Bill > H2192

This bill amends the existing law to specify how municipalities and regional governments can use the proceeds from the sale of municipal bonds. The bill states that any premium or accrued interest received from the sale of bonds, less the costs of preparing and issuing them, must be used to either pay for the project being financed by the bonds and reduce the amount authorized to be borrowed, or be appropriated to pay for other authorized borrowings. The bill also allows municipalities to apply up to $50,000 of such premium and accrued interest, with the approval of the chief executive officer, towards the payment of existing indebtedness.

Government Affairs

https://malegislature.gov/Bills/192/H2192