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Current as of January 01, 2025 | Updated by Findlaw Staff
A capital lease authorized under this subtitle:
(1) shall be contingent on the availability of appropriated or other legally available funds, not including nonappropriated pension or retirement funds, that permit the timely payment of principal, interest, and other obligations, if any, imposed by the terms of the capital lease;
(2) may not be construed or deemed to be a debt of the State or a unit of State government; and
(3) may not constitute a pledge of the full faith and credit and taxing power of the State or a unit of State government.
Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 8-404 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-8-404/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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