WILLIAM DONALD SCHAEFER, Governor
(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[.]; AND

(8)  THE AMOUNT OF CAPITAL LEASES AS DEFINED UNDER
SECTION 5-706.1 OF THIS ARTICLE.

(d) The estimate of the Committee;

(1)  is advisory; and

(2)  does not bind the General Assembly, the Board, or
the Governor.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

May 27, 1988

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

Dear Mr. President:

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