Section 12-117 - Lease or contract as security for bond. - Maryland Statutes

§ 12-117. Lease or contract as security for bond.
 

(a)  Applicability.- This section applies to a lease or contract under which: 

(1) the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or 

(2) a facility financed by bonds issued under this subtitle will be built on property owned by the State. 

(b)  Required approvals.- The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless: 

(1) the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and 

(2) the Board of Public Works specifically has approved the bond issue for that facility. 
 

[An. Code 1957, art. 41, § 14-108; 2008, ch. 306, § 2.]