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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 5. MARYLAND AGRICULTURAL AND RESOURCE-BASED INDUSTRY DEVELOPMENT CORPORATION |
§ 10-516. Bonds -- Investment of proceeds
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(a) In general. -- The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b) Decision making. --
(1) Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2) If the Corporation loans the proceeds of the bonds to a person as provided in § 10-519 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c) Use. -- The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1) to the payment of any cost; or
(2) in any other lawful manner.