ROBERT L. EHRLICH, JR., Governor                             Ch. 432

(ii) Be applied to reduce the annual maintenance payments of the
local jurisdictions.

Article - State Finance and Procurement

10-305.

(a) (1) Any real or personal property of the State or a unit of the State
government may be sold, leased, transferred, exchanged, granted, or otherwise
disposed of:                                                                                              .             

[(1)] (I) to any person, to the United States or any of its units, or to any
unit of the State government, for a consideration the Board decides is adequate; or

[(2)] (II) to any county or municipal corporation in the State subject to
any conditions the Board imposes.

(2) THE BOARD MAY NOT APPROVE THE SALE OF ANY STATE
OWNED REAL OR PERSONAL PROPERTY FUNDED PURSUANT TO AN
APPROPRIATION ACT OF THE MARYLAND GENERAL ASSEMBLY IF THE
PROPERTY HAS AN APPRAISED VALUE OVER $100,000 UNTIL:

(I) A DESCRIPTION OF THE REAL OR PERSONAL PROPERTY
HAS BEEN SUBMITTED TO THE SENATE BUDGET AND TAXATION
COMMITTEE AND THE HOUSE APPROPRIATIONS COMMITTEE FOR REVIEW
AND COMMENT AND

(II) 45 DAYS HAVE ELAPSED SINCE THE DESCRIPTION WAS
SUBMITTED.

Article - Transportation

4-306.

(b) (1) [The] ON OR AFTER JULY 1, 2005, THE Authority may not issue
bonds to finance all or any part of the cost of a transportation facility project until the
General Assembly has approved, through legislation, the specific project and the
maximum principal amount of bonds that the Authority may issue in connection with
the project.

Article - Natural Resources

[5-9A-09.

The Governor shall include in the annual capital budget an amount not less
than $5 million for this Program.]

SECTION 3. AND BE IT FURTHER ENACTED, That the General Assembly
declares that it is the public policy of this State to manage State general obligation
bond debt in a manner that will maintain Maryland's AAA bond rating. The General
Assembly further declares that legislative oversight, control, and review of all forms
of State obligations is essential to maintenance of the State's existing bond rating and
protection of the fiscal integrity of the State.

- 2003 -