1132                             Laws of Maryland                       [Ch. 670

(e)   The term "fiscal year" means the period of time commencing
on the first day of July and ending on the last day of June of the
following year.

(f)   The phrase "mass transportation system" means all plants,
facilities, equipment, property and rights, whether located at grade,
underground, overhead or in the air, used or useful for or in con-
nection with the transportation of passengers for hire within the
area over which the Authority has jurisdiction. As used herein this
phrase does not include taxicabs.

(g)   The word "State" means the State of Maryland.

(h) "Public transportation facilities", "public transportation prop-
erties" or "public transit facilities" include all the real and per-
sonal property, buildings and improvements, street railway cars,
self-propelled motor coaches, trolley coaches, mass transportation
vehicles for the transportation of passengers, accessory vehicles, ma-
terials, supplies, equipment and other real and personal property
necessary, useful and suitable in the operation of a public transporta-
tion system.

(i) "Public transit system", "public transportation system", "tran-
sit system", "transportation system" include public transpor-
tation facilities as herein described, together with all contractual
rights, franchises, certificates of convenience and necessity, oper-
ating permits, and operating rights over streets.

(j) "Bonds" means any bonds, interim certificates, notes, deben-
tures or other obligations of the Metropolitan Transit Authority
issued pursuant to this Article.

(k) "Bond Resolution" means any resolution authorizing, ratifying
or affecting any bonds, interim certificates, notes, debentures or other
obligations of the Metropolitan Mass Transit Authority issued pur-
suant to this Article.

(l) "Public transportation company", "public transit company
CARRIER", "transit company", "public mass transportation com-
pany", "mass public transit (or transportation) company", or "Com-
pany" means a company operating a public MASS transportation sys-
tem within the jurisdictional limits of the Metropolitan Area.

3. Metropolitan Transit Authority.

There is created a body corporate and politic to be known as the
"Metropolitan Transit Authority," which is constituted an instru-
mentality of the State of Maryland.

4. Transportation Not Included.

This Article is not intended to apply to the following forms of
transportation for hire: (a) transportation by water; (b) trans-
portation by the Federal Government, the State of Maryland, or any
political subdivision thereof; (c) transportation by motor vehicles
employed solely in transporting school children and teachers to and
from public or private schools; (d) transportation performed in the
course of operation over a regular route, the major portion of which
is outside the Metropolitan Area, except where a major portion of
the passenger traffic begins and ends within the Metropolitan Area;
(e) transportation by taxicab, except when operated over regular