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ROBERT L. EHRLICH, JR., Governor Ch. 46
and Procurement Article, premiums from the sale of State bonds in February or March
2007, in an amount up to the amount transferred to the Board of Public Works, may be
transferred to the State Reserve Fund.
(3) The Comptroller shall make any transfers or accounting adjustments
and reconciliations necessary to implement the provisions of this Section.
SECTION 5. AND BE IT FURTHER ENACTED, That, if the rates of State tax
on assessable property certified by the Board of Public Works for fiscal year 2007 are
not less than the rates levied for fiscal year 2006, $100,000,000 $75,000,000 of any
general obligation bonds issued before September 1, 2006 shall be in such series,
denominations, and maturities as to require the full repayment of principal and
interest on the bonds on or before June 30, 2007 with the intent that the resulting
debt service savings shall be used to increase funding for public school construction in
subsequent years.
SECTION 6. AND BE IT FURTHER ENACTED. That the Laws of Maryland
read as follows:
Article - State Finance and Procurement
8-113.
[(a)] On or before October 15 of each year, after considering the current
estimate of the Committee, the Governor shall determine:
(1) the total authorizations of new State debt that the Governor
considers advisable for the next fiscal year: and
(2) the preliminary allocation of new State debt for:
(i) general construction projects;
(ii) school construction projects; and
(iii) other special projects.
[(b) The Governor may alter these determinations.
(c) An allocation of the Governor for school construction projects is advisory to
the Board.]
Article - Education
5-302.
(e) (1) On or before December 31 of each year, the Interagency Committee
shall provide recommendations to the Board of Public Works for public school
construction projects that comprise [at least] 75% of the [anticipated]
PRELIMINARY school construction allocation, DETERMINED UNDER § 8-113 OF
THE STATE FINANCE AND PROCUREMENT ARTICLE, for the following fiscal
year.
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