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§ 12-117. Lease or contract as security for bond

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 12. Local Development Authorities and Resources (Refs & Annos)
Subtitle 1. Economic Development Revenue Bond Act (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 12-117
§ 12-117. Lease or contract as security for bond
Currentness
Applicability
(a) This section applies to a lease or contract under which:
(1) the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or
(2) a facility financed by bonds issued under this subtitle will be built on property owned by the State.
Required approvals
(b) The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:
(1) the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and
(2) the Board of Public Works specifically has approved the bond issue for that facility.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 12-117, MD ECON DEV § 12-117
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document