Md. Code, PUC § 22-109

Current with changes from the 2024 Legislative Session

Section 22-109 - Performance of acts required

To ensure the prompt payment of interest and provision for the payment of the principal on bonds issued under this subtitle:

(1) the prompt and proper performance of the acts required under §§ 22-106 and 22-108 of this subtitle is specially enjoined; and

(2) a person who is required to act under §§ 22-106 and 22-108 of this subtitle:

(i) shall perform the acts required under those sections;

(ii) shall pay over any funds as required under those sections; and

(iii) may not use any part of the funds for any other purpose than for the payment of principal and interest on the bonds.

Md. Code, PUC § 22-109