University System of Maryland – Academic Facilities Bonding Authority

This bill authorizes the University System of Maryland to issue up to $30 million in bonds to fund specific infrastructure and facility renewal projects. The funds will be used for campus-wide building system improvements at the University of Maryland, College Park, and for general upgrades to existing facilities across the university system. The legislation clarifies that these bonds are a debt only of the university system, not the state of Maryland, and they do not pledge the state's credit. The act becomes effective on June 1, 2024.