A county may expend the net proceeds of the sale of an issue of notes only to:
(1) pay the costs of public school construction or capital improvements approved at any time by the Board of Public Works in anticipation of State money for any of the construction or improvements; or
(2) refund one or more issues of notes.
Structure Maryland Statutes
Subtitle 6 - Creation of Public Debt -- Public Schools
Part I - Public Schools -- in General
Section 19-602 - County Borrowing Authority
Section 19-603 - Authorized Use of Proceeds
Section 19-605 - Authorizing Resolution
Section 19-607 - Exemption From Specific Provisions
Section 19-608 - Valid and Binding Obligations
Section 19-609 - Tax Exemption
Section 19-610 - Exemptions and Terms