Section 8-129 – Unspent Proceeds
(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; […]
Section 8-119 – Resolution of Board — General Scope
(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 […]
Section 8-130 – Adoption of Regulations
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.
Section 8-120 – Resolution of Board — Specific Provisions
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 […]
Section 8-131 – Refunding Outstanding Bonds
(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 […]
Section 8-121 – Resolution of Board — Form of State Bonds
(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, […]
Section 8-131.1 – Establishment and Maintenance of Exclusion From Gross Income Interest on State Bonds
(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) “Proceeds” means money received from the sale of State bonds, and includes any money deemed to be proceeds of State bonds under the Code. (b) The Treasurer and the […]
Section 8-122 – Resolution of Board — Consolidated State and Local Facilities Loans
(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 […]
Section 8-122.1 – Use of Funds on Sale of Bonds
(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 […]
Section 8-123 – Public Sale of State Bonds
(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 […]