LAWRENCE J. HOGAN, JR., Governor Ch. 233
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Chapter 233
(Senate Bill 1007)
AN ACT concerning
University System of Maryland – Academic Facilities Bonding Authority
FOR the purpose of increasing the bonding authority for the University System of
Maryland; approving certain projects for the acquisition, development, and
improvement of certain academic facilities for the University System of Maryland;
authorizing the issuance of bonds by the University System of Maryland in a certain
total principal amount for financing the projects; providing that the bonds are not a
debt or an obligation of the State or any of its subdivisions; and generally relating to
academic facilities bonding authority of the University System of Maryland and
certain projects.
BY repealing and reenacting, with amendments,
Article – Education
Section 19–102(c)(1) and (d)(4)
Annotated Code of Maryland
(2018 Replacement Volume and 2021 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Article – Education
19–102.
(c) (1) The aggregate principal amount of bonds outstanding and the present
value of capital lease payments, less the amount of any reserve fund or sinking fund
requirement established for the bonds or capital leases, may not exceed, as of the date of
issue of the bonds, the following:
(i) [$1,400,000,000] $1,700,000,000 for the University System of
Maryland;
(ii) $88,000,000 for the Morgan State University;
(iii) $60,000,000 for St. Mary’s College of Maryland; and
(iv) $65,000,000 for Baltimore City Community College.
(d) (4) (i) Any bonds issued under the requirements of this subsection shall
mature at such times not exceeding the useful life of the project for which the bonds are Ch. 233 2022 LAWS OF MARYLAND
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issued, but not later than [21] 33 years after their respective dates of issue, as may be
determined by a system.
(ii) Any bonds issued in accordance with paragraph (3) of this
subsection shall mature at such times as may be determined by a system, but not later than
[21] 33 years after the date of issue of the bonds that were originally issued for the
academic facility or facilities authorized under the requirements of this subsection.
SECTION 2. AND BE IT FURTHER ENACTED, That :
(a) In accordance with § 19–102(d) of the Education Article, each of the following
projects is approved as a project for an academic facility, and the University System of
Maryland may issue, sell, and deliver bonds in the total principal amount of $4,692,000 for
the purposes of financing and refinancing the costs of the following projects:
University of Maryland, College Park (Prince George’s County):
Campuswide Building Systems and Infrastructure Improvements
University of Maryland, Eastern Shore (Somerset County):
Flood Mitigation Project
(b) In accordance with § 19–102(d) of the Education Article, those systemwide
capital facilities renewal projects for existing academic facilities of the constituent
institutions and centers of the University System of Maryland as are authorized by the
Board of Regents are hereby approved as facility renewal projects for academic facilities,
and the University System of Maryland may issue, sell, and deliver bonds in the total
principal amount of $25,308,000 for the purposes of financing and refinancing the costs of
those academic facilities renewal projects.
(c) The bonds issued under the authority of this Act do not create or constitute
any indebtedness or obligation of the State or of any political subdivision thereof except for
the University System of Maryland, and the bonds shall so state on their face. The bonds
do not constitute a debt or obligation contracted by the General Assembly of Maryland or
pledge the faith and credit of the State within the meaning of Article III, § 34 of the
Maryland Constitution.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect June
1, 2022.
Approved by the Governor, April 21, 2022.