ROBERT L. EHRLICH, JR., Governor                             Ch. 430

exceed the revised estimate of total General Fund revenues for the current fiscal year,
as contained in the report of estimated State revenues submitted by the Board of
Revenue Estimates to the Governor under § 6-106(b) of this article.

8-112.

(a)     The Committee shall review on a continuing basis the size and condition of
the State tax supported debt as well as:

(1)  DEBT ISSUED BY THE DEPARTMENT OF TRANSPORTATION UNDER
TITLE 3, SUBTITLE 6 OF THE TRANSPORTATION ARTICLE; AND

(2)     other debt of State units, including the University System of
Maryland, Morgan State University, 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
Management;

(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:

(I) DEBT ISSUED BY THE DEPARTMENT OF TRANSPORTATION
UNDER TITLE 3, SUBTITLE 6 OF THE TRANSPORTATION ARTICLE; AND

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