§ 8-126

(a) Whenever an appropriation from the General Fund is made in the State budget and is spent to finance any part of a project or program for which an enabling act authorizes State debt, the total State debt authorized by the enabling act is reduced by the lesser of:

(1) the amount of the appropriation; or

(2) the amount of the State debt for which State bonds have not been issued.

(b) Whenever any other funds are made available to finance any part of a project or program for which an enabling act authorizes State debt, the Governor, with the approval of the Board, may reduce the total State debt authorized by the enabling act by an amount not exceeding the amount of funds made available.

(c) The Comptroller shall submit for publication in 2 separate issues of the Maryland Register a notice that:

(1) describes the project or program for which the debt authorization is to be reduced;

(2) states the amount of the reduction;

(3) states the source of the funds on which the reduction is based; and

(4) states the chapter number and year of enactment of the enabling act and each amendment to the enabling act.

(d) A reduction under this section may become effective only after the second publication of notice in the Maryland Register.