Md. Code, State Finance and Procurement § 8-404
This is the official text of Md. Code, State Finance and Procurement § 8-404, part of Maryland’s Code, State Finance and Procurement — governs the state budget and government contracting.
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§8–404.
Official statutory text
A capital lease authorized under this subtitle:
(1) shall be contingent on the availability of appropriated or other legally available funds, not including nonappropriated pension or retirement funds, that permit the timely payment of principal, interest, and other obligations, if any, imposed by the terms of the capital lease;
(2) may not be construed or deemed to be a debt of the State or a unit of State government; and
(3) may not constitute a pledge of the full faith and credit and taxing power of the State or a unit of State government.
(1) shall be contingent on the availability of appropriated or other legally available funds, not including nonappropriated pension or retirement funds, that permit the timely payment of principal, interest, and other obligations, if any, imposed by the terms of the capital lease;
(2) may not be construed or deemed to be a debt of the State or a unit of State government; and
(3) may not constitute a pledge of the full faith and credit and taxing power of the State or a unit of State government.
Status: in_force · Read it on the official government site
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