Md. Code, State Finance and Procurement § 8–123.2

(a) In this section, “small denomination bonds” means bonds in denominations of $5,000 or less.

(b) In accordance with § 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 small denomination bonds.

(c) Small denomination bonds may be issued in any form permitted under § 8-121 of this subtitle.

(d) The Board may sell small denomination bonds at a negotiated sale if the Board determines that a negotiated sale will:

(1) result in either a more efficient or economical sale of the bonds; or

(2) provide greater access to investors who are residents of the State of Maryland.