§ 19-102. Powers and duties of system relating to auxiliary and academic facilities
West's Annotated Code of MarylandEducationEffective: July 1, 2022
Effective: July 1, 2022
MD Code, Education, § 19-102
§ 19-102. Powers and duties of system relating to auxiliary and academic facilities
(a) In order to provide auxiliary and academic facilities a system may:
(3) Establish 1 or more trust funds for the deposit of the proceeds of the bonds of any issue and retain the interest revenue or other investment income thereon to be applied to the costs of any project, but shall maintain separate accounts within any such trust funds for auxiliary facilities and for academic facilities;
(5) Establish 1 or more trust funds for the deposit of any auxiliary facilities fees and academic fees which may be imposed pursuant to this title, and retain the interest revenue or other investment income thereon, for the purpose of acquiring, constructing, reconstructing, renovating, equipping, maintaining, repairing, and operating auxiliary and academic facilities;
(7) Enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this title, and employ consulting engineers, architects, attorneys, construction and financial experts, and other employees and agents as may be necessary, and fix their compensation;
(8) Receive and accept from the United States of America or any agency thereof grants and loans for the purpose of financing or refinancing all or any part of the costs of any 1 or more projects, and receive and accept aid or contributions from any sources of money, property, labor, or other things of value, to be held, used, and applied for the purposes for which such grants and contributions were made; and
(b) A system may not pledge all or any part of the revenues received from:
(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:
(d)(1) A system may not issue bonds for the purpose of financing all or any part of the costs of any academic facility or facilities until the General Assembly has approved in an act the:
(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 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.
(e)(1) A system shall maintain records identifying the sources and amounts of payments used to support:
Credits
Added by Acts 1988, c. 246, § 2, eff. July 1, 1988. Amended by Acts 1989, c. 5, § 1; Acts 1989, c. 93, § 1, eff. July 1, 1989; Acts 1990, c. 121; Acts 1991, c. 55, § 6; Acts 1991, c. 610; Acts 1992, c. 208; Acts 1992, 1st Sp. Sess., c. 5; Acts 1993, c. 377; Acts 1994, c. 411, § 1, eff. July 1, 1994; Acts 1994, c. 447, § 1, eff. July 1, 1994; Acts 1995, c. 433, § 1, eff. July 1, 1995; Acts 1997, c. 114, § 1, eff. July 1, 1997; Acts 1997, c. 635, § 9, eff. July 1, 1997; Acts 1997, c. 636, § 9, eff. July 1, 1997; Acts 1998, c. 426, § 1, eff. June 1, 1998; Acts 1999, c. 607, § 1, eff. July 1, 1999; Acts 2000, c. 685, § 1, eff. July 1, 2000; Acts 2001, c. 316, § 1, eff. July 1, 2001; 2002, c. 393, § 1, eff. June 1, 2002; Acts 2004, c. 533, § 1, eff. June 1, 2004; Acts 2006, c. 230, § 1, eff. June 1, 2006; Acts 2006, c. 415, § 1, eff. June 1, 2006; Acts 2009, c. 213, § 1, eff. July 1, 2009; Acts 2010, c. 72, § 5, eff. April 13, 2010; Acts 2010, c. 631, § 1, eff. June 1, 2010; Acts 2011, c. 65, § 1, eff. April 12, 2011; Acts 2011, c. 357, § 1, eff. June 1, 2011; Acts 2019, c. 8, § 5; Acts 2022, c. 233, § 1, eff. June 1, 2022; Acts 2022, c. 596, § 1, eff. July 1, 2022.
MD Code, Education, § 19-102, MD EDUC § 19-102
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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