Maryland Debt - Public Section 29

      (a)      (1)      In this section, the following words have the meanings indicated.

            (2)      "Bond" means a bond, note, certificate of indebtedness, or other obligation for the payment of money issued by a public body.

            (3)      "Public body" means any county, any municipal corporation subject to the provisions of Article XI-E of the Maryland Constitution, any public corporation, or any other political subdivision of this State, or any of their instrumentalities or agencies. The term does not include the City of Baltimore.

      (b)      (1)      Notwithstanding any other provision of law to the contrary, a public body authorized by law to issue and sell bonds may sell bonds in denominations of $1,000 or less and in any form, if the public body determines the issuance and sale to be in the public interest.

            (2)      The authorized public body may sell the bonds in integral multiples.

      (c)      The provisions of §§ 10 and 11 of this article, and any other provision of law, including without limitation public general law, public local law, or the charter of any public body, requiring the solicitation of competitive bids or the public sale of bonds to the highest bidder or bidders, or regulating the manner of advertising the sale of the bonds or the manner in which the bonds may be sold, do not apply to the bonds issued and sold under this section. Notwithstanding any other provision of law to the contrary, any public body issuing bonds under this section may sell the bonds in any manner that it deems appropriate, including restricting the amount of bonds sold to a single purchaser.

      (d)      Except as otherwise provided by law, any public body issuing bonds under this section may determine the price or prices for, and the interest rate or rates to be paid on, the bonds.

      (e)      Any public body issuing bonds under this section shall approve and make available to purchasers of these bonds an official statement or other disclosure document that shall include, without limitation, the following:

            (1)      A description of the security for the bonds;

            (2)      A statement of the purposes for which the proceeds of the bonds will be used;

            (3)      A description of the financial condition of the public body issuing the bonds;

            (4)      The price or prices for the interest rate or rates to be paid on the bonds; and

            (5)      A statement of the time or times and place or places of payment of the principal of and interest on the bonds.

      (f)      No public body issuing bonds under this section may have issued and outstanding at the time bonds are issued more than the greater of:

            (1)      $1,000,000 aggregate principal amount of such bonds; or

            (2)      An aggregate principal amount of such bonds equal to 10 percent of the total outstanding bonded indebtedness of the public body at the time the bonds are issued.

      (g)      A public body authorized by this section to issue and sell bonds in denominations of less than $1,000 may in no case exceed the limitations of indebtedness imposed by State law, county charter, county code, or any other provision of law.