Maryland Code, STATE FINANCE AND PROCUREMENT 8-129
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Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 8-129
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) With the approval of the Board, the Governor shall dispose of unspent proceeds of an enabling act within 1 year after the termination of the State debt authorization under § 8-128 of this subtitle.
(b) The Governor shall:
(1) use the proceeds to reduce State debt authorizations, as provided in § 8-126(b) through (d) of this subtitle;
(2) allocate the proceeds to the Construction Contingency Fund, as provided in § 3-609 of this article; or
(3) order the proceeds to be credited to the Annuity Bond Fund, to pay the outstanding bonded indebtedness of the State.
(c) The Board shall enforce the provisions of this section.