Maryland § 10-222
Full text of Maryland Maryland Code § 10-222, with citation guidance and answers to common questions.
§ 10-222.
(a) The Authority shall apply the proceeds of the bonds for the purposes for which the bonds are authorized.
(b) (1) The Authority shall set aside a sufficient amount of the revenues derived from a development or project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement or resolution.
(2) The sinking fund is pledged to paying:
(i) the principal of and the interest on the bonds as they become due; and
(ii) the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement or resolution.
(c) To the extent provided in the trust agreement or resolution, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary or convenient:
(1) to pay for maintenance, repair, and operation of a development or project;
(2) for reserves; and
(3) for improvements to a development or project.
(d) (1) The lien of the pledge of revenues under subsection (b) of this section is valid and binding from the time the pledge is made.
(2) The lien of the pledge is valid and binding against each party with a claim against the Authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
Frequently Asked Questions About Maryland § 10-222
What does Maryland Code § 10-222 cover?
Section 10-222 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-222?
A common citation format is "Maryland Code § 10-222" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-222 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.