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Maryland Code, State Finance and Procurement § 8-122.1

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Upon sale of State bonds authorized by an enabling act, the principal amount of the loan authorized by that enabling act shall be reduced by:

(1) the stated principal amount of the State bonds sold, if the bonds are sold at 95% or more of par; or

(2) the cash proceeds, excluding any accrued interest, received for the State bonds, if the bonds are sold at less than 95% of par.

(b) Whenever State bonds are sold as a consolidated issue at less than 95% of par, the Board, by resolution, shall determine the manner in which the cash proceeds received for the bonds, excluding accrued interest, shall be allocated among the loans included in that issue.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 8-122.1 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-8-122-1/

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