(a)    If, within 2 years after the date of an authorization of State debt, evidence that a required matching fund will be provided has not been presented to the Board or no part of the project or program for which the enabling act authorized the State debt is under contract and the Board has not encumbered money for any part of the project or program, the authorization terminates unless:

(1)    the enabling act provides otherwise; or

(2)    in an emergency, the Board unanimously grants a temporary exception for a period of 1 year.

(b)    Unless otherwise provided in an enabling act, an authorization of State debt for a project or program shall terminate no later than 1 year after the abandonment, completion, or acceptance of the project or program, as determined by the Board.

(c)    Except to the extent that money authorized by an enabling act for a State project or program has been encumbered by the Board, an authorization of State debt shall automatically terminate 7 years after the date of the authorization, unless:

(1)    the enabling act provides otherwise; or

(2)    in an emergency, the Board unanimously grants a temporary exception for 1 year.

(d)    If bonds have not been issued, the amount of any unissued bonds from a terminated authorization shall be canceled and be of no further effect.

(e)    If bonds have been issued, the amount of any unspent bond proceeds from a terminated authorization shall be disposed of as provided in § 8-129 of this subtitle.

(f)    (1)    The Board shall enforce the provisions of this section.

(2)    A failure to comply with or give effect to the provisions of this section may not affect the validity or enforceability of State debt.

(g)    The Board shall submit for publication in the Maryland Register a notice of any authorization of State debt that has been terminated or extended under this section; the notice shall include the chapter number and year of enactment of the enabling act and each amendment to the enabling act.

(h)    A termination or extension under this section may become effective only after the publication of notice in the Maryland Register.

(i)    (1)    The Treasurer, in consultation with the Comptroller, shall submit a report on January 1 each year to the Governor and, in accordance with § 2-1246 of the State Government Article, the General Assembly.

(2)    The report shall list all projects or programs for which authorization would be terminated in the upcoming year under the provisions in this section or § 7-305 of this article.