Maryland Code, STATE FINANCE AND PROCUREMENT 8-132
Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 8-132
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) There is an Annuity Bond Fund.
(c) The Comptroller shall:
(1) credit to the Annuity Bond Fund any money appropriated in the State budget to:
(i) meet the debt service requirements on State bonds; and
(ii) pay the costs of fiscal agents and other contracting parties appointed by the State Treasurer under §§ 8-121 and 8-136 of this subtitle; and
(2) as specified in the appropriation, use the money to meet the debt service on the State bonds and pay fiscal agents and other contracting parties’ costs.
(d) Any premium from the sale of State bonds transferred to the Annuity Bond Fund under § 8-125 of this subtitle may be used to pay for:
(1) debt service on State bonds;
(2) capital projects; or
(3) if necessary or appropriate from time to time to comply with the requirements of the Code, any other use authorized by the Code.