Section 19-111 – Construction of Title
(a) The provisions of this title, being necessary for the welfare of the State and its inhabitants, shall be liberally construed to effect the purposes thereof. (b) The provisions of this title are severable, and if any of such provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not […]
Section 19-112 – Short Title
This title may be referred to as the Auxiliary and Academic Facilities Bond Authority.
Section 20-101 – Established; Purposes; Members; Chair
(a) (1) There is a Maryland College Savings Bond Advisory Board. (2) The purpose of the Board is to advise the Board of Public Works on the issuance of college savings bonds authorized under § 8–123.3 of the State Finance and Procurement Article. (b) The Board shall consist of the following four members: (1) The State Treasurer; (2) The Secretary of […]
Section 20-102 – Duties
(a) (1) The Maryland College Savings Bond Advisory Board shall make recommendations to: (i) The Board of Public Works regarding the need for Maryland capital appreciation general obligation bonds to help citizens save for the costs of college; and (ii) In accordance with § 2–1257 of the State Government Article, the Governor and General Assembly on the establishment of […]
Section 19-104 – Bonds — Trust Agreement
(a) Any bonds issued under the provisions of this title may be secured by a trust agreement between a system and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the State. (b) Any trust agreement may pledge or assign all or any part of […]
Section 19-105 – Contract for Use of or Admission to Facilities; Assignment or Pledge of Fees; Payment of Costs of Maintaining, Equipping, etc., Facilities
(a) A system may contract for the use of or admission to all or any part of any auxiliary facility or any academic facility that was authorized under the requirements of this title with any person, partnership, association, corporation, entity, or agency and may fix the terms, conditions, fees, rents, and rates of charges for use […]
Section 19-106 – Trust Funds
All money received by a system as proceeds from the sale of bonds authorized by this title and all money received by a system by way of auxiliary facilities fees or academic fees which are assigned or pledged as security for the bonds shall be deemed to be trust funds to be held and applied […]
Section 18-3703 – Adoption of Regulations
** TAKES EFFECT JULY 1, 2022 PER CHAPTER 59 OF 2021 ** (a) The Office shall adopt regulations to carry out this subtitle. (b) The regulations shall include a limit on the total amount of assistance provided by the Office in repaying the loan of an eligible individual, based on the individual’s total income and outstanding higher […]
Section 19-107 – Purpose and Nature of Powers Under Title; Exemption From Taxes
(a) The exercise of the powers granted by the provisions of this title shall be for the benefit of the people of the State, for the increase of their education and prosperity, and for the improvement of their health, living conditions, and general welfare. (b) The operation and maintenance of auxiliary or academic facilities by a system […]
Section 18-3704 – Annual Budget Appropriation
** TAKES EFFECT JULY 1, 2022 PER CHAPTER 59 OF 2021 ** The Governor shall include an annual appropriation of at least $1,500,000 in the State budget for the Program.