# State Finance and Procurement (GSF)

## Title 8. Debt

### Subtitle 1. General Obligation Debt

#### Section 8-129

(a) Except as provided in subsection (c) of this section, with the approval of the Board, the Governor shall dispose of unspent bond proceeds specifically issued to fund an enabling act within 1 year after the termination of the State debt authorization under Sec. 8-128 of this subtitle.

(b) Except as provided in subsection (c) of this section, the Governor shall:

  (1) use the proceeds to reduce State debt authorizations, as provided in Sec. 8-126(b) through (d) of this subtitle;

  (2) allocate the proceeds to the Construction Contingency Fund, as provided in Sec. 3-609 of this article; or

  (3) order the proceeds to be credited to the Annuity Bond Fund, to pay the outstanding bonded indebtedness of the State.

(c) If bonds have not been issued specifically to fund an authorization:

  (1) the provisions of subsections (a) and (b) of this section do not apply to the authorization; and

  (2) the amount of any unissued bonds from a terminated authorization shall be canceled and be of no further effect.

(d) The Board shall enforce the provisions of this section.

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