1020

LAWS OF MARYLAND

Ch. 11

REVISOR'S NOTE: Subsection (a)(1) of this section is new
language added to state that which formerly was only
implied. This addition is based oh the former
requirement for a premium and expense account "for
each such bond account" and the former reference to
crediting proceeds of a State and local facilities
loan "proportionately to the account of the
appropriate State loan".

Subsections (a)(2) through (c) of this section are new
language derived without substantive change from
former Art. 15A, § 7A and the second sentence and the
second clause of the first sentence of former Art. 31,
§ 2B(g).

In subsection (a)(2) of this section, the phrase "as
part of the account" is added for clarity. In light
of this addition, in subsection (b)(2) of this
section, the former phrases "on a pro rata basis" and
"to the individual loans in proportion to their
respective principal amounts" are deleted as
unnecessary.

In subsection (b)(2) of this section, the former
phrase "earned as a result of such sale" is deleted as
surplusage.

In subsection (c)(1) of this section, the former
reference to "interest received" being "deducted" is
deleted as surplusage.

In subsection (c)(2) of this section, the former
reference to the "reserve account" is deleted for
clarity.

Defined terms: "Enabling act" § 8-101
"State bond" § 8-101

8-126. REDUCTION OF AUTHORIZATION.

(A) GENERAL FUND APPROPRIATION.

WHENEVER AN APPROPRIATION FROM THE GENERAL FUND IS MADE IN
THE STATE BUDGET AND IS SPENT TO FINANCE ANY PART OF A PROJECT OR
PROGRAM FOR WHICH AN ENABLING ACT AUTHORIZES STATE DEBT, THE
TOTAL STATE DEBT AUTHORIZED BY THE ENABLING ACT IS REDUCED BY THE
LESSER OF:

(1)  THE AMOUNT OF THE APPROPRIATION; OR

(2)  THE AMOUNT OF THE STATE DEBT FOR WHICH STATE
BONDS HAVE NOT BEEN ISSUED.

(B)

OTHER FUNDS.