Ch. 93

LAWS OF MARYLAND

(4) THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE

THE APPROVAL OF THE GENERAL ASSEMBLY FOR ANY EDUCATIONAL

FACILITIES OTHER THAN ACADEMIC FACILITIES.

(3) WITHOUT THE APPROVAL OF THE GENERAL ASSEMBLY, A
SYSTEM MAY ISSUE BONDS TO REFINANCE ALL OR ANY PART OF THE COSTS
OF ANY PROJECT FOR ANY ACADEMIC FACILITY OR FACILITIES FOR WHICH
A SYSTEM PREVIOUSLY ISSUED BONDS UNDER THE AUTHORITY OF THIS
SECTION.

(4) (I) ANY BONDS ISSUED UNDER THE REQUIREMENTS OF
THIS SUBSECTION SHALL MATURE AT SUCH TIMES NOT EXCEEDING THE
USEFUL LIFE OF THE PROJECT FOR WHICH THE BONDS ARE ISSUED, BUT
NOT LATER THAN 20 YEARS AFTER THEIR RESPECTIVE DATES OF ISSUE, AS
MAY BE DETERMINED BY A SYSTEM,

(II) ANY BONDS ISSUED IN ACCORDANCE WITH
PARAGRAPH (3) OF THIS SUBSECTION SHALL MATURE AT SUCH TIMES AS
MAY BE DETERMINED BY A SYSTEM, BUT NOT LATER THAN 20 YEARS AFTER
THE DATE OF ISSUE OF THE BONDS THAT WERE ORIGINALLY ISSUED FOR
THE ACADEMIC FACILITY OR FACILITIES AUTHORIZED UNDER THE
REQUIREMENTS OF THIS SUBSECTION.

(E) (1) A SYSTEM SHALL MAINTAIN RECORDS IDENTIFYING THE
SOURCES AND AMOUNTS OF PAYMENTS USED TO SUPPORT;

(I)  THE AUXILIARY FACILITIES; AND

(II)  THE ACADEMIC FACILITIES AUTHORIZED UNDER
THE REQUIREMENTS OF THIS SUBTITLE.

(2) A SYSTEM SHALL REPORT:

(I) BY SEPTEMBER 1 TO THE BOARD OF PUBLIC WORKS
AND TO THE DEPARTMENT OF FISCAL SERVICES, THE INFORMATION FOR THE
PRIOR FISCAL YEAR REQUIRED UNDER PARAGRAPH (1) OF THIS
SUBSECTION; AND

(II) BY DECEMBER 1 TO THE DEPARTMENT OF FISCAL
SERVICES, THE ANTICIPATED SOURCES AND AMOUNTS OF PAYMENTS
REQUIRED FOR THE NEXT FISCAL YEAR FOR:

1. AUXILIARY FACILITIES; AND

2. ACADEMIC FACILITIES AUTHORIZED UNDER
THE REQUIREMENTS OF THIS SUBTITLE.

19-103.

(a) (1) A system may provide, by resolution, from time to
time, for the issuance, in series, of its bonds for the purpose
of: [paying] FINANCING OR REFINANCING all or any part of the

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