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.
Structure Maryland Statutes
Title 21 - Special Taxing Districts
Subtitle 4 - Municipal Special Taxing Districts
Part II - Municipal Special Taxing Districts for Infrastructure Improvements
Section 21-408 - Application and Construction of Part
Section 21-409 - Authority Granted
Section 21-410 - Purpose of Authority
Section 21-411 - Public Hearing Requirements
Section 21-413 - Use of Special Fund When No Bonds Outstanding
Section 21-415 - Termination of Special Taxing District
Section 21-416 - Investment of Special Fund and Sinking Funds
Section 21-417 - Bonds Authorized
Section 21-418 - Conditions of Issuance
Section 21-419 - Bonds Are Securities
Section 21-420 - Payment of Bonds