Ch. 222                                        1994 LAWS OF MARYLAND

Article 31 - Debt - Public

PUBLIC SCHOOLS - FINANCING

33.

(A)     (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "AUTHORIZING RESOLUTION" MEANS AN ADMINISTRATIVE
RESOLUTION. ADOPTED BY THE LEGISLATIVE BODY OF A COUNTY.

(3) "COUNTY" MEANS:

(I) ANY COUNTY IN THE STATE OR THE MAYOR AND CITY
COUNCIL OF BALTIMORE; OR

(II) ANY COMBINATION OF TWO OR MORE OF THE JURISDICTIONS
SPECIFIED IN ITEM (I) OF THIS PARAGRAPH THAT HAVE ENTERED INTO AN
AGREEMENT UNDER THE PROVISIONS OF THIS SECTION.

(4) (I) "NOTE" MEANS ANY EVIDENCE OF INDEBTEDNESS OF A
COUNTY ISSUED UNDER THE PROVISIONS OF THIS SECTION.

(II) "NOTE" INCLUDES A NOTE THAT IS CLASSIFIED AS
COMMERCIAL PAPER OR AS A REFUNDING NOTE, BONDS, REFUNDING BONDS, OR
OTHER OBLIGATIONS.

(5) "STATE SHARE", WITH REFERENCE TO A PARTICULAR COUNTY ON A
PARTICULAR DATE, MEANS THE AGGREGATE AMOUNT OF THE ANTICIPATED STATE
SHARE OF THE COSTS OF PUBLIC SCHOOL CONSTRUCTION AND CAPITAL
IMPROVEMENTS, UNDER § 5-301 OF THE EDUCATION ARTICLE THAT:

(I)       HAS BEEN APPROVED BY THE BOARD OF PUBLIC WORKS; AND

(II)     HAS NOT BEEN ADVANCED TO THE COUNTY.

(B)      (1) (I) A COUNTY MAY FROM TIME TO TIME BORROW MONEY AND
INCUR INDEBTEDNESS THROUGH THE ISSUANCE AND SALE OF NOTES IN
ANTICIPATION OF THE RECEIPT OF ALL OR PART OF THE COUNTY'S STATE SHARE.

(II) THE AMOUNT BORROWED MAY NOT EXCEED AT ANY ONE
TIME THE AMOUNT OF THE STATE SHARE IN ANTICIPATION OF THE RECEIPT OF
WHICH THE COUNTY SELLS THE NOTES.

(III)    IN THE CALCULATION OF THE MAXIMUM PRINCIPAL AMOUNT
OF NOTES THAT MAY BE OUTSTANDING FROM TIME TO TIME, THE STATE SHARE
MAY NOT BE REDUCED WITH RESPECT TO ANY OUTSTANDING NOTES EXCEPT ON
RECEIPT BY THE COUNTY OF FUNDS ADVANCED BY THE STATE WITH RESPECT TO
THE STATE SHARE AND PAYMENT OF NOTES WITH THOSE FUNDS.

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