# State Finance and Procurement (GSF)

## Title 8. Debt

### Subtitle 2. Debts of State Units

#### Section 8-205

(a) A State unit authorized to issue bonds may issue bonds:

  (1) in coupon form; or

  (2) notwithstanding any other provision of law, in a form that qualifies as a registered form under Sec.Sec. 103 and 149 of the Internal Revenue Code or a regulation proposed or adopted under those sections.

(b) Whenever a State unit provides for the sale of bonds in registered form, the State unit 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., State Fin. & Proc. (as displayed at mgaleg.maryland.gov, October 16, 2026)