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§ 13-803. Transfer of allocations

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 13. State-Operated Financial Programs
Subtitle 8. Allocation of Private Activity Bond Authority (Refs & Annos)
MD Code, Financial Institutions, § 13-803
§ 13-803. Transfer of allocations
Currentness
In general
(a) Except as specifically provided in this section, an issuer receiving an allocation under this section may not transfer all or any portion of its allocation to any other issuer.
Reallocation of portion to local issuers within jurisdiction
(b)(1) Any county may, at any time in its sole discretion, reallocate all or any portion of its allocation to any local issuer (including any agency of the county) within its jurisdiction.
(2) Any county which has reallocated all or any portion of its allocation to a local issuer may reduce or further reallocate such reallocation after 30 days' prior written notice to, or after receiving the consent of, such local issuer, unless such local issuer has used such reallocation for the issuance of bonds prior to the effective date of such reduction or further reallocation.
Transfer of portion to State issuer for issuance of bonds
(c)(1) Notwithstanding any applicable law, charter, ordinance, or other corporate document, any issuer receiving an allocation may transfer all or any portion of its allocation to a State issuer for the issuance of bonds.
(2) With the approval of the Secretary, any State issuer may transfer to any other issuer all or any portion of any allocation received by or transferred to it for any purpose. However, the Secretary may place any conditions on any such transfer as the Secretary deems appropriate.
(3) Any housing bond allocation transferred to the Community Development Administration by a local issuer may be transferred to any other issuer only with the approval of the Secretary and the local issuer that transferred the allocation to the Community Development Administration.

Credits

Added by Acts 1987, c. 598, § 1, eff. Jan. 1, 1988.
MD Code, Financial Institutions, § 13-803, MD FIN INST § 13-803
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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