(a) In this Part II of this subtitle the following words have the meanings indicated. (b) “Committee” means the Capital Debt Affordability Committee. (c) (1) “Tax supported debt” means: (i) State debt; and (ii) other forms of debt, including State agency capital leases supported in whole or part by State tax revenues and debt of the Department of Transportation, the Maryland […]
(a) The General Assembly finds that: (1) for many years, State bonds have had the highest credit rating and, therefore, have been readily marketable at favorable interest rates; (2) to continue to finance essential capital projects for the benefit of its citizens, the State must keep this rating; and (3) to keep this rating, authorizations of State debt must […]
This Part II of this subtitle shall be construed liberally to carry out its purpose.
(a) This Part II of this subtitle applies only to tax supported debt. (b) This Part II of this subtitle does not affect: (1) the authority of the Governor to submit: (i) amendments to the consolidated loan budget or to any accompanying bill; or (ii) instead of amendments, separate bills that authorize State debt; or (2) the authority of the General […]
There is a Capital Debt Affordability Committee in the Executive Department.
The Committee consists of the following 7 members: (1) 1 individual appointed by the Governor; (2) as ex officio members: (i) the Comptroller; (ii) the Treasurer; (iii) the Secretary of Budget and Management; and (iv) the Secretary of Transportation; and (3) as nonvoting members: (i) the chair of the Capital Budget Subcommittee of the Senate Budget and Taxation Committee; and (ii) the chair of […]
The Treasurer is the Chairman of the Committee.
(a) The Chairman shall call meetings of the Committee as needed to perform its duties. (b) The Committee shall invite the Executive Director of the Department of Legislative Services to attend the meetings of the Committee.
(a) The Committee shall review on a continuing basis the size and condition of the State tax supported debt as well as other debt of State units, including the University System of Maryland, Morgan State University, St. Mary’s College of Maryland, and the Baltimore City Community College. (b) On or before October 20 of each year, the […]
On or before November 1 of each year, after considering the current estimate of the Committee, the Governor shall determine: (1) the total authorizations of new State debt that the Governor considers advisable for the next fiscal year; and (2) the preliminary allocation of new State debt for: (i) general construction projects; (ii) school construction projects; and (iii) other special […]
(a) The Department of Budget and Management annually shall prepare for the Governor a draft of the part of the consolidated loan budget that relates to general construction projects. (b) On or before the 20th day of each regular session of the General Assembly, the Governor shall submit to the General Assembly: (1) the consolidated loan budget; and […]
