# State Finance and Procurement (GSF)

## Title 8. Debt

### Subtitle 1. General Obligation Debt

#### Section 8-120

By resolution, the Board may provide that the State bonds authorized by an enabling act:

(1) be in 1 or more series;

(2) bear a certain date of issue;

(3) be executed in a certain manner;

(4) be sold in a certain manner at public or private, negotiated sale;

(5) be in certain denominations, not necessarily in equal paramounts;

(6) mature in certain amounts at certain times, not necessarily in consecutive annual installments, but not later than 15 years after their respective dates of issue;

(7) bear interest at certain rates or at rates to be determined in the manner stated in the resolution; and

(8) be paid, as to principal and interest, at certain places.

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Md. Code Ann., State Fin. & Proc. (as displayed at mgaleg.maryland.gov, October 16, 2026)