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LAWS OF MARYLAND

Ch. 11

REVISOR'S NOTE: This subsection is new language added to
avoid repetition of former references such as "State
general obligation bonds".

(E) STATE DEBT.

"STATE DEBT" MEANS THE GENERAL OBLIGATION DEBT OF THE STATE.

REVISOR'S NOTE: This subsection is new language added to
avoid repetition of former references such as "general
obligation debt of the State", "its [the State's]
general obligation debt", and "general obligation
State debt" and to standardize these references.

8-102. RESERVED.

8-103. RESERVED.

PART II. MANAGEMENT PROGRAM.

8-104. "COMMITTEE" DEFINED.

IN THIS PART II OF THIS SUBTITLE, "COMMITTEE" MEANS THE
CAPITAL DEBT AFFORDABILITY COMMITTEE.

REVISOR'S NOTE: This section is new language added to avoid
repetition of the full name "Capital Debt
Affordability Committee".

8-105. FINDINGS; STATEMENT OF PURPOSE.

(A)  FINDINGS.

THE GENERAL ASSEMBLY FINDS THAT:

(1)  FOR MANY YEARS, STATE BONDS HAVE HAD THE HIGHEST
CREDIT RATING AND, THEREFORE, HAVE BEEN READILY MARKETABLE AT
FAVORABLE INTEREST RATES;

(2)  TO CONTINUE TO FINANCE ESSENTIAL CAPITAL PROJECTS
FOR THE BENEFIT OF ITS CITIZENS, THE STATE MUST KEEP THIS RATING;
AND

(3)  TO KEEP THIS RATING, AUTHORIZATIONS OF STATE DEBT
MUST BE BASED ON THE ABILITY OF THE STATE TO MEET ITS TOTAL DEBT
SERVICE REQUIREMENTS IN LIGHT OF OTHER CALLS ON ITS FISCAL
RESOURCES.

(B)  STATEMENT OF PURPOSE.                                                         

THE PURPOSE OF THIS PART II OF THIS SUBTITLE IS TO PROVIDE
FOR A STATE DEBT MANAGEMENT PROGRAM THROUGH WHICH:

(1) A STATE DEBT AFFORDABILITY ANALYSIS CAN BE MADE
ANNUALLY;