Md. Code Regs. 20.73.02.04

Current through Register Vol. 51, No. 22, November 1, 2024

Section 20.73.02.04 - Debts and Obligations

A. An applicant shall separately describe each mortgage, deed of trust, or other lien upon any property of the applicant to be used in the operation of the proposed system.

B. In each description required by §A of this regulation, the applicant shall, at a minimum, set forth:

(1) The date of execution of the described obligation;

(2) The name, or names, of the trustee or trustees;

(3) The amount of indebtedness authorized to be secured by the described obligation;

(4) The amount of the indebtedness actually secured by the described obligation; and

(5) A description of the mortgaged property or collateral.

C. The applicant shall describe the number and amount of bonds and debentures authorized and issued under each mortgage, describing each class of bond and debenture separately, giving date of issue, par value, rate of interest, date of maturity, and how the obligation is secured.

D. If the applicant is unincorporated, it shall describe the amount and type of investments to be made by the proprietor or partners and any limitation on the investments.

E. The applicant shall describe any other indebtedness incurred by him, giving same by classes, and describing security, if any.

Md. Code Regs. 20.73.02.04