# State Finance and Procurement (GSF)

## Title 8. Debt

### Subtitle 1. General Obligation Debt

#### Section 8-118

(a) The Board shall exercise the powers and perform the duties that the General Assembly delegates to the Board in connection with:

  (1) the creation of State debt;

  (2) the determination of interest on and other terms and conditions of the State debt;

  (3) the preparation of State bonds that evidence the State debt;

  (4) notice of a sale of State bonds; and

  (5) the sale.

(b) The Board shall exercise these powers and perform these duties in accordance with:

  (1) Article III, Sec. 34 of the Maryland Constitution;

  (2) Sec.Sec. 8-117 through 8-124 of this subtitle; and

  (3) the specific enabling act.

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Md. Code Ann., State Fin. & Proc. (as displayed at mgaleg.maryland.gov, October 16, 2026)