Ch. 744

1997 LAWS OF MARYLAND

Howard County, Montgomery County, or Prince George's County may borrow money to
acquire an interest in personal property, including fixtures, for the operation of the
community college, on terms and conditions that the Board of Trustees considers proper.

(b)    A borrowing under this section may be secured by the personal property
acquired or revenues derived from the property.

(c)     All multiyear financing agreements reflecting borrowing under this section
shall be subject to cancellation by the Board of Trustees at the end of a fiscal year if
sufficient funds are not appropriated to fund the agreement in subsequent years.

(d)     (1) Borrowing under this section does not create or constitute a debt or
obligation of the State or any political subdivision of the State other than a community
college.

(2) Borrowing under this section does not constitute a debt or obligation of
the General Assembly or pledge the faith and credit of the State within the meaning of
Article III, § 34 of the Maryland Constitution.

(e)     (1) This subsection does not apply to the Board of Community College
Trustees for Garrett County.

(2) (i) Borrowing under this section shall be for the use of financing
intermediate term lease purchasing agreements.

(ii) The term of any lease purchase agreement entered into under this
section may not exceed the estimated life of the equipment subject to the financing

agreement.

(f)      (1) The Board of Community College Trustees for Garrett County may
enter into a lease purchase agreement if the lease purchase agreement is consistent with
the provisions of this section.

(2) The term of any lease purchase agreement entered into by the Board of
Community College Trustees for Garrett County may not exceed the estimated life of the
equipment subject to the financing agreement.

16-303.

(A)    Notwithstanding any other provision of law, a lease purchase agreement
entered into by the Board of Community College Trustees for Howard County,
Montgomery County, or Prince George's County prior to October 1, 1992 shall be deemed
authorized under § 16-302 of this subtitle, if the lease purchase agreement satisfies the
requirements of § 16-302 of this subtitle.

(B)     NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A LEASE PURCHASE
AGREEMENT ENTERED INTO BY THE BOARD OF COMMUNITY COLLEGE TRUSTEES
FOR ALLEGANY COUNTY. ANNE ARUNDEL COUNTY. BALTIMORE COUNTY. CARROLL
COUNTY, CECIL COUNTY. OR FREDERICK COUNTY OR THE BOARD OF TRUSTEES OF
CHESAPEAKE COLLEGE BEFORE JUNE 1, 1997 SHALL BE DEEMED AUTHORIZED
UNDER § 16-302 OF THIS SUBTITLE, IF THE LEASE PURCHASE AGREEMENT SATISFIES
THE REQUIREMENTS OF § 16-302 OF THIS SUBTITLE.

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