WILLIAM DONALD SCHAEFER, Governor                         Ch. 673

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

Article - State Finance and Procurement

8-112.

(a)     The Committee shall review on a continuing basis the size and condition of
the State tax supported debt as well as other debt of State units, including the University
of Maryland System, Morgan State University, and St. Mary's College of Maryland, AND
THE BALTIMORE CITY COMMUNITY COLLEGE.

(b)     On or before September 10 of each year, the Committee shall submit to the
Governor and the General Assembly the Committee's estimate of the total amount of
new State debt that prudently may be authorized for the next fiscal year.

(c)     In making the estimate, the Committee shall consider:

(1)     the amount of State bonds that, during the next fiscal year:
(i) will be outstanding; and

(ii) will be authorized but unissued;

(2)     the capital program prepared by the Department of Budget and Fiscal
Planning;

(3)     capital improvement and school construction needs during the next 5
fiscal years, as projected by the Interagency Committee on School Construction;

(4)     projections of debt service requirements during the next 10 fiscal years;

(5)     the criteria that recognized bond rating agencies use to judge the quality
of issues of State bonds;

(6)     any other factor that is relevant to:

(i) the ability of the State to meet its projected debt service
requirements for the next 5 fiscal years; or

(ii) the marketability of State bonds;

(7)     the effect of authorizations of new State debt on each of the factors set
out in this subsection; and

(8)     the amount of issuances, debt outstanding, and debt service requirement
of other classes of State tax supported debt as well as other debt of State units, including
the University of Maryland System, Morgan State University, and St. Mary's College of
Maryland, AND THE BALTIMORE CITY COMMUNITY COLLEGE.

(d)     The estimate of the Committee:

(1)     is advisory; and

(2)     does not bind the General Assembly, the Board, or the Governor.

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