CAPITAL DEBT AFFORDABILITY COMMITTEE

Appointed by Governor: Paul B. Meritt

Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Helene T. Grady, Secretary of Budget & Management; Paul J. Wiedefeld, Secretary of Transportation

Ex officio (nonvoting): Craig J. Zucker, Chair, Capital Budget Subcommittee of Senate Budget & Taxation Committee; Mark S. Chang, Chair, Capital Budget Subcommittee of House Appropriations Committee.

Staff: Kristen J. Robinson

Goldstein Treasury Building cupola, Annapolis, Maryland, September 2000. Photo by Diane F. Evartt.

The Capital Debt Affordability Committee was authorized by the General Assembly in 1978 (Chapter 43, Acts of 1978).

On a continuing basis, the Committee reviews the size and condition of the State tax-supported debt, as well as other debt of State units, including the University of Maryland System, Morgan State University, St. Mary's College of Maryland, and Baltimore City Community College.

Annually, the Committee submits to the Governor and the General Assembly its estimate of the maximum amount of new general obligation debt that prudently may be authorized for the ensuing fiscal year. In making this estimate, the Committee considers: 1) the amount of general obligation debt that will be issued and outstanding during that next fiscal year; 2) the amount of general obligation debt that will be authorized but unissued during such fiscal year; 3) the capital program plan prepared by the Department of Budget and Management for the ensuing five fiscal years; 4) projections of school construction and capital improvement needs prepared by the Interagency Commission on School Construction for the ensuing five fiscal years; 5) projections of debt service requirements for the ensuing ten fiscal years; 6) other factors relevant to the ability of the State to meet its projected debt service requirements for the ensuing five years; 7) criteria established or used by recognized bond rating agencies in judging the quality of State bond issues; 8) other factors relevant to the marketability of State bonds; and 9) the effect of additional debt authorizations on each of the factors enumerated above. The Committee's estimate is advisory and not binding upon the Governor, the Board of Public Works, or the General Assembly.

The Committee consists of seven members. Six serve ex officio, and one member is appointed by the Governor. The State Treasurer is the chair (Code State Finance & Procurement Article, secs. 8-104 through 8-116; Chapter 445, Acts of 2005).

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