# Local Government (GLG)

## Title 19. Public Debt

### Subtitle 2. Public Securities

#### Section 19-204

(a) This section applies only to the following governmental entities:

  (1) a county;

  (2) a municipality;

  (3) a public corporation of the State;

  (4) a sanitary commission or district; and

  (5) a unit, public corporation, or other instrumentality of a county or a municipality.

(b) Notwithstanding any other law, a governmental entity authorized to issue bonds may issue bonds in a form that qualifies as a registered form under Sec.Sec. 103 and 149 of the Internal Revenue Code or a regulation adopted under those sections.

(c) Whenever a governmental entity provides for the sale of bonds in registered form, the governmental entity may:

  (1) establish procedures for the registration and transfer of the bonds;

  (2) appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent;

  (3) in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the bonds, make agreements with:

    (i) custodian banks and their nominees; or

    (ii) financial intermediaries and their nominees; and

  (4) exercise any other power that relates to issuance of bonds in registered form.

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Md. Code Ann., Local Gov't (as displayed at mgaleg.maryland.gov, October 16, 2026)