The following terms, wherever used or referred to in this
subtitle, shall have the following meanings unless a different meaning
clearly appears from the context:
(a) The term "public body" shall mean any county, public corporation
or other political subdivision of this State or any instrumentality or
agency of any county, public corporation or other political subdivision
of the State, except that said term shall not be construed to include
the Mayor and City Council of Baltimore, any municipal corporation
subject to the provisions of Article XI-E of the Maryland
Constitution, or any housing authority formed pursuant to the
provisions of Article 44A of the Code.
(b) The term "bonds" shall mean bonds, interim certificates, revenue
bonds or other obligations limited as to source of payment, notes,
certificates of indebtedness or other obligations hereafter issued and
sold or offered for sale by any public body pursuant to general or
special statutory authority heretofore or hereafter granted, except
that said term shall not include bonds or other securities issued and
sold or offered for sale by any municipal corporation subject to the
provisions of Article XI-E of the Maryland Constitution, or by the
Mayor and City Council of Baltimore or by any housing authority formed
pursuant to the provisions of Article 44A of the Code, nor shall it
include the following:
(1) Bonds, notes or other securities issued in anticipation of the receipt
of taxes or for current expenses or to meet emergencies, having a
maturity not greater than one year from their date or dates of issue;
(2) Bonds issued pursuant to a plan of refunding or refinancing in
exchange, bond for bond, for outstanding maturing indebtedness other
than current or floating indebtedness, and other than the bonds or
notes described in subparagraph (1) hereof, but including in this
exception bonds issued pursuant to any plan of composition approved and
adopted in a proceeding under Chapter IX of the United States
Bankruptcy Act;
(3) For the purposes of § 10 of this subtitle only, bonds constituting
part of a total authorized issue not exceeding $25,000.00 aggregate par
amount thereof;
(4) Bonds sold by any public body to the United States of America or any
agency or instrumentality thereof;
(5) For the purposes of § 10 of this subtitle only, bonds to be sold to
provide funds which, together with grants of financial assistance,
allocated by the United States of America or any agency or
instrumentality thereof, are to be expended on public works, where, in
the opinion of the Attorney General of Maryland, the contract,
agreement or other writing having reference to said grant or
allocation, contains a stipulation that said grant or allocation is
conditioned upon the public body first having entered into a contract
with a prospective purchaser for the sale of said bonds when
issued.
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