Maryland · Maryland Code — Transportation Article
Md. Code, Transp. § 3-307: (a) Before it sells any bonds, the Department and the county shall enter into an agreement as required by this section
What this law says, in plain English
Before issuing bonds, the Department and county must agree on repayment terms (15 years), Board approval requirements, sinking fund procedures, and conditions to maintain the bonds' federal tax-exempt status.
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