# State Finance and Procurement (GSF)

## Title 8. Debt

### Subtitle 1. General Obligation Debt

#### Section 8-123.2

(a) In this section, "small denomination bonds" means bonds in denominations of $5,000 or less.

(b) In accordance with Sec. 8-121 of this subtitle, the Board, in a resolution setting forth the terms and conditions of any State bond issue, may designate that all or a portion of the State bonds be issued as small denomination bonds.

(c) Small denomination bonds may be issued in any form permitted under Sec. 8-121 of this subtitle.

(d) The Board may sell small denomination bonds at a negotiated sale if the Board determines that a negotiated sale will:

  (1) result in either a more efficient or economical sale of the bonds; or

  (2) provide greater access to investors who are residents of the State of Maryland.

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