Maryland § 9-942
Full text of Maryland Maryland Code § 9-942, with citation guidance and answers to common questions.
§ 9-942.
(a) An authority shall:
(1) Use the proceeds of any bond that it issues only to pay for the project for which the bond was issued; and
(2) Disburse the proceeds of any bond in the manner and under any restrictions that the authority provides in the resolution or trust agreement that authorizes the issuance of or secures the bond.
(b) (1) If, for any reason, the proceeds of an issue of bonds are less than the cost of the project for which the authority issued the bonds, the authority may issue additional bonds, in a manner similar to that followed in issuing the original bonds, to provide the amount of the deficit.
(2) Unless otherwise provided in the resolution or trust agreement that authorizes the issuance of or secures the original bonds, additional bonds issued under this subsection:
(i) Are of the same issue as the original bonds; and
(ii) Are entitled to payment from the same fund, without any preference or priority being given to the original bonds.
(c) If the proceeds of an issue of bonds exceed the cost of the project for which the authority issued the bonds, the authority shall deposit the surplus to the credit of the reserve account or sinking fund for the bonds.
Frequently Asked Questions About Maryland § 9-942
What does Maryland Code § 9-942 cover?
Section 9-942 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 § 9-942?
A common citation format is "Maryland Code § 9-942" (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 § 9-942 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.