(a) With the approval of the Board, the Governor shall dispose of unspent proceeds of an enabling act within 1 year after the termination of the State debt authorization under § 8-128 of this subtitle. (b) The Governor shall: (1) use the proceeds to reduce State debt authorizations, as provided in § 8-126(b) through (d) of this subtitle; (2) allocate the proceeds to the Construction Contingency Fund, as provided in § 3-609 of this article; or (3) order the proceeds to be credited to the Annuity Bond Fund, to pay the outstanding bonded indebtedness of the State. (c) The Board shall enforce the provisions of this section.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.