§ 10-222. Bonds--Proceeds; sinking fund
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 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 2. Maryland Food Center Authority (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-222
§ 10-222. Bonds--Proceeds; sinking fund
(a) The Authority shall apply the proceeds of the bonds for the purposes for which the bonds are authorized.
(b)(1) The Authority shall set aside a sufficient amount of the revenues derived from a development or project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement or resolution.
(c) To the extent provided in the trust agreement or resolution, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary or convenient:
(d)(1) The lien of the pledge of revenues under subsection (b) of this section is valid and binding from the time the pledge is made.
Credits
Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-222, MD ECON DEV § 10-222
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.
End of Document |