§ 13-807. Powers and duties of Secretary
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 13-807
§ 13-807. Powers and duties of Secretary
(a)(1) The Secretary may make any and all allocations, apportionments, determinations, and findings required or permitted by this subtitle.
(2) Any allocations, apportionments, determinations, and findings of the Secretary shall be made in the Secretary's sole and absolute discretion, subject to the provisions of this subtitle, shall be conclusive, and are not subject to review or approval under either the Maryland Administrative Procedure Act1 or any other law of the State of Maryland or by any agency or political subdivision of the State of Maryland.
(b) At the request of any issuer or its bond counsel made in connection with the issuance of any bonds, and in order to show compliance with the requirements of the Code, the Secretary or such person as the Secretary shall designate by written order may issue such certifications as may be reasonably required in order to establish the existence of a valid allocation for the proposed bond issuance and to establish that the Maryland State ceiling has not been exceeded, and the Secretary or such person designated by the Secretary in accordance with this subsection shall be the State official designated by State law for the purpose of certifying in connection with the information report required by § 149 of the Code that the bonds included in an issue meet the requirements of § 146 of the Code.
(c) The actual dollar amount of all allocations shall be determined by the Secretary. Allocations to issuers of the Maryland State ceiling under § 13-802 of this subtitle shall be based on the most recent census estimate of the resident populations of the State of Maryland and the counties released by the U.S. Bureau of the Census before January 1 of the year in which the allocations are made, as determined by the Secretary.
Credits
Added by Acts 1987, c. 598, § 1, eff. Jan. 1, 1988.
Footnotes
State Government § 10-101 et seq.
MD Code, Financial Institutions, § 13-807, MD FIN INST § 13-807
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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