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WILLIAM DONALD SCHAEFER, Governor
Public Works to set limits for State unit debt; defining
certain terms; requiring the Department of Budget and Fiscal
Planning to make certain recommendations to the Governor;
authorizing the Governor to allocate the limit for State
unit debt among State units; requiring certain notification
by the Governor; requiring the submission of certain
reports; authorizing certain procurements by the State
Treasurer; authorizing the State Treasurer to issue certain
State unit debt under certain circumstances; and generally
relating to the setting of a limit and allocation of State
unit debt.
BY adding to
Article - State Finance and Procurement
Section 8-303 9-212 through 9-212.3
Annotated Code of Maryland
(1998 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Finance and Procurement
8-303.
(A) IN THIS SECTION, "GOVERNMENTAL USE BONDS" MEANS ANY
BONDS, NOTES, OR OTHER FORMS OF DEBT FINANCING THAT ARE NOT
PRIVATE ACTIVITY BONDS AS DEFINED BY THE INTERNAL REVENUE CODE.
(B) BY MAY 1, ANY STATE UNIT THAT EXPECTS TO ISSUE
GOVERNMENTAL USE BONDS IN THE FOLLOWING FISCAL YEAR SHALL SUBMIT
TO THE BOARD A SUMMARY OF THOSE PROJECTED ISSUANCES, INDICATING
PURPOSE, DATES OF ISSUE, AND AMOUNTS.
(C) BY JUNE 1, THE BOARD SHALL SET AN ANNUAL LIMIT FOR THE
FOLLOWING FISCAL YEAR FOR THE TOTAL AMOUNT OF GOVERNMENTAL USE
BONDS TO BE ISSUED BY STATE UNITS. BY JULY 1, THE GOVERNOR SHALL
ALLOCATE THIS LIMIT AMONG THE AGENCIES THAT HAVE PRESENTED
GOVERNMENTAL USE DEBT PLANS TO THE BOARD. SUCH ALLOCATION SHALL
BE FOR THE FISCAL YEAR ONLY AND LAPSE AT THE CLOSE OF THE FISCAL
YEAR.
(D) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A STATE
UNIT MAY NOT ISSUE GOVERNMENTAL USE BONDS UNLESS THAT ISSUANCE IS
CONSISTENT WITH THE ALLOCATION MADE BY THE GOVERNOR.
(E) THE BOARD, FROM TIME TO TIME, MAY REVISE THE
GOVERNMENTAL USE DEBT LIMIT AND THE GOVERNOR, FROM TIME TO TIME,
MAY REVISE THE GOVERNMENTAL USE ALLOCATION.
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