§ 9-697

Maryland § 9-697

• Jurisdiction: Maryland
• Article gen: Environment
• Title: 9

Text

(a) Each person who has a duty to act in the payment of principal and interest on bonds issued under this subtitle shall perform promptly the act that is required.

(b) (1) Before a series of bonds is issued under this subtitle, the governing body of each member county that will be affected by the series shall advance to the district not more than $25,000.

(2) From the first proceeds available from the sale of the bonds, the district shall repay the advances made by the member counties.

(c) Unless the approval is required under this subtitle, a district is not required to obtain the approval of any entity before it issues bonds.

(d) The provisions of §§ 19–205 and 19–206 of the Local Government Article do not apply to bonds issued under this subtitle.