Md. Code, State Finance and Procurement § 8-127
This is the official text of Md. Code, State Finance and Procurement § 8-127, part of Maryland’s Code, State Finance and Procurement — governs the state budget and government contracting.
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§8–127.
Official statutory text
(a) Except as provided in § 8-129 of this subtitle, the proceeds of a sale of State bonds may be used only in the manner and for a project or program that is specified in an enabling act authorizing the issuance of State bonds.
(b) (1) Except as provided in § 8-129 of this subtitle, the proceeds of a sale of State bonds may be used only for a capital improvement unless:
(i) the enabling act specifically provides otherwise; or
(ii) in an emergency, the Board unanimously grants a temporary exception.
(2) The Board shall determine whether the object of an expenditure is a capital improvement. The standard for this determination is whether the useful life of the object equals or exceeds the life of the State bonds.
(c) The Board shall enforce the provisions of this section.
(b) (1) Except as provided in § 8-129 of this subtitle, the proceeds of a sale of State bonds may be used only for a capital improvement unless:
(i) the enabling act specifically provides otherwise; or
(ii) in an emergency, the Board unanimously grants a temporary exception.
(2) The Board shall determine whether the object of an expenditure is a capital improvement. The standard for this determination is whether the useful life of the object equals or exceeds the life of the State bonds.
(c) The Board shall enforce the provisions of this section.
Status: in_force · Read it on the official government site
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