2013 Maryland Code
ENVIRONMENT
§ 9-640 - Short term borrowing


MD Env Code § 9-640 (2013) What's This?

§9-640.

(a) In this section, “governmental agency” means:

(1) The federal government;

(2) This State; or

(3) An agency or instrumentality of the federal government or this State.

(b) A district may borrow from a governmental agency the amount of money that the sanitary commission considers necessary to pay the organization and planning costs for a project or a service area, including costs for:

(1) Engineering services;

(2) Legal services;

(3) Estimates of costs;

(4) Estimates of revenue;

(5) Plans or specifications; and

(6) Surveys.

(c) (1) A district may not pay interest on money borrowed from a governmental agency under this section.

(2) If a district borrows from a governmental agency under this section, the district shall repay the lending governmental agency:

(i) When work begins on the water system or sewerage system for which the borrowing was made; and

(ii) Only from funds or bond revenues that, under this subtitle, relate to the project.

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.