(a) In this section, 'small denomination bonds' means bonds in denominations of $5,000 or less. (b) In accordance with § 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 § 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.
Maryland Legal Code