Maryland Statutes
Subtitle 2 - Debt and Securities
Section 18-205 - Bonds -- Use of Proceeds

(a)    Subject to subsections (b) and (c) of this section, if the proceeds of a bond issue are to be expended throughout the metropolitan district, the proceeds shall be expended in the portion of each county in the metropolitan district in the proportion that the assessable base of that portion of either county bears to the assessable base of the entire metropolitan district.
    (b)    The Commission may issue bonds to carry out the Commission’s corporate purposes in the metropolitan district in either county.
    (c)    (1)    The proceeds of the sale of bonds to be expended in or for the benefit of the portion of the metropolitan district in Montgomery County shall be expended only on the recommendation of the commissioners from Montgomery County.
        (2)    The proceeds of the sale of bonds to be expended in or for the benefit of the portion of the metropolitan district in Prince George’s County shall be expended only on the recommendation of the commissioners from Prince George’s County.

Structure Maryland Statutes