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2013 Maryland Code
STATE FINANCE AND PROCUREMENT
§ 8-406 - Disposition of lease proceeds


MD State Fin & Pro Code § 8-406 (2013) What's This?

§8-406.

(a) (1) The State Treasurer may deposit the proceeds of a capital lease authorized under this subtitle in an escrow account or similar arrangement.

(2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease.

(3) A withdrawal made under the provisions of this section shall be made in accordance with the terms of the individual contract.

(b) The State Treasurer may invest any unexpended proceeds held in escrow and the investment income on the proceeds in obligations authorized for the investment of State funds under § 6-222 of this article.

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