§ 9-692. Use of bond proceeds
West's Annotated Code of MarylandEnvironment
MD Code, Environment, § 9-692
§ 9-692. Use of bond proceeds
(a) A district may use the proceeds from bonds issued under this subtitle only:
(b) The district shall disburse the proceeds as the sanitary commission provided in its authorizing resolution.
(c)(1) If the proceeds from bonds issued under this subtitle are insufficient to pay the costs incurred for the projects for which the bonds were issued, the district may issue additional bonds to make up the deficit.
(d) If the proceeds from bonds issued under this subtitle exceed the costs incurred for the projects for which the bonds were issued and if the authorizing resolution so requires, the district shall use the surplus to retire bonds of the same series.
(e) If the proceeds from bonds issued under this subtitle exceed the costs incurred for the projects for which the bonds were issued and if the authorizing resolution does not otherwise require:
Credits
Added by Acts 1982, c. 240, § 2.
Formerly Art. 43, § 654.
MD Code, Environment, § 9-692, MD ENVIR § 9-692
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 |