HARRY HUGHES, Governor

1001

(2)  ON THE BASIS OF THE ANALYSIS, PROPOSED CAPITAL
PROJECTS THAT REQUIRE NEW STATE DEBT CAN BE EVALUATED; AND

(3)  THE GENERAL ASSEMBLY CAN RECEIVE GUIDANCE IN
PROPERLY SETTING PRIORITIES AMONG CAPITAL PROJECTS AND
APPROPRIATIONS.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 31, §
25(a) and the first and second sentences of (b).

In subsection (a)(1) of this section, the reference to
the rating of "State bonds" is. substituted for the
former reference to the rating of the State "on its
general obligation debt", to reflect that issues of
State bonds are rated and, thus, to conform to §
8-112(c)(5) of this subtitle.

Defined terms: "State bond" § 8-101
"State debt" § 8-101

8-106. CONSTRUCTION OF PART.

THIS PART II .OF THIS SUBTITLE SHALL BE CONSTRUED LIBERALLY
TO CARRY OUT ITS PURPOSE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 31, §
28(4).

8-107. SCOPE OF PART.

(A)  STATE DEBT.

THIS PART II OF THIS SUBTITLE APPLIES ONLY TO THE STATE DEBT
AND DOES NOT APPLY TO REVENUE BONDS OR OTHER OBLIGATIONS OR
AUTHORIZATIONS THAT DO NOT PLEDGE THE FULL FAITH AND CREDIT OF
THE STATE.

(B)  LIMITATIONS ON EFFECT.

THIS PART II OF THIS SUBTITLE DOES NOT AFFECT:

(1)  THE AUTHORITY OF THE GOVERNOR TO SUBMIT:

(I)  AMENDMENTS TO THE CONSOLIDATED LOAN BUDGET
OR TO ANY ACCOMPANYING BILL; OR

(II)  INSTEAD OF AMENDMENTS, SEPARATE BILLS THAT
AUTHORIZE STATE DEBT; OR

(2)  THE AUTHORITY OF THE GENERAL ASSEMBLY TO:

(I) CONTINUE ITS INDEPENDENT ANALYSIS OF STATE
DEBT AFFORDABILITY; OR