Maryland § 19-230
Full text of Maryland Maryland Code § 19-230, with citation guidance and answers to common questions.
§ 19-230.
(a) The financial officer may establish a separate rebate fund to be used to make any payments to the United States with respect to investment earnings on proceeds that may be required by the Internal Revenue Code.
(b) There may be separate accounts within the rebate fund.
(c) Amounts deposited to the rebate fund shall be used only for the purpose of making rebate payments, and no appropriation will be required before payment of any required rebates from the rebate fund to the United States.
(d) The financial officer may make payments from the rebate fund as required in order to:
(1) comply with the Internal Revenue Code; and
(2) maintain the exclusion from gross income for federal income tax purposes of interest on the bonds.
(e) Any excess money held in the rebate fund with respect to an issue of bonds after all required rebate payments for that issue have been made, as certified by the financial officer, shall be applied in a manner consistent with the Internal Revenue Code.
Frequently Asked Questions About Maryland § 19-230
What does Maryland Code § 19-230 cover?
Section 19-230 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 § 19-230?
A common citation format is "Maryland Code § 19-230" (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 § 19-230 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.