Md. Code, State Fin. & Proc. § 8-302

(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.