Md. Code Ann., Local Gov't § 1-1429
Bond anticipation notes
Effective Oct 1, 2017Added as Local Government § 5-429 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1429 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.State of Maryland
- (a) An authority may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.
- (b) Bond anticipation notes issued under this section shall be issued in the same manner as bonds.
- (c) Bond anticipation notes issued under this section and the resolution authorizing them may contain any provision, condition, or limitation that may be included in a trust agreement.
- (d) An authority may issue bond anticipation notes to pay any other bond anticipation notes.
(e) Bond anticipation notes shall be paid from:
- (1) money available and not otherwise pledged;
- (2) revenues of the authority; or
- (3) the proceeds of the sale of the bonds in anticipation of which the notes were issued.
Added as Local Government § 5-429 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1429 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.