(a) Upon sale of State bonds authorized by an enabling act, the principal amount of the loan authorized by that enabling act shall be reduced by:
(1) the stated principal amount of the State bonds sold, if the bonds are sold at 95% or more of par; or
(2) the cash proceeds, excluding any accrued interest, received for the State bonds, if the bonds are sold at less than 95% of par.
(b) Whenever State bonds are sold as a consolidated issue at less than 95% of par, the Board, by resolution, shall determine the manner in which the cash proceeds received for the bonds, excluding accrued interest, shall be allocated among the loans included in that issue.
Structure Maryland Statutes
Subtitle 1 - General Obligation Debt
Part III - Authorization and Implementation
Section 8-118 - General Powers and Duties of Board
Section 8-119 - Resolution of Board -- General Scope
Section 8-120 - Resolution of Board -- Specific Provisions
Section 8-121 - Resolution of Board -- Form of State Bonds
Section 8-122 - Resolution of Board -- Consolidated State and Local Facilities Loans
Section 8-122.1 - Use of Funds on Sale of Bonds
Section 8-123 - Public Sale of State Bonds
Section 8-123.1 - Sale of Capital Appreciation Bonds
Section 8-123.2 - Sale of Small Denomination Bonds
Section 8-123.3 - College Savings Bonds
Section 8-123.4 - Variable Interest Rate Bonds
Section 8-124 - General Obligation Bonds
Section 8-125 - State and Local Facilities Loan Fund
Section 8-126 - Reduction of Authorization
Section 8-127 - Restrictions on Use
Section 8-128 - Termination of Authorization
Section 8-129 - Unspent Proceeds
Section 8-130 - Adoption of Regulations