Current with changes from the 2024 Legislative Session
Section 9-640 - Short term borrowing(a) In this section, "governmental agency" means:(1) The federal government;(3) An agency or instrumentality of the federal government or this State.(b) A district may borrow from a governmental agency the amount of money that the sanitary commission considers necessary to pay the organization and planning costs for a project or a service area, including costs for:(1) Engineering services;(4) Estimates of revenue;(5) Plans or specifications; and(c)(1) A district may not pay interest on money borrowed from a governmental agency under this section.(2) If a district borrows from a governmental agency under this section, the district shall repay the lending governmental agency:(i) When work begins on the water system or sewerage system for which the borrowing was made; and(ii) Only from funds or bond revenues that, under this subtitle, relate to the project.