§ 13-802. Allocation of State ceiling
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011
Effective: October 1, 2011
MD Code, Financial Institutions, § 13-802
§ 13-802. Allocation of State ceiling
The Maryland State ceiling shall be initially allocated for the period from the first day of each calendar year through September 30 of the same year, as follows:
(1)(i) There is allocated to the counties a total of 50 percent of the Maryland State ceiling, consisting of 35 percent of the Maryland State ceiling designated initially for the issuance of housing bonds and 15 percent of the Maryland State ceiling designated for the issuance of bonds other than housing bonds.
2. A bonus allocation equal to 3 percent of the Maryland State ceiling multiplied by a fraction, the numerator of which shall be the average issuance of bonds other than housing bonds by the county for the immediately preceding 3 calendar years, and the denominator of which shall be the average issuance of bonds other than housing bonds by all counties for the immediately preceding 3 calendar years.
(iv) Any county may redesignate any portion of its housing bond allocation for the issuance of any other bonds for which an allocation is required under the Code if such redesignation is approved by the mayor, county executive, or board of county commissioners. Any transfer by a county of any portion of its housing bond allocation under this subtitle shall be conditioned upon its use by the transferee for housing bonds.
(4)(i) There is allocated to the Secretary for the Secretary's reserve 22.5 percent of the Maryland State ceiling for use in accordance with this paragraph. The Secretary may at any time make any allocation of a portion of the Secretary's reserve to any State issuer or local issuer in any amount and in any order that the Secretary, in the Secretary's sole discretion, may determine will advance one or more of the goals described in subparagraph (iii) of this paragraph.
(iv) Any application to the Secretary for an allocation from the Secretary's reserve shall describe how the project to be funded by the issuance of the bonds would advance one or more of the goals described in subparagraph (iii) of this paragraph and shall include such other information as the Secretary may require. In processing applications for allocations and in reserving allocations, the Secretary may give a preference for projects that demonstrate readiness to proceed.
Credits
Added by Acts 1987, c. 598, § 1, eff. Jan. 1, 1988. Amended by Acts 1988, c. 6, § 1; Acts 1992, c. 22, § 1.
MD Code, Financial Institutions, § 13-802, MD FIN INST § 13-802
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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