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Session Laws, 1985
Volume 760, Page 1015   View pdf image
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HARRY HUGHES, Governor

1015

Subsection (b)(2) of this section is new language
added to reflect present Art. 31, § 30, which, as
enacted by Ch. 461, Acts of 1983, generally enabled
any "public body" to issue debt instruments in
registered form and to exercise all of the necessary,
ancillary powers. Before enactment of this article,
Art. 31, § 30(a)(4) defined the term "[p]ublic body"
to include any "instrumentality of the State", and,
therefore, could be read to confer these powers oh the
Board. See Bill Review Letter (H.B. 1433) from
Stephen H. Sachs, Attorney General, to Harry Hughes,
Governor (April 26, 1983). However, former Art. 95,
§ 15, which was enacted by Ch. 662, Acts of 1983,
conferred some of those powers on the Treasurer. In
accordance with the later enacted -- and specific --
provisions of former Art. 95, § 15, subsection (c) of
this section confers powers on the Treasurer, while
subsection (b)(2) of this section preserves any
residual power for the Board. As to the restatement
of the substantive provisions of present Art. 31, §
30, as those provisions related to other
"instrumentalit[ies] of the State", see § 8-205 of
this title.

In subsection (a)(2) of this section, the word
"adopted" is substituted for the former reference
"promulgated or proposed", for brevity and, since a
proposed regulation might not become effective,
clarity.

Also in subsection (a)(2) of this section, the former
phrases "as amended" and "as amended from time to
time" are deleted as unnecessary in light of Art. 1, §
21 of the Code.

Defined terms: "Board" § 8-101

"Includes";"including" § 1-101 "State bond" § 8-101

8-122. SAME -- CONSOLIDATED STATE AND LOCAL FACILITIES LOANS.

(A)  AUTHORIZED.

BY RESOLUTION, THE BOARD MAY PROVIDE FOR ALL OR PART OF THE
STATE BONDS AUTHORIZED BY 2 OR MORE ENABLING ACTS TO BE
CONSOLIDATED AND SOLD AS A SINGLE ISSUE. HOWEVER, THE BOARD MAY
NOT INCLUDE IN A CONSOLIDATED ISSUE ANY STATE BONDS AUTHORIZED BY
AN ENABLING ACT THAT SPECIFICALLY EXEMPTS THE STATE BONDS FROM
THIS SECTION.

(B)  NAME OF ISSUE.

A CONSOLIDATED ISSUE UNDER THIS SECTION SHALL BE KNOWN AS
THE "STATE AND LOCAL FACILITIES LOAN" OF THE SERIES AND YEAR IN
WHICH THE BOARD AUTHORIZES THE SALE OF THE ISSUE.

 

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Session Laws, 1985
Volume 760, Page 1015   View pdf image
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