{"data":{"id":"us-md/md.-code-local-government-19-224","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–224","heading":"","body":"(a) This section applies only to the following governmental entities:\n(1) a county;\n(2) a municipality;\n(3) a public corporation or other political subdivision of the State; and\n(4) any instrumentality or agency of a county, municipality, public\ncorporation, or other political subdivision of the State.\n(b) (1) A bond or grant anticipation note issued under Part III of this\nsubtitle shall be considered investment securities to the extent set forth in this\nsection.\n(2) If a bond issued by a governmental entity otherwise complies with\nthe requirements of the Commercial Law Article for investment securities, the bond\nshall be considered to be an investment security notwithstanding that:\n(i) the ordinance, resolution, or other authority under which\nthe bond is issued subjects the bond to an indenture or agreement that is separate\nfrom the ordinance, resolution, or authority;\n(ii) the ordinance, resolution, or other authority under which\nthe bond is issued limits payment of principal and interest to:\n1. the proceeds of limited sources of revenue; or\n2. a special fund established for that purpose;\n(iii) any law limits payment of principal and interest to a\ncertain amount or rate of tax that may be imposed; or\n(iv) principal or interest are registrable.\n(c) A bond that is considered to be an investment security under subsection\n(b) of this section has all the attributes of an investment security that are possessed\nby a bond that is:\n(1) issued on the full faith and credit of the governmental entity;\n(2) payable to bearer; and\n(3) secured as to the payment of principal and interest by the\nunlimited taxing power of the governmental entity.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-224","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"9d7386c61086f3abdf626160b108b0d2e99dfd505b14b5f5fb0c96ca609bb196","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-221","next":"us-md/md.-code-local-government-19-227"},"notice":"GroundRules: Original legal text. Not legal advice."}