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Statutes Text

Article - State Finance and Procurement


    (a)    In this Part II of this subtitle the following words have the meanings indicated.

    (b)    “Committee” means the Capital Debt Affordability Committee.

    (c)    (1)    “Tax supported debt” means:

            (i)    State debt; and

            (ii)    other forms of debt, including State agency capital leases supported in whole or part by State tax revenues and debt of the Department of Transportation, the Maryland Stadium Authority, and other units of State government which, in the opinion of the Committee, are supported directly or indirectly by State tax revenues.

        (2)    “Tax supported debt” includes debt issued by the Department of Transportation under Title 3, Subtitle 6 of the Transportation Article or by the Maryland Transportation Authority under Title 4, Subtitle 3 of the Transportation Article that is secured by a pledge of future federal aid from any source.

        (3)    “Tax supported debt” does not include capital leases used to finance energy performance contracts entered into under § 12–301 of this article, if, as determined by the Committee, energy savings that are guaranteed by the contractor:

            (i)    equal or exceed the capital lease payments on an annual basis; and

            (ii)    are monitored in accordance with reporting requirements adopted by the Committee.

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