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 (2) The proceeds may be withdrawn for the purpose of making payment due under the terms of the capital lease.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 8-222 – Exemption From Taxation
The following obligations are exempt from State and local taxation: (1) a bond or grant anticipation note issued under this part; (2) a bond issued to pay the notes issued under item (1) of this section; and (3) the interest on the obligations.
Section 8-301 – Contract to Spend General Obligation Loan Proceeds
(a) Except as provided in subsection (b) of this section or in other law, a contract to spend the proceeds of a general obligation loan that has been authorized by any act of the General Assembly may not be executed until the Board of Public Works approves the contract. (b) (1) Approval by the Board of Public Works […]
Section 8-302 – Bonds to Be Considered Investment Securities
(a) In this section, “bond” means an obligation of the State or of any of its units or instrumentalities. (b) If a bond otherwise complies with the requirements of the Commercial Law Article for investment securities, the bond shall be considered to be an investment security notwithstanding that: (1) the resolution or other authority under which the bond […]
Section 8-303 – Use of Appropriation for Reimbursement of Grant Recipient on or Before Effective Date of Enabling Act
(a) In this section, “enabling act” has the meaning stated in § 8–101 of this title. (b) (1) Unless otherwise prohibited by law and subject to paragraph (2) of this subsection, an appropriation authorized by an enabling act may be used to reimburse a grant recipient for an expenditure incurred on or before the effective date of the […]
Section 8-304 – Annual Report on Deferred Maintenance — Information Included
(a) (1) In this section the following words have the meanings indicated. (2) “Convention facility” has the meaning stated in § 10–601 of the Economic Development Article. (3) “Institution of higher education” has the meaning stated in § 10–101 of the Education Article. (b) This section applies to a convention facility and a facility at an institution of higher education […]
Section 8-401 – Purpose
The purpose of this subtitle is to codify the authority of the State Treasurer to enter into a capital lease agreement and to establish a method for financing a capital lease as defined in this subtitle.
Section 8-211 – Exclusion of Interest From Gross Income for Federal Tax Purposes
(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) “Financial officer” means the Controller, the director of finance or similar official of a unit of the State government or a political instrumentality of the State that has […]
Section 8-402 – Definitions
(a) In this subtitle the following terms have the meanings indicated. (b) “Capital equipment” means any item of equipment that, by generally accepted accounting principles, is capitalized for purposes of accounting. (c) (1) “Capital lease” means any lease, conditional sale, installment sale, or similar agreement, defined as a capital lease in accordance with generally accepted accounting principles, that is […]