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Session Laws and Journals, 1964, March Special Session
Volume 673, Page 43   View pdf image (33K)
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J. MILLARD TAWES, Governor                         43

the several counties in order to remove from said law special
provisions concerning Dorchester County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 211 of Article 89B of the Annotated Code of Maryland
(1963 Supplement), title "State Roads", sub-title "Bonds, Notes or
Other Evidence of Indebtedness", sub-heading "State Highway Con-
struction Bonds, Second Issue", be and it is hereby repealed and re-
enacted, with amendments, to read as follows:

211.

(a)  In addition to, but as a separate part of the foregoing author-
ization, the Commission, when notified by any county of the State
as hereinafter provided, is hereby authorized and directed to borrow
money from time to time as hereinafter limited, and to evidence
such borrowing by the issue of its bonds, in form and tenor sub-
stantially as provided in Section 200 of this sub-heading, and to
disburse the proceeds of said borrowing, and pay the principal and
interest of said bonds, as hereinafter provided. The authority hereby
granted is such that at no time shall there be outstanding bonds
issued under this section in excess of the face amount of fifty million
($50,000,000), but such limitation shall not be construed to mean
that the total principal amount of bonds which may be issued pur-
suant to this section during the period specified in Section 199 of
this sub-heading may not exceed said sum.

(b)  In order to enable the several counties of the State to conduct
programs of construction and reconstruction and to make major
road repairs necessary to eliminate damage caused by severe and
unforeseen weather conditions of county roads, during the period
specified in Section 199 of this sub-heading, any such county may
participate in the proceeds of the sale of bonds by the State Roads
Commission authorized by this section and subject to legislative
review and action in manner similar to that prescribed in Section
201 of this sub-heading in the following manner:

(1)  [(a)] Any such county, not later than April first of each
year, may notify the Commission of its desire to participate in the
proceeds of a series of bonds to be issued under this section in the
next succeeding fiscal year and the amount of such participation
proposed;

(2)  [(b)] Upon receipt of such notification, the Commission shall
determine the total proceeds of the Gasoline Tax Fund distributed
to said county in the preceding fiscal year pursuant to the provisions
of Section 34 of this article, exclusive of any amounts so distributed
pursuant to said section to any municipalities in said county;

(3)  [(c)] The Commission shall next determine the total amount
of bonds, issuable under this section by said county, which could be
issued, in the discretion of the Commission, with adequate annual
debt service coverage, from the annual amount of the Gasoline Tax
Fund so allocable to said county after providing the annual debt
service costs on any outstanding bonds theretofore issued by said
county to which its share of said Gasoline Tax Fund has been
pledged.

(4) [(d)] Subject to annual recomputation, the maximum amount
of the bonds authorized by this section which the Commission may

 

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Session Laws and Journals, 1964, March Special Session
Volume 673, Page 43   View pdf image (33K)
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