(a) In this section, “bond” means an obligation of the State or of any of its units or instrumentalities.
(b) 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:
(1) 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;
(2) the resolution or other authority under which the bond is issued limits payment of principal and interest to:
(i) the proceeds of limited sources of revenue; or
(ii) a special fund established for that purpose;
(3) any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or
(4) principal or interest are registrable.
(c) 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:
(1) issued on the full faith and credit of the issuer;
(2) payable to bearer; and
(3) secured as to the payment of principal and interest by the unlimited taxing power of the issuer.
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