Md. Code, State Finance and Procurement § 8–302

(a) In this section, “bond” means an obligation of the State or of any of its units or instrumentalities.

(b) If a bond 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:

(1) the resolution or other authority under which the bond is issued subjects the bond to an indenture or agreement that is separate from the resolution or authority;

(2) the resolution or other authority under which the bond is issued limits payment of principal and interest to:

(i) the proceeds of limited sources of revenue; or

(ii) a special fund established for that purpose;

(3) any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or

(4) 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 issuer;

(2) payable to bearer; and

(3) secured as to the payment of principal and interest by the unlimited taxing power of the issuer.