1004

LAWS OF MARYLAND

Ch. 11

Subsection (b) of this section is revised as a duty of
the Committee, for clarity.

Defined term: "Committee" § 8-104

8-112. DUTIES OF COMMITTEE.

(A)  REVIEW OF STATE DEBT.

THE COMMITTEE SHALL REVIEW THE SIZE AND CONDITION OF THE
STATE DEBT ON A CONTINUING BASIS.

(B)  ESTIMATE REQUIRED.

ON OR BEFORE AUGUST 1 OF EACH YEAR, THE COMMITTEE SHALL
SUBMIT TO THE GOVERNOR AND THE GENERAL ASSEMBLY THE COMMITTEE'S
ESTIMATE OF THE TOTAL AMOUNT OF NEW STATE DEBT THAT PRUDENTLY MAY
BE AUTHORIZED FOR THE NEXT FISCAL YEAR.

(C)  CONSIDERATIONS.

IN MAKING THE ESTIMATE, THE COMMITTEE SHALL CONSIDER:

(1)  THE AMOUNT OF STATE BONDS THAT, DURING THE NEXT
FISCAL YEAR:

(I)  WILL BE OUTSTANDING; AND

(II)  WILL BE AUTHORIZED BUT UNISSUED;

(2)  THE CAPITAL PROGRAM PREPARED BY THE DEPARTMENT OF
STATE PLANNING;

(3)  CAPITAL IMPROVEMENT AND SCHOOL CONSTRUCTION NEEDS
DURING THE NEXT 5 FISCAL YEARS, AS PROJECTED BY THE INTERAGENCY
COMMITTEE ON SCHOOL CONSTRUCTION;

(4)  PROJECTIONS OF DEBT SERVICE REQUIREMENTS DURING
THE NEXT 10 FISCAL YEARS;

(5)  THE CRITERIA THAT RECOGNIZED BOND RATING AGENCIES
USE TO JUDGE THE QUALITY OF ISSUES OF STATE BONDS;

(6)  ANY OTHER FACTOR THAT IS RELEVANT TO:

(I)  THE ABILITY OF THE STATE TO MEET ITS
PROJECTED DEBT SERVICE REQUIREMENTS FOR THE NEXT 5 FISCAL YEARS;
OR

(II)  THE MARKETABILITY OF STATE BONDS; AND

(7)  THE EFFECT OF AUTHORIZATIONS OF NEW STATE DEBT ON
EACH OF THE FACTORS SET OUT IN THIS SUBSECTION.