Ch. 78                                       1993 LAWS OF MARYLAND

Article - State Finance and Procurement

8-125.

(a)     The Comptroller shall establish:

(1)     an annuity bond account for each enabling act; and

(2)     as part of the account, a premium and expense account.

(b)     (1) The Comptroller shall credit the proceeds of the sale of State bonds:

(i) to the annuity bond account for the enabling act under which the
State bonds are issued; [or]

(ii) whenever State bonds are sold as part of a State and local facilities
loan, proportionately among the annuity bond accounts for the enabling acts under which
the State bonds are sold; [OR.

(III) WHENEVER STATE BONDS ARE SOLD AS PART OF A STATE AND
LOCAL FACILITIES LOAN IN ORDER TO FACILITATE AND PRESERVE THE TAX
EXEMPT STATUS OF THE BONDS, NONPROPORTIONATELY AMONG THE ANNUITY
BOND ACCOUNTS FOR THE ENABLING ACTS UNDER WHICH THE STATE BONDS ARE
SOLD.

(2) The Comptroller shall credit to the premium and expense account the
part of the proceeds that is a premium.

(c)     (1) To the extent payment of these expenses is not otherwise provided for,
each premium and expense account shall be charged with the expenses of the sale of State
bonds issued under the enabling act for which the account is established.

(2) After all of the State bonds have been issued under the enabling act for
which a premium and expense account is established and all expenses of the sale of those
State bonds have been paid, the money that remains in the account shall be transferred to
the Annuity Bond Fund, to be applied to the debt service requirements on State bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October June 1, 1993.

Approved April 26, 1993.

CHAPTER 78
(Senate Bill 75)

AN ACT concerning

Department of Public Safety and Correctional Services - Correctional Facilities -

Construction - Procurement Authority

FOR the purpose of repealing extending the termination date of certain provisions of law

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