§ 13-806

Maryland § 13-806

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 13

Text

(a) (1) The recipients of the proceeds of bonds shall make best efforts to use minority business enterprises in the construction of projects and the provision of services and supplies financed with such proceeds.

(2) State and local issuers shall monitor compliance with this requirement.

(b) The Secretary may provide guidance in connection with the efforts of such recipients to use minority business enterprises. Such recipients shall provide any information on their efforts to the issuer or to the Secretary that the issuer or the Secretary may request.

(c) (1) Any failure to comply with the provisions of this subtitle does not in any way affect the validity of any bonds issued pursuant to an allocation from the Maryland State ceiling under this subtitle or the tax-exempt status of any such bonds under the Code, including the tax-exempt status of interest on such bonds under the Code.

(2) Any failure to comply with the provisions of this subtitle may be taken into consideration by the Secretary in making allocations from the Secretary’s reserve under §§ 13-802(4) and 13-805(d) of this subtitle.