Maryland Statutes
Subtitle 1 - General Obligation Bonds and Notes
Section 22-109 - Performance of Acts Required

To ensure the prompt payment of interest and provision for the payment of the principal on bonds issued under this subtitle:
        (1)    the prompt and proper performance of the acts required under §§ 22–106 and 22–108 of this subtitle is specially enjoined; and
        (2)    a person who is required to act under §§ 22–106 and 22–108 of this subtitle:
            (i)    shall perform the acts required under those sections;
            (ii)    shall pay over any funds as required under those sections; and
            (iii)    may not use any part of the funds for any other purpose than for the payment of principal and interest on the bonds.

Structure Maryland Statutes