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<section article="gsf" article_name="State Finance and Procurement" number="8-302" title_number="8" title_name="Debt" subtitle_number="3">
  <level label="a">
    <text>In this section, “bond” means an obligation of the State or of any of its units or instrumentalities.</text>
  </level>
  <level label="b">
    <text>If a bond otherwise complies with the requirements of the Commercial Law Article for investment securities, the bond shall be considered to be an investment security notwithstanding that:</text>
    <level label="1">
      <text>the resolution or other authority under which the bond is issued subjects the bond to an indenture or agreement that is separate from the resolution or authority;</text>
    </level>
    <level label="2">
      <text>the resolution or other authority under which the bond is issued limits payment of principal and interest to:</text>
      <level label="i">
        <text>the proceeds of limited sources of revenue; or</text>
      </level>
      <level label="ii">
        <text>a special fund established for that purpose;</text>
      </level>
    </level>
    <level label="3">
      <text>any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or</text>
    </level>
    <level label="4">
      <text>principal or interest are registrable.</text>
    </level>
  </level>
  <level label="c">
    <text>A bond that is considered to be an investment security under subsection (b) of this section has all the attributes of an investment security that are possessed by a bond that is:</text>
    <level label="1">
      <text>issued on the full faith and credit of the issuer;</text>
    </level>
    <level label="2">
      <text>payable to bearer; and</text>
    </level>
    <level label="3">
      <text>secured as to the payment of principal and interest by the unlimited taxing power of the issuer.</text>
    </level>
  </level>
</section>
