
(e) An authority shall determine:
(1) The manner of execution of its bonds;
(2) The denominations of its bonds; and
(3) The places for payment of the principal of and interest on its bonds, which may be any bank or trust company.
Bond is negotiable
(f) A bond issued under this subtitle is fully negotiable as provided in Title 8 of the Commercial Law Article.
Registration of bonds
(g) An authority may provide for:
(1) The registration of any coupon bond as to:
(i) Principal only; or
(ii) Both principal and interest; and
(2) The reconversion into a coupon bond of any bond that is registered as to both principal and interest.

Credits

Added by Acts 1985, c. 173, § 2.
MD Code, Environment, § 9-941, MD ENVIR § 9-941
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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