Section 10-516 - Bonds - Investment of proceeds.
§ 10-516. Bonds - Investment of proceeds.
(a) In general.- The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b) Decision making.-
(1) Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2) If the Corporation loans the proceeds of the bonds to a person as provided in § 10-519 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c) Use.- The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1) to the payment of any cost; or
(2) in any other lawful manner.
[An. Code 1957, art. 41, § 13-510(i); 2008, ch. 306, § 2.]