Section 8-142 – Time for Repayment
(a) A loan under this Part V of this subtitle in anticipation of proceeds of a sale of State bonds shall be repaid within 180 days after the date of the loan. (b) A loan under this Part V of this subtitle in anticipation of tax receipts shall be repaid within 180 days after the date of […]
Section 8-145 – Replacement
(a) Whenever the owner of a State bond or coupon from a State bond satisfies the Treasurer, by legal and competent evidence, that the State bond or coupon has been lost and gives the Treasurer satisfactory security to indemnify the State against any other claim on the State bond or coupon, the Treasurer may issue a […]
Section 8-131.2 – Exemption From Taxation
The State bonds, the transfer of State bonds, the interest payable on State bonds, and any income derived from State bonds, including profit realized in the sale or exchange of State bonds, are exempt from State and local taxes.
Section 8-132 – Annuity Bond Fund
(a) In this section, “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code. (b) There is an Annuity Bond Fund. (c) The Comptroller shall: (1) credit to the Annuity Bond Fund any money appropriated in the State budget to: (i) meet the debt service requirements on State bonds; and (ii) pay the costs […]
Section 8-133 – State and Local Facilities Loan
(a) The source of payment for the principal of and interest on each State bond that is sold as part of a State and local facilities loan shall be as provided in the enabling act under which the State bond is issued. (b) This section does not affect any exemption from taxation provided by law.
Section 8-134 – State Tax on Property
(a) (1) Subject to the provisions of subsection (b) of this section, on or before May 1 of each year, the Board shall certify to the governing body of each county the rates of State tax on assessable property needed to meet the debt service requirements during the next taxable year on all the State bonds that […]
Section 8-135 – Fiscal Agent
(a) In this section, “financial institution” has the meaning stated in § 6-201 of this article. (b) The Treasurer may appoint any financial institution as a fiscal agent. (c) During its agency, the fiscal agent shall be covered by a surety bond in the form and amount required by law. (d) (1) In accordance with the procedures that the Treasurer […]
Section 8-136 – Interest Rate Exchange Agreements or Contracts
If the Board has authorized the transaction and approved the form of the agreement, to improve the management of State general obligation debt or to reduce the cost of servicing such debt, and after giving due consideration to the creditworthiness of the counterparties, the Treasurer may: (1) enter into interest rate exchange agreements or contracts providing […]
Section 8-138 – Authorized
Subject to the limitations in this Part V of this subtitle, and at the direction of the Board, the Treasurer may borrow money, on the credit of the State, in anticipation of: (1) tax receipts, as set forth in the revenue estimates that support an enacted State budget; or (2) proceeds of a sale of State bonds.
Section 8-139 – Notice Required
The Board shall give the President of the Senate and the Speaker of the House of Delegates at least 10 days’ prior notice of a loan under this Part V of this subtitle.