Maryland Statutes
Subtitle 1 - Economic Development Revenue Bond Act
Section 12-117 - Lease or Contract as Security for Bond

(a)    This section applies to a lease or contract under which:
        (1)    the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or
        (2)    a facility financed by bonds issued under this subtitle will be built on property owned by the State.
    (b)    The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:
        (1)    the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and
        (2)    the Board of Public Works specifically has approved the bond issue for that facility.

Structure Maryland Statutes