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<section article="gsf" article_name="State Finance and Procurement" number="8-105" title_number="8" title_name="Debt" subtitle_number="1" subtitle_name="General Obligation Debt">
  <level label="a">
    <text>The General Assembly finds that:</text>
    <level label="1">
      <text>for many years, State bonds have had the highest credit rating and, therefore, have been readily marketable at favorable interest rates;</text>
    </level>
    <level label="2">
      <text>to continue to finance essential capital projects for the benefit of its citizens, the State must keep this rating; and</text>
    </level>
    <level label="3">
      <text>to keep this rating, authorizations of State debt must be based on the ability of the State to meet its total debt service requirements in light of other calls on its fiscal resources.</text>
    </level>
  </level>
  <level label="b">
    <text>The purpose of this Part II of this subtitle is to provide for a State debt management program through which:</text>
    <level label="1">
      <text>a State debt affordability analysis can be made annually;</text>
    </level>
    <level label="2">
      <text>on the basis of the analysis, proposed capital projects that require new State debt can be evaluated; and</text>
    </level>
    <level label="3">
      <text>the General Assembly can receive guidance in properly setting priorities among capital projects and appropriations.</text>
    </level>
  </level>
</section>
