Maryland § 22-108
Full text of Maryland Maryland Code § 22-108, with citation guidance and answers to common questions.
§ 22-108.
(a) (1) From the money received from the taxes imposed under § 22–106 of this subtitle together with the amount in hand to the credit of the Current Bond Fund or the amount applicable to the payment of interest and principal on the bonds, the Commission shall:
(i) pay all interest on the bonds as and when due; and
(ii) pay or reserve a sufficient amount of money to pay the serial bonds becoming due during the taxable year.
(2) After making the distributions required under paragraph (1) of this subsection, the Commission shall deposit in one or more banks in Montgomery County or Prince George’s County, to the credit of both counties and the Commission, as a joint fund to be known as the Sinking Fund Account, the amount raised for the payment of the proportionate part of the principal of the sinking fund bonds.
(b) The Commission and Montgomery County and Prince George’s County shall invest money in the Sinking Fund Account in any bonds in which the U.S. Treasury Department authorizes national banks to invest savings or trust funds.
(c) If receipts from the tax or other sources are inadequate to pay the principal of the serial bonds becoming due during the taxable year and to deposit the principal payment on the sinking fund bonds, the deficiency shall be added to and collected in the following year’s tax levy.
(d) Before the first taxable year for property taxes, the Commission may pay the interest on any bonds it issues out of the proceeds of the sale of the bonds.
Frequently Asked Questions About Maryland § 22-108
What does Maryland Code § 22-108 cover?
Section 22-108 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 § 22-108?
A common citation format is "Maryland Code § 22-108" (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 § 22-108 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.