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§ 13-806. Use of minority business enterprises

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, § 13-806
§ 13-806. Use of minority business enterprises
Currentness
Construction of projects and provision of services and supplies
(a)(1) The recipients of the proceeds of bonds shall make best efforts to use minority business enterprises in the construction of projects and the provision of services and supplies financed with such proceeds.
(2) State and local issuers shall monitor compliance with this requirement.
Guidance from Secretary
(b) The Secretary may provide guidance in connection with the efforts of such recipients to use minority business enterprises. Such recipients shall provide any information on their efforts to the issuer or to the Secretary that the issuer or the Secretary may request.
Failure to comply with subtitle
(c)(1) Any failure to comply with the provisions of this subtitle does not in any way affect the validity of any bonds issued pursuant to an allocation from the Maryland State ceiling under this subtitle or the tax-exempt status of any such bonds under the Code, including the tax-exempt status of interest on such bonds under the Code.
(2) Any failure to comply with the provisions of this subtitle may be taken into consideration by the Secretary in making allocations from the Secretary's reserve under §§ 13-802(4) and 13-805(d) of this subtitle.

Credits

Added by Acts 1987, c. 598, § 1, eff. Jan. 1, 1988.
MD Code, Financial Institutions, § 13-806, MD FIN INST § 13-806
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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