MARVIN MANDEL, Governor                        1665

(3) 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 Highway User
Revenues so allocated to said county after providing the annual debt
service cost of any outstanding bonds heretofore issued by said THE
COMMISSION FOR SUCH county to which its share of the said
Highway User Revenues has been pledged provided, however, the
Commission shall not issue bonds for any such county where the

coverage shall be deemed to mean the annual principal and interest

requirements to retire such bonds). ITS LATEST FISCAL YEAR
SHARE OF HIGHWAY USER REVENUES IS LESS THAN
TWICE ITS ANNUAL DEBT SERVICE REQUIREMENT FOR
COUNTY HIGHWAY CONSTRUCTION BONDS (DEBT SERV-
ICE REQUIREMENT SHALL BE DEEMED TO MEAN THE
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS TO
RETIRE SUCH BONDS).

(4) Subject to annual recomputation, the maximum amount of
the bonds authorized by this section which the Commission may
issue on behalf of each said county, as above computed, shall be the
limit of participation for such county under the provisions of this
section.

(5) With respect to any such series of bonds authorized under
this section, the Commission may, in its discretion, limit the partic-
ipation of any such county in said series. The Commission shall take
into consideration, in determining the amount of participation of
each county the highway maintenance needs of such county and
such other factors as it deems appropriate. However, in no case

shall the Commission permit any such county to participate if the

annual debt service coverage shall be less than two to one.

(6) Upon making said computation, the Commission shall
notify each such county so desiring to participate, as aforesaid, of
the amount of bonds which the Commission will issue in said fiscal
year on behalf of said county, as above determined, and said Com-
mission shall then issue and sell such amount of its bonds under this
section as a part of the next series of such bonds, and shall pay the
net proceeds of such bonds to each such county after deducting from
each a proportionate share of the cost of the issuance of said bonds
and any bonds issued under the provisions of this section shall
become the obligations of the State Roads Commission and shall
not be considered a debt of any county for the purpose of deter-
mining debt limitations, and further provided that, prior to said
sale, the Commission and said county shall have entered into an
agreement, in accordance with law, which shall specify that:

(i) The amount of bonds to be issued on behalf on said county,
as herein provided, shall be repaid, together with interest, within
fifteen (15) years from their date or dates of issue;