107oag117

Gen. 117] 117 PUBLIC FINANCE STATE DEBT – WHETHER SUBJECT TO APPROPRIATION BONDS AND LEASES QUALIFY AS STATE “DEBT” WITHIN THE MEANING OF ARTICLE III, § 34 OF THE MARYLAND CONSTITUTION November 16, 2022 The Honorable Dereck E. Davis Maryland State Treasurer Article III, Section 34 of the Maryland Constitution places certain restrictions on the State’s ability to incur debt. That provision, broadly speaking, prohibits the General Assembly from contracting debt unless the debt is authorized by a law that provides for the collection of taxes “sufficient to pay the interest on such debt as it…