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Ch. 230 2006 LAWS OF MARYLAND
CHAPTER 230
(Senate Bill 83)
AN ACT concerning
Higher Education - Auxiliary and Academic Facilities Bond Authority -
Morgan State University
FOR the purpose of altering the maximum amount of certain bonds and a certain
value of capital lease payments for Morgan State University; and generally
relating to the bond authority of Morgan State University.
BY repealing and reenacting, with amendments,
Article - Education
Section 19-102(c)(l)
Annotated Code of Maryland
(2004 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Education
19-102.
(c) (1) Except as provided in paragraph (3) of this subsection, the aggregate
principal amount of bonds outstanding and the present value of capital lease
payments, less the amount of any reserve fund or sinking fund requirement
established for the bonds or capital leases, may not exceed, as of the date of issue of
the bonds, the following:
(i) $1,025,000,000 for the University System of Maryland;
(ii) [$77,000,000] $88,000,000 for Morgan State University;
(iii) $45,000,000 for St. Mary's College of Maryland; and
(iv) $15,000,000 for Baltimore City Community College.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2006.
Approved May 2, 2006.
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