2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 12-117 - Lease or contract as security for bond
§12-117.
(a) This section applies to a lease or contract under which:
(1) the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or
(2) a facility financed by bonds issued under this subtitle will be built on property owned by the State.
(b) The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:
(1) the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and
(2) the Board of Public Works specifically has approved the bond issue for that facility.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
