(2) “Internal Revenue Code” means Title 26 of the United States Code.

(3) “Private activity bond” has the meaning stated in § 141 of the Internal Revenue Code.

(4) “State issuer” means the State of Maryland or any agency of the State of Maryland with authority to issue private activity bonds.

(b) On or before January 15 of each year, any State issuer of private activity bonds shall report, subject to § 2-1257 of this title, to the Committee:

(1) the actual level of private activity bonds issued in the prior year; and

(2) the projected level of private activity bonds to be issued in the current year.