ROBERT L. EHRLICH, JR., Governor                             Ch. 235

(ii) The notice may be given by Munifacts News Service or a similar
service or such other method as the Treasurer deems appropriate.

8-123.4.

(A)     EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, IN
ACCORDANCE WITH THE AUTHORITY TO ISSUE VARIABLE INTEREST RATE BONDS
UNDER § 8-121 OF THIS SUBTITLE, THE BOARD, IN A RESOLUTION SETTING FORTH
THE TERMS AND CONDITIONS OF A STATE BOND ISSUE, MAY DESIGNATE THAT ALL
OR A PORTION OF THE STATE BONDS BE ISSUED AS VARIABLE INTEREST RATE
BONDS.

(B)     THE BOARD MAY SELL VARIABLE INTEREST RATE BONDS AT A PRIVATE,
NEGOTIATED SALE ON THE TERMS AND CONDITIONS THAT THE BOARD DETERMINES
TO BE MOST ADVANTAGEOUS TO THE STATE.

(C)     AT THE TIME OF ISSUANCE, THE AGGREGATE PAR VALUE OF THE STATE'S
GENERAL OBLIGATION VARIABLE INTEREST RATE BONDS SHALL COMPRISE NO
MORE THAN 15% OF THE OUTSTANDING GENERAL OBLIGATION INDEBTEDNESS OF
THE STATE.

8-136.

IF THE BOARD HAS AUTHORIZED THE TRANSACTION AND APPROVED THE FORM
OF THE AGREEMENT, TO IMPROVE THE MANAGEMENT OF STATE GENERAL
OBLIGATION DEBT OR TO REDUCE THE COST OF SERVICING SUCH DEBT, AND AFTER
GIVING DUE CONSIDERATION TO THE CREDITWORTHINESS OF THE
COUNTERPARTIES, THE TREASURER MAY:

(1)      ENTER INTO INTEREST RATE EXCHANGE AGREEMENTS OR
CONTRACTS PROVIDING FOR PAYMENTS BASED ON LEVELS OF OR CHANGES IN
INTEREST RATES; AND

(2)      APPOINT ANY AGENTS NECESSARY TO IMPLEMENT AND ADMINISTER
SUCH AGREEMENTS OR CONTRACTS.

Article 31 - Debt - Public

34.

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

(2)      "BONDS" MEANS GENERAL OBLIGATION BONDS OR NOTES, REVENUE
BONDS OR NOTES, OR OTHER EVIDENCES OF OBLIGATIONS BY WHATEVER NAME
KNOWN OR SOURCE OF FUNDS SECURED, ISSUED BY A COUNTY.

(3)      "COUNTY" MEANS ANY COUNTY IN THE STATE OR BALTIMORE CITY.

(B)     (1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, AND IN
ADDITION TO ANY OTHER AUTHORITY, TO IMPROVE THE MANAGEMENT OF DEBT
SERVICE OR INTEREST RATE RISKS ON ITS BONDS OR TO REDUCE THE COST OF

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