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MARYLAND MANUAL 117 acquisition and actual project construction, and administers the dis- posal of excess property not needed by the Commission. Financing the State Roads System The Legislature of 1953, after consideration of a twelve-year pro- gram for road construction and reconstruction, authorized the Com- mission to issue additional State Highway Construction Bonds to the amount of $330,000,000 par value (subject to certain limitations includ- ing provision that the maximum principal amount of all State High- way Construction Bonds outstanding at any time shall not exceed $300,000,000) to finance, in part, the reconstruction of both primary and secondary roads of the State Highway System and to develop and construct new roads made mandatory by traffic demands. As of June 30, 1964, State Highway Construction Bonds, Second Issue, of a total par value of $270,000,000 had been issued against the $330,000,000 authorization, of which $264,670,000 were outstanding. In addition $23,659,000 of bonds were outstanding of the $100,000,000 issue author- ized by the 1947 Legislature. The Commission's fifty percent share of the Gasoline Tax Fund (% of the 6 cent a gallon rate) and the Excise Tax on Issuance of Certifi- cates of Title to Motor Vehicles (2% rate), are pledged for debt service of State Highway Construction Bonds; the remainder of such revenues, the additional one cent a gallon gasoline tax and the additional 1% motor vehicle titling tax, together with Federal appro- priations, participation in project costs by the counties, and proceeds from the sale of State Highway Construction Bonds, is available for the construction of highways and bridges. Under certain conditions a sum not in excess of $10,000,000, authorized by the 1965 Legislature, may be transferred in any fiscal year from the Construction Fund to the Maintenance Fund. Appropriations available to the Commission for the construction and reconstruction of roads will be supplemented, as required, by pro- ceeds from the sale of State Highway Construction Bonds to be issued under the 1953 authorization. The several counties may participate in the issue of County Highway Construction Bonds as authorized by Section 211 of Article 89B of the 1967 Code as amended. Appropriations—1965 Special Funds (including Federal Aid): Sinking Fund Provision—State Highway Construction Bonds - $ 21,922,542 Construction of Primary and Secondary Highways— State System - - - 69,349,213 Maintenance of Highways—State System - 14,686,496 Enforcement of Motor Vehicle Weight-and-Size Limitations - 501,159 County and Municipality Funds 48,252,976 Total - $154,782,386 Appropriations—1966 Special Funds (including Federal Aid): Sinking Fund Provision—State Highway Construction Bonds - - $ 24,168,132 Construction of Primary and Secondary Highways— State System 67,719,032 Maintenance of Highways—State System 14,890,499 Enforcement of Motor Vehicle Weight-and-Size Limitations - - 514,625 County and Municipality Funds - 52,575,600 Total , .. .. $159,867,888 Staff: 4,127. |
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Maryland Manual, 1965-66
| Volume 172, Page 117 View pdf image (33K) |
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