WILLIAM DONALD SCHAEFER, Governor

(8)  THE UNIVERSITY OF MARYLAND SYSTEM;

(9)  MORGAN STATE UNIVERSITY; AND

(10)  ST. MARY'S COLLEGE OF MARYLAND.

(H) "STATE UNIT DEBT" MEANS A BOND, NOTE, BOND ANTICIPATION
NOTE, CAPITAL LEASE, OR ANY OTHER EVIDENCE OF INDEBTEDNESS OF A
STATE UNIT OTHER THAN:

(1)  CAPITAL LEASES SUPPORTED IN WHOLE OR IN PART BY
GENERAL FUND REVENUES;

(2)  DEBT DIRECTLY SUPPORTED BY TAX REVENUES; AND

(3)  PRIVATE ACTIVITY BONDS AS DEFINED IN THE INTERNAL
REVENUE CODE.

(I) "INDEBTEDNESS" MEANS THE ISSUANCE OF A BOND, NOTE, BOND
ANTICIPATION NOTE, CAPITAL LEASE, OR ANY OTHER EVIDENCE OF
INDEBTEDNESS BY A STATE UNIT OR INDEPENDENT AUTHORITY.

8-212.1.

(A)  ON OR BEFORE OCTOBER 1 OF EACH YEAR, A STATE UNIT SHALL
SUBMIT TO THE BOARD, TO THE DEPARTMENT, AND TO THE DEPARTMENT OF
FISCAL SERVICES A SUMMARY OF THE PURPOSE AND AMOUNTS OF PROJECTED
BOND ISSUES.

(B)  BY NOVEMBER 15, THE BOARD SHALL SET AN ANNUAL LIMIT FOR
THE FOLLOWING FISCAL YEAR FOR THE TOTAL AMOUNT OF STATE UNIT
DEBT.

(C)  THE DEPARTMENT SHALL RECOMMEND TO THE GOVERNOR AN
ALLOCATION OF THE LIMIT FOR EACH OF THE STATE UNITS AFTER
CONSULTATION WITH THE STATE UNITS AND THE BOARD.

(D)  THE GOVERNOR SHALL REVIEW THE DEPARTMENT'S
RECOMMENDATIONS AND MAY ADOPT OR MAKE MODIFICATIONS TO THE
RECOMMENDATIONS.

(E)  THE GOVERNOR SHALL ANNUALLY SET EACH STATE UNIT'S DEBT
ALLOCATION.

(F)  ON OR BEFORE DECEMBER 15 OF EACH YEAR, THE GOVERNOR
SHALL NOTIFY EACH STATE UNIT OF ITS ALLOCATION FOR THE NEXT
FISCAL YEAR AND SHALL PUBLISH THE ALLOCATIONS IN THE MARYLAND
REGISTER.

(G)  (1) DURING THE FISCAL YEAR, THE. BOARD MAY INCREASE THE
CEILING AND THE GOVERNOR MAY INCREASE OR DECREASE ANY ALLOCATION
TO A STATE UNIT AND SHALL PROVIDE NOTICE OF THIS CHANGE TO THE
DEPARTMENT.

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