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.
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.
The loans outstanding under this Part V of this subtitle may not exceed a total principal amount of $100,000,000.
The Board shall determine the interest rates on loans under this Part V of this subtitle.
(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 […]
