Section 5-437 - Authorized purpose obligation not exceeding $250,000. - Maryland Statutes

§ 5-437. Authorized purpose obligation not exceeding $250,000.
 

(a)  In general.- The Authority may authorize the Executive Director of the Authority to approve, on behalf of the Authority, financial assistance under § 5-431 of this subtitle not exceeding the aggregate amount of $250,000 for a single transaction. 

(b)  Approval.- An approval by the Executive Director under this section: 

(1) is subject to concurrence of the Secretary, the Secretary's designee, or the chair of the Authority; 

(2) shall comply with the requirements of this subtitle; and 

(3) is binding on the Authority. 
 

[An. Code 1957, art. 83A, § 5-921; 2008, ch. 306, § 2; ch. 307, § 1.]