The proceeds of sale of bond anticipation notes shall be spent:
(1) 1st, for payment of the expenses of issuance of the notes; and
(2) then, subject to § 8-218(a)(2) of this subtitle, only for the public purposes for which the bonds are authorized.
Structure Maryland Statutes
Subtitle 2 - Debts of State Units
Part III - Bond and Grant Anticipation Notes
Section 8-213 - Authority to Issue
Section 8-215 - Amount of Notes
Section 8-216 - Written Commitment for Grant
Section 8-217 - Signing of Notes
Section 8-218 - Payment of Principal and Interest
Section 8-219 - Proceeds of Sale of Bond Anticipation Notes
Section 8-220 - Interest Rate Limit on Bonds