§ 8-142. Time for repayment

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(a) Bond proceeds. -- A loan under this Part V of this subtitle in anticipation of proceeds of a sale of State bonds shall be repaid within 180 days after the date of the loan.

(b) Tax receipts. -- A loan under this Part V of this subtitle in anticipation of tax receipts shall be repaid within 180 days after the date of the loan but no later than 45 days after the close of the fiscal year.

(c) Extension prohibited. -- The Board may not extend a time limit set in this section.

HISTORY: An. Code 1957, art. 78A, § 9; 1985, ch. 11, § 2.

                    
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