Md. Code, State Finance and Procurement § 8-221
This is the official text of Md. Code, State Finance and Procurement § 8-221, part of Maryland’s Code, State Finance and Procurement — governs the state budget and government contracting.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§8–221.
Official statutory text
(a) A State unit may issue bond or grant anticipation notes under this Part III of this subtitle as notes in the nature of commercial paper.
(b) A bond or grant anticipation note issued as a note in the nature of commercial paper may be secured by:
(1) a trust indenture with a trust company, or a bank with powers of a trust company, in or outside the State; and
(2) a letter of credit, line of credit, or other credit arrangement from or with a lending institution.
(c) (1) For bond anticipation notes, the credit arrangement may be made payable out of:
(i) the 1st proceeds of sale of the bonds; or
(ii) the tax or other revenue that the State unit has pledged to payment of the principal of and interest on the bonds.
(2) For grant anticipation notes, the credit arrangement may be made payable out of the proceeds of the grant.
(b) A bond or grant anticipation note issued as a note in the nature of commercial paper may be secured by:
(1) a trust indenture with a trust company, or a bank with powers of a trust company, in or outside the State; and
(2) a letter of credit, line of credit, or other credit arrangement from or with a lending institution.
(c) (1) For bond anticipation notes, the credit arrangement may be made payable out of:
(i) the 1st proceeds of sale of the bonds; or
(ii) the tax or other revenue that the State unit has pledged to payment of the principal of and interest on the bonds.
(2) For grant anticipation notes, the credit arrangement may be made payable out of the proceeds of the grant.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.