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 […]
Section 8-213 – Authority to Issue
(a) A State unit authorized to issue bonds may issue and sell bond anticipation notes if, in the resolution that authorizes the notes, the State unit covenants to: (1) pay from the proceeds of the bonds in anticipation of the sale of which the notes are issued: (i) the principal of the notes; and (ii) to the extent that […]
Section 8-403 – Authority to Enter Into Capital Lease; Financing Request
(a) The State Treasurer, with the approval of the Board of Public Works, may enter into a capital lease on behalf of one or more units of State government. (b) Prior to submission of a capital lease to the Board of Public Works, the Treasurer shall submit to the Legislative Policy Committee the total financing request and […]
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 […]