§ 8–122.1
Statutes in effect as of October 1, 2026.
Md. Code Ann., State Fin. & Proc. § 8-122.1 (2026)
Title 8. Debt
Subtitle 1. General Obligation Debt
§ 8–122.1LinkCopy Citation
(a)
Upon sale of State bonds authorized by an enabling act, the principal amount of the loan authorized by that enabling act shall be reduced by:
(1)
the stated principal amount of the State bonds sold, if the bonds are sold at 95% or more of par; or
(2)
the cash proceeds, excluding any accrued interest, received for the State bonds, if the bonds are sold at less than 95% of par.
(b)
Whenever State bonds are sold as a consolidated issue at less than 95% of par, the Board, by resolution, shall determine the manner in which the cash proceeds received for the bonds, excluding accrued interest, shall be allocated among the loans included in that issue.