Maryland § 22-205
Full text of Maryland Maryland Code § 22-205, with citation guidance and answers to common questions.
§ 22-205.
(a) The proceeds of each bond issuance under this subtitle shall be used solely for the projects for which the bonds were issued.
(b) The proceeds shall be distributed in the same manner and under any restrictions stated in:
(1) the authorizing resolution of the Commission; or
(2) the trust agreement securing the bonds.
(c) (1) If the proceeds of the bonds are less than the cost of the project for which the bonds were issued, by resolution, the Commission may issue and sell additional bonds in the same manner as the earlier issue to fund the amount of the deficit.
(2) Unless otherwise provided in the authorizing resolution or in the trust agreement securing the bonds, the additional bonds shall be:
(i) considered to be of the same issue as the earlier issue; and
(ii) entitled to payment from the same funds as the earlier issue, without preference or priority of the earlier issue.
(d) If the proceeds of bonds issued under this subtitle exceed the cost of the project for which the bonds are issued, the surplus shall be used as the Commission determines.
Frequently Asked Questions About Maryland § 22-205
What does Maryland Code § 22-205 cover?
Section 22-205 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 § 22-205?
A common citation format is "Maryland Code § 22-205" (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 § 22-205 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.