Section 8-406 – Disposition of Lease Proceeds
(a) (1) The State Treasurer may deposit the proceeds of a capital lease authorized under this subtitle in an escrow account or similar arrangement. (2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease. (3) A withdrawal made under the provisions of this section shall be made in accordance […]
Section 8-407 – Compliance With Internal Revenue Code; Exclusion of Interest From Gross Income
(a) (1) In this section the following words have the meanings indicated. (2) “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code. (3) (i) “Financial officer” means the secretary of the principal department that includes the appropriate unit or the head of the unit if the unit is an independent unit. (ii) “Financial […]
Section 8-214 – Resolution
(a) Bond and grant anticipation notes issued under this Part III of this subtitle shall be authorized by resolution of the State unit. (b) (1) The resolution shall state: (i) the authority for the notes and, if the notes are bond anticipation notes, the authority for the bonds; (ii) the amount of notes authorized; and (iii) the terms of the notes. […]
Section 8-404 – Funding; Liability of State
A capital lease authorized under this subtitle: (1) shall be contingent on the availability of appropriated or other legally available funds, not including nonappropriated pension or retirement funds, that permit the timely payment of principal, interest, and other obligations, if any, imposed by the terms of the capital lease; (2) may not be construed or deemed to […]
Section 8-215 – Amount of Notes
(a) A State unit may not issue bond anticipation notes under this Part III of this subtitle in a total principal amount that exceeds the authorized amount of the bonds in anticipation of the sale of which the notes are issued and sold. (b) A State unit may not issue grant anticipation notes under this Part III […]
Section 8-405 – Payments on Lease
(a) Except for capital leases used to finance energy performance contracts excluded from tax supported debt under § 8–104 of this title, the Treasurer shall, at a reasonable market rate, capitalize the payments on a capital lease authorized under this subtitle on an annual basis for each fiscal year the lease is in effect. (b) The greater […]
Section 8-216 – Written Commitment for Grant
Grant anticipation notes may not be sold under this Part III of this subtitle until the State unit receives from the grantor a written commitment for the grant.
Section 8-217 – Signing of Notes
(a) A bond anticipation note may not be issued under this Part III of this subtitle unless it is signed, endorsed, or guaranteed in the manner required by law for the bonds in anticipation of which the note is issued. (b) A bond or grant anticipation note is valid and binding in accordance with its terms notwithstanding […]
Section 8-218 – Payment of Principal and Interest
(a) (1) The principal of and interest on bond anticipation notes under this Part III of this subtitle shall be payable from: (i) the 1st proceeds of sale of the bonds; or (ii) the tax or other revenue that the State unit has pledged to the payment of the bonds. (2) One year’s interest on the notes, or on any […]
Section 8-219 – Proceeds of Sale of Bond Anticipation Notes
The proceeds of sale of bond anticipation notes shall be spent: (1) 1st, for payment of the expenses of issuance of the notes; and (2) then, subject to § 8-218(a)(2) of this subtitle, only for the public purposes for which the bonds are authorized.