{"data":{"id":"us-md/md.-code-local-government-1-1108","jurisdiction":"us-md","citation":"Md. Code, Local Government § 1–1108","heading":"","body":"(a) A bond:\n(1) may be in bearer form;\n(2) may be registrable as to principal alone or as to both principal\nand interest; and\n(3) is a security under § 8–102 of the Commercial Law Article,\nwhether or not the bond is one of a class or series or is divisible into a class or series\nof instruments.\n(b) (1) A bond shall be signed manually or in facsimile by the chief\nexecutive.\n(2) An officer’s signature or facsimile signature on a bond remains\nvalid even if the officer leaves office before the bond is delivered.\n(3) The seal of the county or municipality shall be affixed to the bond\nand attested to by the clerk or other similar administrative officer of the county or\nmunicipality.\n(c) (1) A bond shall mature not later than 40 years after the date of\nissue.\n(2) Bonds may be issued as serial bonds or term bonds with\nprovisions for a mandatory sinking fund or other annual principal redemption\nbeginning not later than 3 years after the date of issue.\n(d) (1) A bond shall be sold in the manner, at public sale or private\nnegotiated sale, and on the terms at, above, or below par, as the county or\nmunicipality considers best.\n(2) A bond is not subject to §§ 19–205 and 19–206 of this article.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=1-1108","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"a71d61ac010d87e9c317a2c679b53341ff4377009c0fcb8de597b6fe7932b7d8","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-1-1107","next":"us-md/md.-code-local-government-1-1109"},"notice":"GroundRules: Original legal text. Not legal advice."}