Maryland § 8-218
Full text of Maryland Maryland Code § 8-218, with citation guidance and answers to common questions.
§ 8-218.
(a) (1) The principal of and interest on bond anticipation notes under this Part III of this subtitle shall be payable from:
(i) the 1st proceeds of sale of the bonds; or
(ii) the tax or other revenue that the State unit has pledged to the payment of the bonds.
(2) One year’s interest on the notes, or on any renewal of the notes, accounting from the date of the initial issue of the notes, may be paid from the proceeds of sale of the notes.
(b) (1) Subject to paragraphs (2) and (3) of this subsection, the principal of and interest on grant anticipation notes under this Part III of this subtitle shall be payable from the proceeds of the grant.
(2) The State unit may make the grant anticipation notes payable only from the proceeds of the grant and need not pledge the faith and credit or taxing power of the State unit.
(3) If the State unit does not pledge its faith and credit or taxing power, the grant anticipation notes are not a debt or a charge against the general credit or taxing power of the State unit under any constitutional provision or statutory limitation.
Frequently Asked Questions About Maryland § 8-218
What does Maryland Code § 8-218 cover?
Section 8-218 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 § 8-218?
A common citation format is "Maryland Code § 8-218" (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 § 8-218 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.