2013 Maryland Code
STATE FINANCE AND PROCUREMENT
§ 8-122 - Resolution of Board -- Consolidated State and local facilities loans

§8-122.

(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.

§ 8-122 - 1. Use of funds on sale of bonds

(a) Reduction of principal on sale of bonds. -- 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) Determination of allocation for certain bonds. -- 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.