(a) The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b) (1) Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2) If the Corporation loans the proceeds of the bonds to a person as provided in § 10-519 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c) The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1) to the payment of any cost; or
(2) in any other lawful manner.
Structure Maryland Statutes
Division II - Independent and Regional Development Units and Resources
Title 10 - Statewide Development Resources and Revenue Authorities
Subtitle 5 - Maryland Agricultural and Resource-Based Industry Development Corporation
Section 10-502 - Legislative Findings; Purposes
Section 10-503 - Construction of Subtitle
Section 10-505 - Board of Directors
Section 10-506 - Executive Director
Section 10-507 - Legal Advisor
Section 10-508 - Applicability of Other Laws
Section 10-509 - Powers -- in General
Section 10-510 - Powers -- Grants and Investments
Section 10-511 - Powers -- Projects
Section 10-512 - Powers -- Borrowing and Lending Authority
Section 10-513 - Bonds -- in General
Section 10-514 - Bonds -- Liability; Full Faith and Credit
Section 10-515 - Bonds -- Trust Agreement
Section 10-516 - Bonds -- Investment of Proceeds
Section 10-517 - Bonds -- Refunding Bonds
Section 10-519 - Project Financing
Section 10-520 - Agricultural Loans
Section 10-521 - Agricultural Studies
Section 10-522 - Cooperation With Other Units