Md. Code, State Finance and Procurement § 8-406
This is the official text of Md. Code, State Finance and Procurement § 8-406, part of Maryland’s Code, State Finance and Procurement — governs the state budget and government contracting.
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§8–406.
Official statutory text
(a) (1) The State Treasurer may deposit the proceeds of a capital lease authorized under this subtitle in an escrow account or similar arrangement.
(2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease.
(3) A withdrawal made under the provisions of this section shall be made in accordance with the terms of the individual contract.
(b) The State Treasurer may invest any unexpended proceeds held in escrow and the investment income on the proceeds in obligations authorized for the investment of State funds under § 6-222 of this article.
(2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease.
(3) A withdrawal made under the provisions of this section shall be made in accordance with the terms of the individual contract.
(b) The State Treasurer may invest any unexpended proceeds held in escrow and the investment income on the proceeds in obligations authorized for the investment of State funds under § 6-222 of this article.
Status: in_force · Read it on the official government site
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