Section 10-513 - Bonds - In general.
§ 10-513. Bonds - In general.
(a) Resolution.- The Corporation may authorize the issuance of revenue bonds by resolution.
(b) Purposes.- The Corporation may issue the bonds:
(1) to finance all or part of the costs of a project; and
(2) for any other lawful purpose of the Corporation authorized in this subtitle.
(c) Timing.- The Corporation may issue the bonds at one time or from time to time.
(d) Terms and conditions.- The Corporation shall determine:
(1) the date of the bonds;
(2) the interest rates of the bonds;
(3) the maturity date of the bonds, which may not exceed 40 years from the date of issue;
(4) the prices, terms, and conditions of sale of the bonds;
(5) the form of the bonds;
(6) the manner of executing the bonds;
(7) the denominations of the bonds; and
(8) the places of payment of principal of and interest on the bonds, at a bank or trust company in or outside the State.
(e) Validity of signature.- An officer's signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(f) Negotiability.-
(1) The bonds are negotiable instruments under the laws of the State.
(2) Bonds may be registrable.
(g) Sale.-
(1) The Corporation may sell the bonds by competitive or negotiated sale in a manner and for a price that the Corporation determines.
(2) The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(h) Escrow.- Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.
[An. Code 1957, art. 41, §§ 13-508(12), 13-510(a), (b), (d)-(g); 2008, ch. 306, § 2.]