(a) The General Assembly may authorize the Board to: (1) borrow money for any public purpose; and (2) issue State bonds to evidence the debt. (b) An enabling act shall specify the total principal amount of the debt authorized by the enabling act. (c) An enabling act may take substantially the following form: “A BILL ENTITLED AN ACT concerning Creation […]
(a) The Board shall exercise the powers and perform the duties that the General Assembly delegates to the Board in connection with: (1) the creation of State debt; (2) the determination of interest on and other terms and conditions of the State debt; (3) the preparation of State bonds that evidence the State debt; (4) notice of a sale of […]
(a) By 1 or more resolutions, the Board may provide for the terms, conditions, security, issuance, sale, delivery, replacement, or payment of the State bonds authorized by an enabling act. (b) Unless the enabling act provides otherwise, the Board shall use the procedures set forth in §§ 8-117 through 8-124 of this subtitle for the issuance and […]
By resolution, the Board may provide that the State bonds authorized by an enabling act: (1) be in 1 or more series; (2) bear a certain date of issue; (3) be executed in a certain manner; (4) be sold in a certain manner at public or private, negotiated sale; (5) be in certain denominations, not necessarily in equal paramounts; (6) mature […]
(a) By resolution, the Board may specify the form in which State bonds are to be issued, including: (1) a coupon form; (2) a capital appreciation form; (3) a variable interest rate form; (4) a form that qualifies for tax credits, interest subsidies, or other federal tax benefits; (5) a form that qualifies as a registered form under §§ 54A, 103, […]
(a) By resolution, the Board may provide for all or part of the State bonds authorized by 2 or more enabling acts to be consolidated and sold as a single issue. However, the Board may not include in a consolidated issue any State bonds authorized by an enabling act that specifically exempts the State bonds from […]
(a) Upon sale of State bonds authorized by an enabling act, the principal amount of the loan authorized by that enabling act shall be reduced by: (1) the stated principal amount of the State bonds sold, if the bonds are sold at 95% or more of par; or (2) the cash proceeds, excluding any accrued interest, received for […]
(a) Except as otherwise provided in this subtitle, the Board shall offer State bonds at a public sale. (b) (1) At least 10 days before the date of a public sale, the Board shall give public notice of the sale. (2) The notice shall state the date, time, and place of the public sale. (c) (1) Except as provided in paragraph […]
(a) In accordance with the authority to issue capital appreciation bonds under § 8-121 of this subtitle, the Board, in a resolution setting forth the terms and conditions of any State bond issue, may designate that all or a portion of the State bonds be issued as capital appreciation bonds. (b) The Board may sell the capital […]
(a) In this section, “small denomination bonds” means bonds in denominations of $5,000 or less. (b) In accordance with § 8-121 of this subtitle, the Board, in a resolution setting forth the terms and conditions of any State bond issue, may designate that all or a portion of the State bonds be issued as small denomination bonds. […]
(a) In considering the structure of a State of Maryland capital appreciation general obligation bond issue, the Board of Public Works shall be sensitive to the need to help Maryland citizens save for the costs of college. (b) The Maryland College Savings Bond Advisory Board, created under § 20-101 of the Education Article, shall make recommendations to […]
(a) Except as provided in subsection (c) of this section, in accordance with the authority to issue variable interest rate bonds under § 8-121 of this subtitle, the Board, in a resolution setting forth the terms and conditions of a State bond issue, may designate that all or a portion of the State bonds be issued […]
(a) Subject to the provisions of subsection (b) of this section, it is the policy of the State that the preferred method of sale of general obligation bonds of the State by the Board is by public, competitive sale. (b) The Board may offer the sale of general obligation bonds of the State at a private, negotiated […]
(a) In this section, “Fund” means the State and Local Facilities Loan Fund. (b) For bonds issued under § 8-122 of this subtitle, the Comptroller shall establish: (1) the State and Local Facilities Loan Fund; (2) a premium and expense account in the Fund; and (3) for accounting purposes only: (i) a capital project account for each enabling act; and (ii) separate […]
(a) Whenever an appropriation from the General Fund is made in the State budget and is spent to finance any part of a project or program for which an enabling act authorizes State debt, the total State debt authorized by the enabling act is reduced by the lesser of: (1) the amount of the appropriation; or (2) the […]
(a) Except as provided in § 8-129 of this subtitle, the proceeds of a sale of State bonds may be used only in the manner and for a project or program that is specified in an enabling act authorizing the issuance of State bonds. (b) (1) Except as provided in § 8-129 of this subtitle, the proceeds of […]
(a) If, within 2 years after the date of an authorization of State debt, evidence that a required matching fund will be provided has not been presented to the Board or no part of the project or program for which the enabling act authorized the State debt is under contract and the Board has not encumbered […]
(a) With the approval of the Board, the Governor shall dispose of unspent proceeds of an enabling act within 1 year after the termination of the State debt authorization under § 8-128 of this subtitle. (b) The Governor shall: (1) use the proceeds to reduce State debt authorizations, as provided in § 8-126(b) through (d) of this subtitle; […]
The Department of Budget and Management, with the approval of the Board, shall adopt regulations in accordance with Title 10, Subtitle 1 of the State Government Article to implement the provisions of §§ 8-128 and 8-129 of this subtitle.
(a) Subject to the limitations in this section, the Board of Public Works may issue new bonds to refund its outstanding bonds. (b) The power to issue bonds under this section is in addition to any other power to borrow. (c) The Board may issue bonds under this section only for: (1) the public purpose of realizing for the […]
