In 2020, the Maryland General Assembly passed the Built to Learn Act of 2020 authorizing the MSA to issue up to $2.2 billion in debt for the construction of public school facilities throughout the state. The Built to Learn Act took effect pursuant to February 12, 2021 General Assembly override of Governor Hogan’s veto of 2020 Senate Bill 1000 / House Bill 1300, the Blueprint for Maryland’s Future – Implementation.
In October 2021, Maryland’s Board of Public Works (BPW) approved MSA issuing a series of bonds in a principal amount not to exceed $520 million, the initial proceeds of which will be used to partially finance the construction of public school facilities in six counties in Maryland. BPW also approved a Comprehensive Plan of Financing, which was approved by the MSA’s Board of Directors on August 3, 2021 and submitted to the Fiscal Committees of the General Assembly for review and comment on August 6, 2021.
Pursuant to the Act, the Interagency Commission on Public School Construction (IAC) is required to approve public school construction projects on a rolling basis. IAC’s approval is based upon the eligibility criteria and priorities set forth in the Act and the concurrent approval of MSA.
Gary McGuigan, Executive Vice President, Capital Projects Development Group; Eric Johnson, Senior Vice President, Capital Projects Development Group