Creation of a State Debt - Maryland Consolidated Capital Bond Loan of 2024, and the Maryland Consolidated Capital Bond Loans of 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, and 2023

This bill authorizes the state of Maryland to create a new consolidated capital bond loan of approximately $1.79 billion for the 2024 fiscal year, while also updating the terms for similar loans issued between 2015 and 2023. The funds generated from these loans will be used to finance state building projects, renovations, equipment purchases, and grants to local subdivisions for development, provided that recipients meet specific matching fund requirements. To pay for this debt, the legislation imposes a tax on all assessable property within the state and includes administrative rules to ensure projects are completed by set deadlines. Additionally, the bill allows for the transfer of unused funds from previous years to new projects and clarifies how bond proceeds can be utilized for various capital improvements.