ROBERT L. EHRLICH, JR., Governor

H.B. 689

Robert L. Ehrlich, Jr.
Governor

AN ACT concerning

House Bill No. 689

General Obligation Bonds - Payment and Accounting for Principal and

Interest

FOR the purpose of requiring the State's fiscal agents to provide, at certain times, an
accounting of certain State bonds and coupons that have not been redeemed in a
certain period and the total unredeemed principal and interest on certain State
bonds and coupons; requiring the Treasurer to deposit unredeemed principal
and interest into the unpresented bond and coupon account; requiring the
Treasurer to dispose of certain money according to certain statutes; and
generally relating to the payment and accounting for principal and interest on
general obligation bonds.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 8-135

Annotated Code of Maryland
(2001 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

8-135.

(a)     In this section, "financial institution" has the meaning stated in § 6-201 of
this article.

(b)     The Treasurer may appoint any financial institution as a fiscal agent.

(c)      During its agency, the fiscal agent shall be covered by a surety bond in the
form and amount required by law.

(d)     (1) In accordance with the procedures that the Treasurer sets, a fiscal
agent shall pay at the financial institution, from money advanced to the agent, the
interest on State debt and, as the principal matures, the principal.

(2) The fiscal agent shall keep a receipt for each payment.

(e)     Each fiscal agent shall:

(1)     allow the Treasurer to inspect the agent's accounts at any time; and

(2)     provide copies of the accounts on request of:

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