MD
Maryland Senate Bill SB1007

Maryland 2022 Regular Session

Maryland Senate Bill SB1007 Compare Versions

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1- LAWRENCE J. HOGAN, JR., Governor Ch. 233
21
3-– 1 –
4-Chapter 233
5-(Senate Bill 1007)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4+ [Brackets] indicate matter deleted from existing law.
5+ Underlining indicates amendments to bill.
6+ Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7+amendment.
8+ *sb1007*
89
9-University System of Maryland – Academic Facilities Bonding Authority
10+SENATE BILL 1007
11+B5, F2 2lr0163
1012
11-FOR the purpose of increasing the bonding authority for the University System of
12-Maryland; approving certain projects for the acquisition, development, and
13-improvement of certain academic facilities for the University System of Maryland;
14-authorizing the issuance of bonds by the University System of Maryland in a certain
15-total principal amount for financing the projects; providing that the bonds are not a
16-debt or an obligation of the State or any of its subdivisions; and generally relating to
17-academic facilities bonding authority of the University System of Maryland and
18-certain projects.
13+By: Chair, Budget and Taxation Committee (By Request – Departmental –
14+University System of Maryland)
15+Introduced and read first time: February 25, 2022
16+Assigned to: Rules
17+Re–referred to: Budget and Taxation, February 28, 2022
18+Committee Report: Favorable
19+Senate action: Adopted
20+Read second time: March 11, 2022
1921
20-BY repealing and reenacting, with amendments,
21- Article – Education
22- Section 19–102(c)(1) and (d)(4)
23- Annotated Code of Maryland
24- (2018 Replacement Volume and 2021 Supplement)
22+CHAPTER ______
2523
26- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
27-That the Laws of Maryland read as follows:
24+AN ACT concerning 1
2825
29-Article – Education
26+University System of Maryland – Academic Facilities Bonding Authority 2
3027
31-19–102.
28+FOR the purpose of increasing the bonding authority for the University System of 3
29+Maryland; approving certain projects for the acquisition, development, and 4
30+improvement of certain academic facilities for the University System of Maryland; 5
31+authorizing the issuance of bonds by the University System of Maryland in a certain 6
32+total principal amount for financing the projects; providing that the bonds are not a 7
33+debt or an obligation of the State or any of its subdivisions; and generally relating to 8
34+academic facilities bonding authority of the University System of Maryland and 9
35+certain projects. 10
3236
33- (c) (1) The aggregate principal amount of bonds outstanding and the present
34-value of capital lease payments, less the amount of any reserve fund or sinking fund
35-requirement established for the bonds or capital leases, may not exceed, as of the date of
36-issue of the bonds, the following:
37+BY repealing and reenacting, with amendments, 11
38+ Article – Education 12
39+ Section 19–102(c)(1) and (d)(4) 13
40+ Annotated Code of Maryland 14
41+ (2018 Replacement Volume and 2021 Supplement) 15
3742
38- (i) [$1,400,000,000] $1,700,000,000 for the University System of
39-Maryland;
43+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 16
44+That the Laws of Maryland read as follows: 17
4045
41- (ii) $88,000,000 for the Morgan State University;
46+Article – Education 18
4247
43- (iii) $60,000,000 for St. Mary’s College of Maryland; and
48+19–102. 19 2 SENATE BILL 1007
4449
45- (iv) $65,000,000 for Baltimore City Community College.
4650
47- (d) (4) (i) Any bonds issued under the requirements of this subsection shall
48-mature at such times not exceeding the useful life of the project for which the bonds are Ch. 233 2022 LAWS OF MARYLAND
4951
50-– 2 –
51-issued, but not later than [21] 33 years after their respective dates of issue, as may be
52-determined by a system.
52+ (c) (1) The aggregate principal amount of bonds outstanding and the present 1
53+value of capital lease payments, less the amount of any reserve fund or sinking fund 2
54+requirement established for the bonds or capital leases, may not exceed, as of the date of 3
55+issue of the bonds, the following: 4
5356
54- (ii) Any bonds issued in accordance with paragraph (3) of this
55-subsection shall mature at such times as may be determined by a system, but not later than
56-[21] 33 years after the date of issue of the bonds that were originally issued for the
57-academic facility or facilities authorized under the requirements of this subsection.
57+ (i) [$1,400,000,000] $1,700,000,000 for the University System of 5
58+Maryland; 6
5859
59- SECTION 2. AND BE IT FURTHER ENACTED, That :
60+ (ii) $88,000,000 for the Morgan State University; 7
6061
61- (a) In accordance with § 19–102(d) of the Education Article, each of the following
62-projects is approved as a project for an academic facility, and the University System of
63-Maryland may issue, sell, and deliver bonds in the total principal amount of $4,692,000 for
64-the purposes of financing and refinancing the costs of the following projects:
62+ (iii) $60,000,000 for St. Mary’s College of Maryland; and 8
6563
66-University of Maryland, College Park (Prince George’s County):
67-Campuswide Building Systems and Infrastructure Improvements
64+ (iv) $65,000,000 for Baltimore City Community College. 9
6865
69-University of Maryland, Eastern Shore (Somerset County):
70-Flood Mitigation Project
66+ (d) (4) (i) Any bonds issued under the requirements of this subsection shall 10
67+mature at such times not exceeding the useful life of the project for which the bonds are 11
68+issued, but not later than [21] 33 years after their respective dates of issue, as may be 12
69+determined by a system. 13
7170
72- (b) In accordance with § 19–102(d) of the Education Article, those systemwide
73-capital facilities renewal projects for existing academic facilities of the constituent
74-institutions and centers of the University System of Maryland as are authorized by the
75-Board of Regents are hereby approved as facility renewal projects for academic facilities,
76-and the University System of Maryland may issue, sell, and deliver bonds in the total
77-principal amount of $25,308,000 for the purposes of financing and refinancing the costs of
78-those academic facilities renewal projects.
71+ (ii) Any bonds issued in accordance with paragraph (3) of this 14
72+subsection shall mature at such times as may be determined by a system, but not later than 15
73+[21] 33 years after the date of issue of the bonds that were originally issued for the 16
74+academic facility or facilities authorized under the requirements of this subsection. 17
7975
80- (c) The bonds issued under the authority of this Act do not create or constitute
81-any indebtedness or obligation of the State or of any political subdivision thereof except for
82-the University System of Maryland, and the bonds shall so state on their face. The bonds
83-do not constitute a debt or obligation contracted by the General Assembly of Maryland or
84-pledge the faith and credit of the State within the meaning of Article III, § 34 of the
85-Maryland Constitution.
76+ SECTION 2. AND BE IT FURTHER ENACTED, That : 18
8677
87- SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect June
88-1, 2022.
78+ (a) In accordance with § 19–102(d) of the Education Article, each of the following 19
79+projects is approved as a project for an academic facility, and the University System of 20
80+Maryland may issue, sell, and deliver bonds in the total principal amount of $4,692,000 for 21
81+the purposes of financing and refinancing the costs of the following projects: 22
8982
90-Approved by the Governor, April 21, 2022.
83+University of Maryland, College Park (Prince George’s County): 23
84+Campuswide Building Systems and Infrastructure Improvements 24
85+
86+University of Maryland, Eastern Shore (Somerset County): 25
87+Flood Mitigation Project 26
88+
89+ (b) In accordance with § 19–102(d) of the Education Article, those systemwide 27
90+capital facilities renewal projects for existing academic facilities of the constituent 28
91+institutions and centers of the University System of Maryland as are authorized by the 29
92+Board of Regents are hereby approved as facility renewal projects for academic facilities, 30
93+and the University System of Maryland may issue, sell, and deliver bonds in the total 31
94+principal amount of $25,308,000 for the purposes of financing and refinancing the costs of 32
95+those academic facilities renewal projects. 33
96+
97+ (c) The bonds issued under the authority of this Act do not create or constitute 34 SENATE BILL 1007 3
98+
99+
100+any indebtedness or obligation of the State or of any political subdivision thereof except for 1
101+the University System of Maryland, and the bonds shall so state on their face. The bonds 2
102+do not constitute a debt or obligation contracted by the General Assembly of Maryland or 3
103+pledge the faith and credit of the State within the meaning of Article III, § 34 of the 4
104+Maryland Constitution. 5
105+
106+ SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect June 6
107+1, 2022. 7
108+
109+
110+
111+
112+Approved:
113+________________________________________________________________________________
114+ Governor.
115+________________________________________________________________________________
116+ President of the Senate.
117+________________________________________________________________________________
118+ Speaker of the House of Delegates.