§ 22–109

Statutes in effect as of October 1, 2026.

Md. Code Ann., Pub. Util. § 22-109 (2026)

Title 22. Bonds and Notes

Subtitle 1. General Obligation Bonds and Notes

To ensure the prompt payment of interest and provision for the payment of the principal on bonds issued under this subtitle:

(1)

the prompt and proper performance of the acts required under §§ 22–106 and 22–108 of this subtitle is specially enjoined; and

(2)

a person who is required to act under §§ 22–106 and 22–108 of this subtitle:

(i)

shall perform the acts required under those sections;

(ii)

shall pay over any funds as required under those sections; and

(iii)

may not use any part of the funds for any other purpose than for the payment of principal and interest on the bonds.