§ 21-421
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/md/local-government/21-421A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§21–421.
Bond proceeds shall be used only to pay the cost of infrastructure improvements, including:
(1)the cost of establishing, acquiring, designing, constructing, extending, or altering infrastructure improvements;
(2)the cost of issuing bonds;
(3)payment of the principal of and interest on loans, money advances, or indebtedness incurred by the municipality for any purpose stated in § 21–410(a) of this subtitle, including refunding of bonds previously issued; and
(4)funding of a debt service reserve fund or payment of interest before, during, or for a limited period of time after constructing the infrastructure improvements.