(a) Notwithstanding any other provisions of this subtitle, and subject to funds being appropriated, the Board of Community College Trustees for Allegany County, Anne Arundel County, Baltimore County, Carroll County, Cecil County, the College of Southern Maryland, Chesapeake College, Frederick County, Garrett County, Hagerstown Community College, Harford County, Howard County, Montgomery County, Prince George’s County, or Wor–Wic Community College may borrow money to acquire an interest in personal property, including fixtures, for the operation of the community college, on terms and conditions that the Board of Trustees considers proper.
(b) A borrowing under this section may be secured by the personal property acquired or revenues derived from the property.
(c) All multiyear financing agreements reflecting borrowing under this section shall be subject to cancellation by the Board of Trustees at the end of a fiscal year if sufficient funds are not appropriated to fund the agreement in subsequent years.
(d) (1) Borrowing under this section does not create or constitute a debt or obligation of the State or any political subdivision of the State other than a community college.
(2) Borrowing under this section does not constitute a debt or obligation of the General Assembly or pledge the faith and credit of the State within the meaning of Article III, § 34 of the Maryland Constitution.
(e) (1) This subsection does not apply to the Board of Community College Trustees for Garrett County.
(2) (i) Borrowing under this section shall be for the use of financing intermediate term lease purchasing agreements.
(ii) The term of any lease purchase agreement entered into under this section may not exceed the estimated life of the equipment subject to the financing agreement.
(f) (1) The Board of Community College Trustees for Garrett County may enter into a lease purchase agreement if the lease purchase agreement is consistent with the provisions of this section.
(2) The term of any lease purchase agreement entered into by the Board of Community College Trustees for Garrett County may not exceed the estimated life of the equipment subject to the financing agreement.
Structure Maryland Statutes
Division III - Higher Education
Section 16-302 - Authority to Borrow Money for Certain Purposes
Section 16-302.1 - Authority to Issue Notes
Section 16-303 - Validation of Certain Lease Purchase Agreements
Section 16-304 - Powers of County Government
Section 16-305 - Computation of State and County Aid to Community Colleges
Section 16-306 - Retirement Contributions
Section 16-307 - Annual Budget Request
Section 16-308 - Payment of State Share
Section 16-309 - Payment of County Share
Section 16-310 - Tuition and Fees for Nonresident Students
Section 16-311 - Bids and Contracts; Mandatory Minority Business Utilization Program
Section 16-312 - Minority Business Enterprise Program for Prince George's Community College
Section 16-313 - Procurement by Competitive Sealed Proposals
Section 16-314 - Sole Source Procurement Contracts
Section 16-314.1 - Noncompetitive Negotiation
Section 16-318 - Nonvisual Access Clause for Procurement of Computer-Based Instructional Technology
Section 16-319 - Supplemental Services and Support for Students With Disabilities; Grant Program
Section 16-320 - Community College Facilities Renewal Grant Program