(a) 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) (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) 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.
Maryland Legal Code