Maryland Senate Bill SB182

Maryland 2023 Regular Session

• Introduced: 1/20/23
• Refer: 1/20/23

Caption

Creation of a State Debt - Maryland Consolidated Capital Bond Loan of 2023, and the Maryland Consolidated Capital Bond Loans of 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022

Impact

The bill significantly affects the financial landscape for state-funded capital projects by providing a framework for bond sales and expenditures. It imposes certain requirements for matching funds, thereby encouraging local governments and agencies to contribute financially to the projects they request funding for. Moreover, it establishes deadlines for the expenditure or encumbrance of the loan proceeds, which aims to ensure that the funds are used effectively and within a specified time frame.

Summary

Senate Bill 182, known as the Maryland Consolidated Capital Bond Loan of 2023, proposes the creation of a state debt totaling $1,206,639,000. This substantial funding is intended for various public purposes, including construction, renovation, demolition, and capital equipment purchases across the state. The bill authorizes the Board of Public Works to manage the loan process and dictates how the funds are to be allocated to different projects, including the requirement for matching funds from recipients for certain grants.

Contention

There may be notable points of contention surrounding the bill primarily related to fiscal responsibility and the state’s debt levels. Some legislators and stakeholders may express concerns about the implications of accruing additional state debt, particularly those focused on maintaining fiscal discipline. Furthermore, there may be discussions regarding the process of awarding grants and the specific projects that receive funding, with potential disagreements on priorities and equitability across different regions and communities.