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(b)    (1)   Except as provided in § 8-129 of this subtitle, the proceeds of a sale of State bonds may be used only for a capital improvement unless:

(i)   the enabling act specifically provides otherwise; or

(ii)   in an emergency, the Board unanimously grants a temporary exception.

(2)   The Board shall determine whether the object of an expenditure is a capital improvement. The standard for this determination is whether the useful life of the object equals or exceeds the life of the State bonds.

(c)   The Board shall enforce the provisions of this section.

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Questions & Answers: Finance

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