Maryland Statutes
Part II - Municipal Special Taxing Districts for Infrastructure Improvements
Section 21-421 - Application of Bond Proceeds

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