Maryland § 9-692
Full text of Maryland Maryland Code § 9-692, with citation guidance and answers to common questions.
§ 9-692.
(a) A district may use the proceeds from bonds issued under this subtitle only:
(1) To pay costs incurred for the projects for which the bonds were issued; or
(2) In accordance with this section.
(b) The district shall disburse the proceeds as the sanitary commission provided in its authorizing resolution.
(c) (1) If the proceeds from bonds issued under this subtitle are insufficient to pay the costs incurred for the projects for which the bonds were issued, the district may issue additional bonds to make up the deficit.
(2) Unless the sanitary commission provided otherwise in its authorizing resolution, bonds issued under this subsection:
(i) Are deemed to be from the same series that originally was issued for the project; and
(ii) Shall be repaid without preference to or priority for the bonds that already were issued for the project.
(d) If the proceeds from bonds issued under this subtitle exceed the costs incurred for the projects for which the bonds were issued and if the authorizing resolution so requires, the district shall use the surplus to retire bonds of the same series.
(e) If the proceeds from bonds issued under this subtitle exceed the costs incurred for the projects for which the bonds were issued and if the authorizing resolution does not otherwise require:
(1) The district shall use the surplus to pay the next payment of principal on the bonds;
(2) The sanitary commission shall adopt a resolution that authorizes the use of the surplus to pay for other projects that are in the same service areas as the projects for which the bonds were issued and then use the surplus in accordance with the resolution; or
(3) The district shall use the surplus to cancel bonds of the same series by buying the bonds on the open market at a price that:
(i) Does not include a premium of more than 5 percent of the par value; and
(ii) The sanitary commission determines to be in the best interests of the district and the member counties served by the projects for which the bonds having excess proceeds were issued.
Frequently Asked Questions About Maryland § 9-692
What does Maryland Code § 9-692 cover?
Section 9-692 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 § 9-692?
A common citation format is "Maryland Code § 9-692" (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 § 9-692 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.