Maryland Code, STATE FINANCE AND PROCUREMENT 8-406
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Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 8-406
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) (1) The State Treasurer may deposit the proceeds of a capital lease authorized under this subtitle in an escrow account or similar arrangement.
(2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease.
(3) A withdrawal made under the provisions of this section shall be made in accordance with the terms of the individual contract.
(b) The State Treasurer may invest any unexpended proceeds held in escrow and the investment income on the proceeds in obligations authorized for the investment of State funds under § 6-222 of this article.