1400                               LAWS OF MARYLAND                        [CH. 869

317-24- Current Expense Budget—

The Board shall annually adopt a current expense budget for each
fiscal year. Such budget shall include the Board's estimated expendi-
tures for administration, operation, maintenance and repairs, debt
service requirements and payments to be made into any funds re-
quired to be maintained. The total of such expenses shall be balanced
by the Board's estimated revenues and receipts from all sources,
excluding funds included in the capital budget or otherwise ear-
marked for other purposes.

317-25. Adoption and Distribution of Budgets—

(a)    Following the adoption by the Board of annual capital and
current expense budgets, the general manager shall transmit certi-
fied copies of such budgets to the principal budget officer of the
Federal Government, the District of Columbia, the Washington
Suburban Transit District and of the component governments of the
Northern Virginia Transportation Commission at such time and in
such manner as may be required under their respective budgetary
procedures.

(b)    Each budget shall indicate the amounts, if any, required
from the Federal Government, the Government of the District of
Columbia, the Washington Suburban Transit District and the com-
ponent governments of the Northern Virginia Transportation Dis-
trict, determined in accordance with the commitments made pur-
suant to Article VII, Section 317-18 of this Title, to balance each of
said budgets.

317-26. Payment—

Subject to such review and approval as may be required by their
budgetary or other applicable processes, the Federal Government,
the Government of the District of Columbia, the Washington Sub-
urban Transit District and the component governments of the
Northern Virginia Transportation District shall include in their
respective budgets next to be adopted and to appropriate or other-
wise to provide the amounts certified to each of them as set forth in
the budgets.

Article IX
Revenue Bonds
317-27. Borrowing Power—

The Authority may borrow money for any of the purposes of this
Title, may issue its negotiable bonds and other evidences of indebted-
ness in respect thereto and may mortgage or pledge its properties,
revenues and contracts as security therefor.

All such bonds and evidences of indebtedness shall be payable
solely out of the properties and revenues of the Authority. The bonds
and other obligations of the Authority, except as may be otherwise
provided in the indenture under which they were issued, shall be
direct and general obligations of the Authority and the full faith and
credit of the Authority are hereby pledged for the prompt payment
of the debt service thereon and for the fulfillment of all other under-
takings of the Authority assumed by it to or for the benefit of the
holders thereof.