Md. Code, State Finance and Procurement § 8–123.1

(a) In accordance with the authority to issue capital appreciation bonds under § 8-121 of this subtitle, the Board, in a resolution setting forth the terms and conditions of any State bond issue, may designate that all or a portion of the State bonds be issued as capital appreciation bonds.

(b) The Board may sell the capital appreciation bonds at a negotiated sale if the Board determines that a negotiated sale will provide greater access to investors who are residents of the State of Maryland.