Md. Code, Local Government § 19–224

(a) This section applies only to the following governmental entities:

(1) a county;

(2) a municipality;

(3) a public corporation or other political subdivision of the State; and

(4) any instrumentality or agency of a county, municipality, public

corporation, or other political subdivision of the State.

(b) (1) A bond or grant anticipation note issued under Part III of this

subtitle shall be considered investment securities to the extent set forth in this

section.

(2) If a bond issued by a governmental entity otherwise complies with

the requirements of the Commercial Law Article for investment securities, the bond

shall be considered to be an investment security notwithstanding that:

(i) the ordinance, resolution, or other authority under which

the bond is issued subjects the bond to an indenture or agreement that is separate

from the ordinance, resolution, or authority;

(ii) the ordinance, resolution, or other authority under which

the bond is issued limits payment of principal and interest to:

1. the proceeds of limited sources of revenue; or

2. a special fund established for that purpose;

(iii) any law limits payment of principal and interest to a

certain amount or rate of tax that may be imposed; or

(iv) principal or interest are registrable.

(c) A bond that is considered to be an investment security under subsection

(b) of this section has all the attributes of an investment security that are possessed

by a bond that is:

(1) issued on the full faith and credit of the governmental entity;

(2) payable to bearer; and

(3) secured as to the payment of principal and interest by the

unlimited taxing power of the governmental entity.