Maryland Governor - Executive and Administrative Departments Section 14-212

      (a)      All bonds may be in bearer form or in coupon form or may be registrable as to principal alone or as to both principal and interest. Each of the bonds shall be deemed to be a "security" within the meaning of § 8-102 of the Commercial Law Article, whether or not it is either one or a class or series or by its terms is divisible into a class or series of instruments.

      (b)      All bonds shall be signed manually or in facsimile by the chief executive officer of the municipality or county, and the seal of the municipality or county shall be affixed thereto and attested by the clerk or other similar administrative officer of the county or municipality. If any officer whose signature or countersignature appears on the coupons ceases to be such officer before delivery of the bonds, his signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery.

      (c)      All bonds shall mature not later than 40 years from their date of issuance.

      (d)      All bonds shall be sold in such manner, either at public or private sale, and upon such terms as the governing body of the municipality or county or the board of directors of an authority deems best. Any contract for the acquisition of property may provide that payment shall be made in bonds. Bonds shall not be subject to the provisions of §§ 9, 10, and 11 of Article 31 of the Annotated Code of Maryland, as amended from time to time.