§ 8-121

Maryland § 8-121

• Jurisdiction: Maryland
• Article gsf: State Finance and Procurement
• Title: 8

Text

(a) By resolution, the Board may specify the form in which State bonds are to be issued, including:

(1) a coupon form;

(2) a capital appreciation form;

(3) a variable interest rate form;

(4) a form that qualifies for tax credits, interest subsidies, or other federal tax benefits;

(5) a form that qualifies as a registered form under §§ 54A, 103, and 149 of the Internal Revenue Code or a regulation proposed or adopted under those sections; and

(6) any other registered form.

(b) (1) Whenever the Board provides for the sale of State bonds in registered form, the Board may establish procedures for the registration and transfer of the State bonds.

(2) The Board may exercise any other power that relates to issuance of State bonds in registered form and that is not conferred on the Treasurer.

(c) Whenever the Board provides for the sale of State bonds in registered form, the Treasurer may:

(1) appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent, or use the agent appointed under § 8-135 of this subtitle;

(2) specify the rights, duties, and compensation of the agent; and

(3) in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the State bonds, make agreements with:

(i) custodian banks and their nominees; or

(ii) financial intermediaries and their nominees.

(d) Whenever the Board provides for the sale of State bonds in variable interest rate form, the Treasurer may:

(1) appoint any agent or other contracting party, including an underwriter, remarketing agent, dealer, tender agent, insurer, liquidity provider, or similar entity; and

(2) specify the rights, duties, and compensation of and make agreements with the agent or other contracting party.