Ch. 598

LAWS OF MARYLAND

CHAPTER 598

(Senate Bill 673)

AN ACT concerning

Private Activity Bond Allocation

FOR the purpose of establishing allocations of the authority to
issue certain tax-exempt bonds in Maryland pursuant to the
federal Internal Revenue Code; providing for the initial
allocation of such authority among counties, municipalities,
and State agencies; establishing a procedure for recapturing
and reallocating allocations unused by September 30 of any
year; providing criteria for the allocation of authority for
use by State agencies; requiring reports for the
administration of the allocation system; repealing certain
obsolete provisions of law; providing for certain effective
dates; requiring notice as to the availability and amount of
funds; and generally relating to the issuance of certain
tax-exempt bonds in Maryland.

BY adding to

Article - Financial Institutions

Section 13-801 through 13-807 to be under the new subtitle
"Subtitle 8. Allocation of Private Activity Bond
Authority"
Annotated Code of Maryland
(1986 Replacement Volume)

BY repealing

Article 41 - Governor - Executive and Administrative
Departments
Section 11-304(17) and 14-107
Annotated Code of Maryland
(1986 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions                           

SUBTITLE 8. ALLOCATION OF PRIVATE ACTIVITY BOND AUTHORITY

13-801.

(A) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED, UNLESS OTHERWISE REQUIRED BY THE CONTEXT.

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