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Maryland Code, State Finance and Procurement § 8-132

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this section, “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code.

(b) There is an Annuity Bond Fund.

(c) The Comptroller shall:

(1) credit to the Annuity Bond Fund any money appropriated in the State budget to:

(i) meet the debt service requirements on State bonds; and

(ii) pay the costs of fiscal agents and other contracting parties appointed by the State Treasurer under §§ 8-121 and 8-136 of this subtitle; and

(2) as specified in the appropriation, use the money to meet the debt service on the State bonds and pay fiscal agents and other contracting parties' costs.

(d) Any premium from the sale of State bonds transferred to the Annuity Bond Fund under § 8-125 of this subtitle may be used to pay for:

(1) debt service on State bonds;

(2) capital projects; or

(3) if necessary or appropriate from time to time to comply with the requirements of the Code, any other use authorized by the Code.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 8-132 - last updated December 31, 2021 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-8-132/

Read this complete Maryland Code, State Finance and Procurement § 8-132 on Westlaw

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