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§ 12-312. Loans and donations to code authority

West's Annotated Code of MarylandHousing and Community Development

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division II. Housing Authorities [Titles 12-End] (Refs & Annos)
Title 12. Provisions of Statewide Applicability (Refs & Annos)
Subtitle 3. Commissioners (Refs & Annos)
MD Code, Housing & Community Development, § 12-312
§ 12-312. Loans and donations to code authority
Money for administrative expenses and overhead
(a)(1) When a code authority becomes authorized to do business and exercise its powers, the political subdivision:
(i) immediately shall estimate the amount of money necessary for the administrative expenses and overhead of the code authority during the first year thereafter; and
(ii) shall appropriate that amount to the code authority out of money in the political subdivision's treasury not appropriated to some other purpose.
(2) The political subdivision shall pay the money appropriated to the code authority as a donation.
Loans for political subdivision
(b)(1) Subject to paragraph (2) of this subsection, the political subdivision shall appropriate to the code authority money needed to comply with any requirement imposed on it by its articles of organization, if enough money for the code authority to comply is not available from State, federal, or other sources.
(2) A political subdivision is not required to provide any money for a code authority to satisfy a judgment, liability, debt, or other financial obligation to a third party.
Reimbursements
(c)(1) A political subdivision located wholly or partly in the area of operation of a code authority may lend, donate, or agree to lend or donate money to the code authority.
(2) The code authority, when it has the money available, shall reimburse the political subdivision for all loans made to it by the political subdivision.

Credits

Added by Acts 2006, c. 63, § 2, eff. Oct. 1, 2006.
MD Code, Housing & Community Development, § 12-312, MD HOUS & CMTY DEV § 12-312
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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