ROBERT L. EHRLICH, JR., Governor                             Ch. 153

enabling act authorized the State debt is under contract and the Board has not
[committed] ENCUMBERED money for any part of the project or program, the
authorization terminates unless:

(1)     the enabling act provides otherwise; or

(2)     in an emergency, the Board unanimously grants a temporary
exception for a period of 1 year.

(B)     UNLESS OTHERWISE PROVIDED IN AN ENABLING ACT, AN
AUTHORIZATION OF STATE DEBT FOR A PROJECT OR PROGRAM SHALL TERMINATE
NO LATER THAN 1 YEAR AFTER THE ABANDONMENT, COMPLETION, OR ACCEPTANCE
OF THE PROJECT OR PROGRAM, AS DETERMINED BY THE BOARD.

(C)     EXCEPT TO THE EXTENT THAT MONEY AUTHORIZED BY AN ENABLING ACT
FOR A STATE PROJECT OR PROGRAM HAS BEEN ENCUMBERED BY THE BOARD, AN
AUTHORIZATION OF STATE DEBT SHALL AUTOMATICALLY TERMINATE 7 YEARS
AFTER THE DATE OF THE AUTHORIZATION, UNLESS:

(I) (1) THE ENABLING ACT PROVIDES OTHERWISE; OR

(II) (2) IN AN EMERGENCY, THE BOARD UNANIMOUSLY GRANTS A
TEMPORARY EXCEPTION FOR 1 YEAR.

(D)     IF BONDS HAVE NOT BEEN ISSUED, THE AMOUNT OF ANY UNISSUED
BONDS FROM A TERMINATED AUTHORIZATION SHALL BE CANCELED AND BE OF NO
FURTHER EFFECT.

(E)     IF BONDS HAVE BEEN ISSUED, THE AMOUNT OF ANY UNSPENT BOND
PROCEEDS FROM A TERMINATED AUTHORIZATION SHALL BE DISPOSED OF AS
PROVIDED IN § 8-129 OF THIS ARTICLE.

[(b)] (F) (1) The Board shall enforce the provisions of this section.

(2) A FAILURE TO COMPLY WITH OR GIVE EFFECT TO THE PROVISIONS
OF THIS SECTION MAY NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF STATE
DEBT.

[(c)] (G) The Board shall submit for publication in the Maryland Register a
notice of any authorization of State debt that has been terminated or extended under
this section; the notice shall include the chapter number and year of enactment of the
enabling act and each amendment to the enabling act.

[(d)] (H) A termination or extension under this section may become effective
only after the publication of notice in the Maryland Register.

(I) (1) THE TREASURER, IN CONSULTATION WITH THE COMPTROLLER,
SHALL SUBMIT A REPORT ON JANUARY 1 EACH YEAR TO THE GOVERNOR AND, IN
ACCORDANCE WITH § 2-1246 OF THE STATE GOVERNMENT ARTICLE, THE GENERAL
ASSEMBLY.

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