VETOES

(B)  THE DEPARTMENT OF GENERAL SERVICES AND THE DEPARTMENT
OF BUDGET AND FISCAL PLANNING SHALL ANALYZE THE SUCCESSFUL BID OR
OFFER, UTILIZING A COMPARISON ANALYSIS, WHICH SHALL INCLUDE AN
ANALYSIS OF THE COST OF THE PROJECT COMPARED TO THE COST
ASSOCIATED WITH FINANCING THE PROJECT WITH 15 YEAR GENERAL
OBLIGATION BONDS, LIFE CYCLE COST ANALYSIS, TIME/VALUE MONEY
ANALYSIS, TAX IMPACT ANALYSIS, AS APPROPRIATE, AND SUBMIT ITS
FINDINGS TO THE BOARD AND THE DEPARTMENT OF FISCAL SERVICES
WITHIN 21 DAYS.

(C)  SUBSEQUENT TO FINAL REVIEW BY STAFF AGENCIES, THE BOARD
SHALL SUBMIT THE REQUEST TO THE BUDGET COMMITTEES OF THE GENERAL
ASSEMBLY FOR FINAL APPROVAL.

(D)  IF APPROVED BY THE BUDGET COMMITTEES THE SUCCESSFUL
PROPOSAL MAY BE SUBMITTED TO THE BOARD FOR FINAL APPROVAL.
FAILURE OF THE BUDGET COMMITTEES TO REJECT THE REQUEST WITHIN 60
DAYS AFTER THE REQUEST HAS BEEN SUBMITTED TO THE BUDGET
COMMITTEES SHALL BE DEEMED TO CONSTITUTE APPROVAL.---------------

(E)  IN THE FINAL HEARING BEFORE THE BOARD, THE REQUESTING
AGENCY SHALL DESCRIBE ANY CHANGES IN THE PROPOSAL FROM THE
INITIAL PROJECT ASSUMPTIONS.

(F)  IF THE ISSUANCE AND SALE OF REVENUE BONDS IS INVOLVED
IN A PROJECT, THE RESPONSIBLE AGENCY HEAD OR BOARD SHALL HAVE
PREVIOUSLY APPROVED ALL SALE AND LEASE CONDITIONS.

(G)  ANY APPROVAL BY THE BOARD OF PUBLIC WORKS SHALL ONLY
APPLY TO THE SPECIFIC CONVEYANCE OF PROPERTY AND MAY NOT BE
INTERPRETED AS APPROVAL OF THE BOND ISSUANCE AND SALE OR A PLEDGE
OF THE FULL FAITH AND CREDIT OF THE STATE OF MARYLAND.

(H) THE CONSTRUCTION COSTS CAPITALIZED VALUE OF THE LEASE
ASSOCIATED WITH THE TRANSACTIONS SHALL BE WITHIN THE STATE DEBT
LIMITATION.

8-112.

(a)  The Committee shall review the size and condition of
the State debt AND CAPITAL LEASES on a continuing basis.

(b)  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)  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

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