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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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LOCAL GOVERNMENT |
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DIVISION II. MUNICIPALITIES |
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TITLE 5. POWERS |
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SUBTITLE 4. ESTABLISHMENT OF LAND BANK AUTHORITIES BY MUNICIPALITIES |
§ 5-429. Bond anticipation notes
Latest version.
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(a) Issuance. -- An authority may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.
(b) Manner. -- Bond anticipation notes issued under this section shall be issued in the same manner as bonds.
(c) Provisions, conditions, or limitations. -- Bond anticipation notes issued under this section and the resolution authorizing them may contain any provision, condition, or limitation that may be included in a trust agreement.
(d) Payment of other bond anticipation notes. -- An authority may issue bond anticipation notes to pay any other bond anticipation notes.
(e) Payment. -- Bond anticipation notes shall be paid from:
(1) money available and not otherwise pledged;
(2) revenues of the authority; or
(3) the proceeds of the sale of the bonds in anticipation of which the notes were issued.