Current with changes from the 2024 Legislative Session
Section 9-941 - Principal and interest; maturity; form; negotiability; registration; reconversion(a) An authority shall pay the principal of and interest on its bonds only from the funds from which this subtitle authorizes payment.(b) For any bond that an authority issues, the authority: (1) Shall place the date of issue on the bond;(2) Shall set the maturity date for the bond, which shall be any time up to 40 years from the date of issue; and(3) May provide for the redemption of the bond before maturity: (i) At the option of the authority; and(ii) At a price and on terms and conditions that the authority fixes before it issues the bond.(c) A bond or certificate that otherwise conforms to this section is valid and sufficient for all purposes whether or not the officer whose signature or a facsimile of whose signature is on the bond or certificate is still an officer when the bond or certificate is delivered.(d) An authority: (1) Shall determine the form of its bonds; and(2) May issue its bonds in coupon or registered form or both.(e) An authority shall determine: (1) The manner of execution of its bonds;(2) The denominations of its bonds; and(3) The places for payment of the principal of and interest on its bonds, which may be any bank or trust company.(f) A bond issued under this subtitle is fully negotiable as provided in Title 8 of the Commercial Law Article.(g) An authority may provide for:(1) The registration of any coupon bond as to:(ii) Both principal and interest; and(2) The reconversion into a coupon bond of any bond that is registered as to both principal and interest.