A. Definitions. In this Executive Order the following words have the meanings indicated:
(1) "Board" means the Board of Public Works;
(2) "Department" means the Department of Budget and Management;
(3) "Secretary" means the Secretary of the Department of Budget and Management;
(4) "State entity" means any agency or instrumentality of the State other than the Board of Public Works;
(5) "Debt" means a bond, note, bond anticipation note, capital lease, or any other evidence of indebtedness; and
(6) "Transaction" means the issuance of debt.
B. Duties of the Department of Budget and Management. The Department is assigned the responsibility for monitoring levels of debt of certain State entities. Specifically, the Department shall:
(1) Recommend to the Governor the level of annual debt issuances for certain State entities;
(2) Report annually on the levels of debt issued and outstanding by certain State agencies;
(3) Serve as the coordinating agency for issuances of debt by State agencies and instrumentalities; and
(4) Arrange for centralized procurement, when appropriate.
C. Issuance Amounts.
(1) After consultation with the State entities, each year the Department shall recommend to the Governor for the next fiscal year the amount of debt, net of refunding debt, that may be issued by each of the following entities:
(a) Maryland Environmental Service;
(b) Maryland Food Center Authority;
(c) Maryland Transportation Authority; and
(d) Maryland Water Quality Financing Administration.
(2) On or before March 15 of each year, the Department shall notify the affected State entities and the Board of the amounts as set by the Governor for the next fiscal year and shall cause the amounts to be published in the Maryland Register.
(3) During the fiscal year, the Governor may increase or decrease the amounts by notice to the Department. The Department shall notify the affected State entity and the Board of any change and shall cause such changes to be published in the Maryland Register.
(4) If a State entity does not issue all of its approved amounts during the fiscal year, such unused portion may not be used in any succeeding fiscal year.
(5) The Secretary may add other State entities that issue non-tax supported debt not otherwise limited by law to those listed in §C(1) of this Executive Order.
D. Reporting Requirements.
(1) No later than October 1 of each year, each State entity that issues debt not otherwise limited in amount by State law shall report to the Department for the previous fiscal year:
(a) For each transaction, the title, amount, and other information required by the Department; and
(b) The amount of debt outstanding at the beginning of the fiscal year, issued during the fiscal year, redeemed, refunded, or otherwise retired during the fiscal year, and outstanding at the end of the fiscal year.
(2) By November 1, the Department shall report to the General Assembly, subject to the provisions of §2-1312 of the State Government Article, and to the Board on the transactions, the level of outstanding debt, and the levels of debt issued and redeemed in the preceding fiscal year.
E. Notification. Any State entity planning a transaction of $25,000,000 or greater principal amount shall provide notice to the Department at least 30 days prior to the transaction. The notice may take the form of a preliminary official statement, if available. If no such statement is available, the notice shall include:
(1) The purpose of the transaction;
(2) The proposed sale date;
(3) The nature of the transaction;
(4) The proposed principal amount of the transaction; and
(5) Any other information which the Department may request.
This notice shall be in addition to any notice required under other provisions of law or regulation.
F. Financial Services and Technical Assistance.
(1) Upon recommendation of the Governor, the Board may delegate to the Treasurer procurement of any financial services and technical assistance required in connection with the issuance of debt, but the fees for such services shall be paid from the proceeds of the transaction or other funds as provided.
(2) At the request of the Governor, the Treasurer may issue debt on behalf of a State entity.
G. Compliance with Executive Order.
(1) The Secretary may waive or extend any deadlines for action under this Executive Order, other than any action to be taken by the Governor. Any waiver or extension shall be in writing.
(2) At the request of any State entity, the Secretary shall:
(a) Certify the amount of debt that may be issued by such State entity as of the date of such certification; or
(b) Certify compliance with §E of this Executive Order.