State Codes and Statutes
Statutes > Maryland > Economic-development > Title-10 > Subtitle-1 > 10-122§ 10-122. Bonds - Investment of proceeds.
(a) In general.- The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b) Decision making.-
(1) Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2) If the Corporation loans the proceeds of the bonds to a person as provided in § 10-125 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c) Use.- The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1) to the payment of any cost; or
(2) in any other lawful manner.
[An. Code 1957, art. 83A, § 5-206(i); 2008, ch. 306, § 2.]
