§ 32-307
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/md/alcoholic-beverages-and-cannabis/32-307·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§32–307.
(1)The county may lend money to the Liquor Control Board to provide the Liquor Control Board with adequate working capital to acquire, establish, and operate the dispensary system and warehouse facilities.
(2)The county may finance a loan under this subsection by issuing notes, certificates of indebtedness, or bonds as the county finds necessary.
(i)The Liquor Control Board may borrow money from a banking institution on the Liquor Control Board’s own credit.
(ii)The aggregate sum advanced to or borrowed by the Liquor Control Board may not exceed $500,000.
(1)Money shall bear interest at the lowest rate possible, not exceeding 6% a year that, under this subtitle is:
(i)loaned to the Liquor Control Board by the county;
(ii)borrowed by the county; or
(iii)borrowed by the Liquor Control Board.
(2)Money loaned or borrowed, and the interest on it, shall be repaid from the receipts from sales made at the dispensaries.