HARRY HUGHES, Governor

745

(F) FAILURE TO COMPLY WITH REQUIREMENTS.

(1)  AN OFFICIAL IS NOT PERSONALLY LIABLE FOR FAILURE
TO SUBMIT A REPORT UNDER THIS SECTION.

(2)  FAILURE TO SUBMIT THE REPORT OR TO COMPLY WITH
OTHER REQUIREMENTS OF THIS SECTION DOES NOT AFFECT:

(I)  THE AUTHORITY OF A PUBLIC BODY TO INCUR
DEBT; OR

(II)  THE VALIDITY OF ANY DEBT THAT THE PUBLIC
BODY INCURS.

REVISOR'S NOTE: Subsection (a)(1) of this section is new
language used as the standard introductory language to
a definition subsection.

Subsection (a)(2) of this section is new language
added to avoid repetition of the former language
"bond[s] or other evidences of indebtedness" but still
retain the broad scope of the former language. Before
its revision in this section, former Art. 31, § 12A
was part of a subtitle. Since, for purposes of that
subtitle, the word "bonds" was defined to exclude
various debt instruments, such as those issued by
Baltimore City, the former references to "other
evidences of indebtedness" were necessary to encompass
debt instruments that otherwise would have been
excluded. The intent to encompass these debt
instruments is supported by the use, in former Art.
31, § 12A(a) and (d), of the enumeration "county ...
or other political subdivision[s]", instead of the
limited term "public body", which was used elsewhere
in the former subtitle. This intent also is supported
by the fact that the Office of the Treasurer
disseminates the compilations under this section so
that several public bodies will not issue bonds at the
same time and, thus, have unmarketable bonds.

Subsection (a)(3) of this section is' new language
added to avoid the former enumeration "treasurer,
comptroller, chief financial officer, or other...
official" and the former references to a "reporting
office[r]", which, in the context of subsection (f)(1)
of this section, was a misnomer.

Subsection (a)(4) of this section is new language
added to allow concise reference to State units and
political subdivisions.

Subsections (b) through (f) of this section are new
language derived without substantive change from
former Art. 31, § 12A.