reglab/housing_qa huggingface dataset:
MD. State Finance and Procurement Code Ann. §  8-105 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-105 - Findings; Statement of Purpose

    (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 be based on the ability of the State to meet its total debt service requirements in light of other calls on its fiscal resources.    (b)    The purpose of this Part II of this subtitle is to provide for a State debt management program through which:        (1)    a State debt affordability analysis can be made annually;        (2)    on the basis of the analysis, proposed capital projects that require new State debt can be evaluated; and        (3)    the General Assembly can receive guidance in properly setting priorities among capital projects and appropriations.
MD. State Finance and Procurement Code Ann. §  8-106 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-106 - Construction of Part

    This Part II of this subtitle shall be construed liberally to carry out its purpose.
MD. State Finance and Procurement Code Ann. §  8-107 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-107 - Scope of Part

    (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 Assembly to:            (i)    continue its independent analysis of State debt affordability; or            (ii)    consider bills that authorize State debt in addition to the bills that accompany the consolidated loan budget.
MD. State Finance and Procurement Code Ann. §  8-108 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-108 - Committee Established

    There is a Capital Debt Affordability Committee in the Executive Department.
MD. State Finance and Procurement Code Ann. §  8-109 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-109 - Membership of Committee

    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 Capital Budget Subcommittee of the House Appropriations Committee.
MD. State Finance and Procurement Code Ann. §  8-110 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-110 - Chairman of Committee

    The Treasurer is the Chairman of the Committee.
MD. State Finance and Procurement Code Ann. §  8-111 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-111 - Meetings of 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.
MD. State Finance and Procurement Code Ann. §  8-113 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-113 - Preliminary Determinations of Governor

    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 projects.
MD. State Finance and Procurement Code Ann. §  8-114 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part II - Management Program|Section 8-114 - Consolidated Loan Budget

    (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        (2)    if necessary, 1 or more bills that authorize new State debt to fund the consolidated loan budget.    (c)    The consolidated loan budget shall:        (1)    contain a complete plan of the proposed projects that any accompanying bills would fund; and        (2)    show, by dollar amount and percent, the allocation for:            (i)    general construction projects;            (ii)    school construction projects; and            (iii)    other special projects.    (d)    (1)    Each bill that the Governor submits under this section shall comply with the requirements of Article III, §§ 34 and 52 of the Maryland Constitution.        (2)    An authorization of State debt to fund any part of the consolidated loan budget shall be deemed to be a single work, object, or purpose under Article III, § 52 of the Maryland Constitution.
MD. State Finance and Procurement Code Ann. §  8-117 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-117 - Enabling Acts

    (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:
MD. State Finance and Procurement Code Ann. §  8-118 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-118 - General Powers and Duties of Board

    (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 State bonds; and        (5)    the sale.    (b)    The Board shall exercise these powers and perform these duties in accordance with:        (1)    Article III, § 34 of the Maryland Constitution;        (2)    §§ 8-117 through 8-124 of this subtitle; and        (3)    the specific enabling act.
MD. State Finance and Procurement Code Ann. §  8-119 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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 sale of the State bonds.
MD. State Finance and Procurement Code Ann. §  8-120 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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 in certain amounts at certain times, not necessarily in consecutive annual installments, but not later than 15 years after their respective dates of issue;        (7)    bear interest at certain rates or at rates to be determined in the manner stated in the resolution; and        (8)    be paid, as to principal and interest, at certain places.
MD. State Finance and Procurement Code Ann. §  8-121 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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, and 149 of the Internal Revenue Code or a regulation proposed or adopted under those sections; and        (6)    any other registered form.    (b)    (1)    Whenever the Board provides for the sale of State bonds in registered form, the Board may establish procedures for the registration and transfer of the State bonds.        (2)    The Board may exercise any other power that relates to issuance of State bonds in registered form and that is not conferred on the Treasurer.    (c)    Whenever the Board provides for the sale of State bonds in registered form, the Treasurer may:        (1)    appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent, or use the agent appointed under § 8-135 of this subtitle;        (2)    specify the rights, duties, and compensation of the agent; and        (3)    in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the State bonds, make agreements with:            (i)    custodian banks and their nominees; or            (ii)    financial intermediaries and their nominees.    (d)    Whenever the Board provides for the sale of State bonds in variable interest rate form, the Treasurer may:        (1)    appoint any agent or other contracting party, including an underwriter, remarketing agent, dealer, tender agent, insurer, liquidity provider, or similar entity; and        (2)    specify the rights, duties, and compensation of and make agreements with the agent or other contracting party.
MD. State Finance and Procurement Code Ann. §  8-122 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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 this section.    (b)    A consolidated issue under this section shall be known as the “State and local facilities loan” of the series and year in which the Board authorizes the sale of the issue.    (c)    Notwithstanding any provision of an enabling act, each State bond that is sold as part of a consolidated issue under this section shall be identified by the series and year in which the Board authorizes the sale of the issue.
MD. State Finance and Procurement Code Ann. §  8-122.1 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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 the State bonds, if the bonds are sold at less than 95% of par.    (b)    Whenever State bonds are sold as a consolidated issue at less than 95% of par, the Board, by resolution, shall determine the manner in which the cash proceeds received for the bonds, excluding accrued interest, shall be allocated among the loans included in that issue.
MD. State Finance and Procurement Code Ann. §  8-123 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|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 (2) of this subsection, at a public sale, the Board shall sell State bonds for cash to the responsible bidder who:            (i)    offers the lowest net interest cost to the State; or            (ii)    meets other terms or conditions of sale or issuance that the Board has set.        (2)    Whenever the Board determines that no bid is satisfactory and that it is in the best interests of the State to reject all bids, the Board may reject the bids.    (d)    (1)    By resolution, the Board may postpone the time for receipt of proposals for the bonds without republishing the form of advertisement for the bonds.        (2)    (i)    The Treasurer shall provide notice of the new date and time of sale not less than 24 hours prior to the time proposals are to be submitted, which date may not be more than 30 days after the originally scheduled date of sale.            (ii)    The notice may be given by Munifacts News Service or a similar service or such other method as the Treasurer deems appropriate.
MD. State Finance and Procurement Code Ann. §  8-123.1 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-123.1 - Sale of Capital Appreciation Bonds

    (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 appreciation bonds at a negotiated sale if the Board determines that a negotiated sale will provide greater access to investors who are residents of the State of Maryland.
MD. State Finance and Procurement Code Ann. §  8-123.2 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-123.2 - Sale of Small Denomination Bonds

    (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.    (c)    Small denomination bonds may be issued in any form permitted under § 8-121 of this subtitle.    (d)    The Board may sell small denomination bonds at a negotiated sale if the Board determines that a negotiated sale will:        (1)    result in either a more efficient or economical sale of the bonds; or        (2)    provide greater access to investors who are residents of the State of Maryland.
MD. State Finance and Procurement Code Ann. §  8-123.3 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-123.3 - College Savings 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 the Board of Public Works regarding the need for Maryland capital appreciation general obligation bonds for college savings.
MD. State Finance and Procurement Code Ann. §  8-123.4 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-123.4 - Variable Interest Rate Bonds

    (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 as variable interest rate bonds.    (b)    The Board may sell variable interest rate bonds at a private, negotiated sale on the terms and conditions that the Board determines to be most advantageous to the State.    (c)    At the time of issuance, the aggregate par value of the State’s general obligation variable interest rate bonds shall comprise no more than 15% of the outstanding general obligation indebtedness of the State.
MD. State Finance and Procurement Code Ann. §  8-124 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-124 - General Obligation Bonds

    (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 sale, but only if the Board determines that:        (1)    extraordinary credit market conditions exist that warrant the use of the method authorized by this subsection instead of the method stated in subsection (a) of this section; and        (2)    the terms and conditions for the sale of general obligation bonds of the State, including price, interest rates, and payment dates, achieved through a private, negotiated sale are more advantageous to the State than the terms and conditions for the sale that can be achieved by a public, competitive sale.    (c)    Whenever the Board receives no bids or rejects all bids for the State bonds offered at a public, competitive sale, the Board may sell some or all of the State bonds at a private, negotiated sale, on the terms and conditions, including price, interest rates, and payment dates, that the Board determines to be the most advantageous to the State.    (d)    Any determination or finding made by the Board pursuant to this section shall be conclusive.
MD. State Finance and Procurement Code Ann. §  8-125 (2021)
2021 Maryland Statutes|State Finance and Procurement|Division I - State Finance|Title 8 - Debt|Subtitle 1 - General Obligation Debt|Part III - Authorization and Implementation|Section 8-125 - State and Local Facilities Loan Fund

    (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 subaccounts for each project included in enabling acts authorizing multiple projects.    (c)    (1)    The Comptroller shall credit the proceeds of the sale of State bonds to the Fund.        (2)    The Comptroller shall credit to the premium and expenses account:            (i)    any part of the proceeds of a bond sale that is a premium; and            (ii)    any additional part of the proceeds necessary to pay the expenses of that bond sale.    (d)    (1)    On approval by the Board, the Comptroller may expend money from the Fund for any expenditure authorized by an enabling act, regardless of whether bonds have been sold to specifically fund that enabling act.        (2)    To ensure compliance with § 8-127 of this subtitle, the Comptroller shall account for all expenditures from the Fund on a project-specific basis.        (3)    An expenditure made under this subsection may not reduce the amount of bonds authorized under an enabling act for which bonds have not been sold.    (e)    (1)    Unless payment of expenses otherwise has been provided, the expenses of each bond sale shall be paid from the proceeds of that bond sale credited to the premium and expense account.        (2)    After the expenses of each sale of State bonds have been paid, the remaining premium credited to the premium and expense account from that bond sale shall be transferred to the Annuity Bond Fund to pay debt service on State bonds.