Ch. 377                                     1993 LAWS OF MARYLAND

CHAPTER 377
(House Bill 1282)

AN ACT concerning

Auxiliary and Academic Facilities Bonding Authority

FOR the purpose of increasing the bonding authority for the University of Maryland
System; and approving certain academic facilities for the University of Maryland
System, subject to certain limitations; transferring certain funds from a certain project
to provide funds for certain facilities renewal; requiring the submission of certain
reports to the budget committees of the General Assembly transferring unutilized
funds from a previously authorized project for a Music Theatre Facility at Frostburg
State University to provide funds for certain facilities renewal by amending a prior
authorization; and generally relating to the bonding authority of the University of
Maryland System.

BY repealing and reenacting, with amendments,

Article - Education

Section 19-102(c)(l)
Annotated Code of Maryland
(1992 Replacement Volume)

BY repealing and reenacting, with amendments,

Chapter 121 of the Acts of the General Assembly of 1990, as amended by Chapter
5 of the Acts of the General Assembly of the First Special Session of 1992

Section 2 (1)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Education

19-102.

(c) (1) Except as provided in paragraph (3) of this subsection, the aggregate
principal amount of bonds outstanding and the present value of capital lease payments,
less the amount of any reserve fund or sinking fund requirement established for the bonds
or capital leases, may not exceed, as of the date of issue of the bonds, the following:

(i) [$542,700,000] $612,700,000 $606,734,000 $605,592,000 for the
University of Maryland System;

(ii) $28,000,000 for Morgan State University;

            (iii) $15,000,000 for St. Mary's College of Maryland; and

(iv) $15,000,000 for Baltimore City Community College

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