§ 12-702. Nature of bonds
West's Annotated Code of MarylandHousing and Community Development
MD Code, Housing & Community Development, § 12-702
§ 12-702. Nature of bonds
(a) Bonds of an authority are issued for an essential public and governmental purpose.
(b)(1) Neither a commissioner of an authority nor a person who executes the bond for an authority is personally liable on the bonds.
(c) The bonds of an authority:
(d) Bonds issued under this Division II and their transfer and the income from them, including any profit made on their sale, shall be free from taxation of every kind by the State and by all political subdivisions.
(e) Bonds issued by an authority are negotiable for the purposes of the Maryland Uniform Commercial Code,1 subject to the registration provisions of the Code.
(f)(1) Bonds issued by an authority are securities in which money may be invested by:
(g) Bonds issued by an authority are securities that may be deposited with or received by any State or municipal officer, governmental unit, or political subdivision of the State for any purpose for which the deposit of bonds of the State is authorized by law.
(h)(1) This subsection:
Credits
Added by Acts 2006, c. 63, § 2, eff. Oct. 1, 2006.
Footnotes
Commercial Law § 1-101 et seq.
MD Code, Housing & Community Development, § 12-702, MD HOUS & CMTY DEV § 12-702
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.
End of Document |