Section 9-697 - Miscellaneous bond provisions. - Maryland Statutes

§ 9-697. Miscellaneous bond provisions.
 

(a)  Duty of certain persons in paying principal and interest on bonds.- Each person who has a duty to act in the payment of principal and interest on bonds issued under this subtitle shall perform promptly the act that is required. 

(b)  Advances by member counties.-  

(1) Before a series of bonds is issued under this subtitle, the governing body of each member county that will be affected by the series shall advance to the district not more than $25,000. 

(2) From the first proceeds available from the sale of the bonds, the district shall repay the advances made by the member counties. 

(c)  Approval of other entities not required.- Unless the approval is required under this subtitle, a district is not required to obtain the approval of any entity before it issues bonds. 

(d)  Exemption from certain other laws.- The provisions of Article 31, §§ 9 through 11 of the Code do not apply to bonds issued under this subtitle. 
 

[An. Code 1957, art. 43, §§ 654, 658; 1982, ch. 240, § 2.]