Ch. 246

LAWS OF MARYLAND

CHAPTER 246

(House Bill 874)

AN ACT concerning

Bonds of State Units and Public Instrumentalities

FOR the purpose of reaffirming an and particularizing the
authority of the financial officer of a unit of State
government to take certain actions with respect to the
administration, management, investment and accounting of the
proceeds of bonds issued by that State unit and to maintain
certain records and make certain filings, including.
maintenance of a separate rebate fund from which to make any
required rebate payments to the United States; providing
that amounts, deposited to the rebate fund shall be used only
for the purpose of making rebate payments and may not be
deemed moneys of the State and that no appropriation will be
required prior to payment of any rebates from the rebate
fund; providing that this Act does not prevent the State
unit from authorizing the issuance and sale of bonds the
interest on which is not excludable from gross income for
federal income tax purposes; defining terms; and making this
Act an emergency measure.

BY adding to

Article - State Finance and Procurement
Section 8-211
Annotated Code of Maryland

(1985 Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

8-211.

(A)(1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.                                                   

(2)  "CODE" MEANS THE INTERNAL REVENUE CODE OF 1986
AND INCLUDES REGULATIONS AND RULINGS ISSUED UNDER THAT CODE.

(3)   "FINANCIAL OFFICER" MEANS THE CONTROLLER, THE
DIRECTOR OF FINANCE OR SIMILAR OFFICIAL OF A UNIT OF THE STATE
GOVERNMENT OR A POLITICAL INSTRUMENTALITY OF THE STATE THAT HAS

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