Bill > SB320

This bill authorizes the State of Maryland to create a state debt of $1,814,825,000 through the issuance of general obligation bonds for the fiscal year 2025. The bill provides funding for a wide range of capital projects across multiple state agencies and institutions, including school construction, infrastructure improvements, higher education facilities, public safety buildings, healthcare facilities, and community development initiatives. Key provisions include allocating funds for school construction programs, renovations of university buildings, improvements to correctional facilities, upgrades to state police barracks, healthcare facility grants, and community development projects. The bill specifies that the bonds must be repaid within 15 years, and imposes an annual tax on assessable property to cover the principal and interest. The legislation also includes detailed guidelines for how the funds can be used, matching fund requirements for certain grants, and provisions to ensure proper oversight and use of the funds. Additionally, the bill includes pre-authorization for capital bond loans for future years (2026-2029), allowing for long-term planning of state infrastructure investments.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0320?ys=2025RS