Section 3-504 - Resolution authorizing issuance of bonds; postponement of time for receipt of proposals; execution of bonds.
§ 3-504. Resolution authorizing issuance of bonds; postponement of time for receipt of proposals; execution of bonds.
(a) Contents of resolution.- A resolution authorizing the issuance of bonds under this subtitle shall determine and specify:
(1) The date or dates of issue;
(2) The date or dates and amount or amounts of maturities, which need not be in equal principal amounts or consecutive annual installments, but a bond may not be issued to mature later than 30 years after the date of its issue;
(3) The rate or rates of interest payable on the bonds, or the manner of determining the rate or rates of interest, and the date or dates of payment of interest;
(4) The tenor, form or forms, denomination or denominations, manner of execution, and place or places of payment of the principal of and interest on the bonds, which may be by any bank or trust company within or without this State;
(5) Whether the bonds are to be issued in coupon, registered or book entry form and whether provision is to be made for the registration of the principal only of coupon bonds, for the reconversion of fully registered bonds into coupon form, and for the replacement of bonds that are mutilated, lost, or destroyed;
(6) Whether the bonds are to be sold at public or private sale, as determined by the Secretary;
(7) If the bonds are to be sold at public sale, the form of notice of sale, which shall outline the terms and conditions of the sale, and the form of advertisement of a summary notice of sale, which shall be published at least once in an appropriate newspaper of general circulation as determined by the Secretary;
(8) Whether all or any part of the bonds are redeemable before maturity and, if so, the terms, conditions, and prices of redemption; and
(9) Any other matter relating to the form, terms, conditions, issuance, sale, and delivery of the bonds.
(b) Postponement of time for receipt of proposals; notice.-
(1) The resolution may provide that the Secretary may postpone the time for receipt of proposals for the bonds without republishing the form of advertisement for the bonds.
(2) (i) The Secretary shall provide notice of the new date and time of sale not less than 24 hours prior to the time proposals are to be submitted, which date may not be more than 30 days after the originally scheduled date of sale.
(ii) The notice may be given by Munifacts News Service or a similar service or such other method as the Secretary deems appropriate.
(c) Execution by signature.-
(1) Bonds shall be executed by the manual or facsimile signature of the Secretary.
(2) Other signatures on the bonds may be either manual or facsimile.
(d) Effect of signature by formerly authorized individual.- If an individual whose manual or facsimile signature appears on any bond or coupon ceases to serve in an authorized capacity before the delivery of the bond, the signature nevertheless is as valid and sufficient for all purposes as if the individual had remained in that capacity until delivery of the bond.
[1993, ch. 539.]