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 […]
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 […]