(a) Upon sale of State bonds authorized by an enabling act, the principal amount of the loan authorized by that enabling act shall be reduced by: (1) the stated principal amount of the State bonds sold, if the bonds are sold at 95% or more of par; or (2) the cash proceeds, excluding any accrued interest, received for the State bonds, if the bonds are sold at less than 95% of par. (b) Whenever State bonds are sold as a consolidated issue at less than 95% of par, the Board, by resolution, shall determine the manner in which the cash proceeds received for the bonds, excluding accrued interest, shall be allocated among the loans included in that issue.
Maryland Legal Code