Maryland Code, ECONOMIC DEVELOPMENT 10-118
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-118
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(b) The Corporation may issue the bonds at one time or in one or more series from time to time.
(c) The Corporation shall determine:
(1) the date of the bonds;
(2) the maturity dates of the bonds, which may not exceed 40 years from the date of issue;
(3) the interest rates on the bonds;
(4) the medium of payment of the principal of and interest on the bonds;
(5) the form of the bonds;
(6) the manner of executing the bonds;
(7) the denominations of the bonds; and
(8) the place at which the principal of and interest on the bonds will be payable, including at a bank or trust company in or outside the State.
(d) An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(e) (1) Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code.
(2) Bonds may be registrable.
(f) (1) The Corporation shall sell the bonds by competitive or negotiated sale in a manner and for a price the Corporation determines to be in its best interests.
(2) Bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(g) Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.