Marvin Mandel, Governor                        1147

Department; to provide for the creation and appointment of the
Maryland Transportation Authority who WHICH shall have the
duties and responsibilities relating to the financing, operation,
maintenance, and repair of toll revenue projects and port facilities
TRANSPORTATION FACILITIES PROJECTS; to provide for
the creation and appointment of the Maryland Transportation
Commission whose duties shall be to advise and make recommenda-
tions to the Secretary and heads of all of the administrations and
agencies within the Department on all matters concerning trans-
portation policy formation and program execution; to establish a
comprehensive system of financing for the various projects, duties
and obligations of the Department; and providing for the authori-
zation by the Department to borrow money or incur indebtedness

by the issuance and sale of its bonds, revenue bonds, or notes; to

provide that said bonds shall not be deemed to constitute a debt or
pledge of the faith and credit of the State of Maryland; and to pro-
vide generally that the Maryland Transportation Authority be
vested with the powers necessary to finance the projects of the De-
partment of Transportation; and revising those laws of Maryland
OF THE DEPARTMENT AND ESTABLISHING CER-
TAIN DEFINITIONS IN CONNECTION THEREWITH;
AUTHORIZING THE DEPARTMENT TO BORROW MONEY
AND TO FINANCE THE COST OF TRANSPORTA-
TION FACILITIES THROUGH THE ISSUANCE AND SALE
OF ITS CONSOLIDATED TRANSPORTATION BONDS IN AN
AMOUNT NOT TO EXCEED AT ANY ONE TIME AN OUT-
STANDING BALANCE OF FIVE HUNDRED MILLION DOL-
LARS ($500,000,000.00) AND PROVIDING GENERALLY FOR
THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS
AND THE PLEDGE OF AND ACCOUNTING FOR EXCISE
TAXES AND OTHER REVENUES TO BE APPLIED TO THE
PAYMENT THEREOF; AUTHORIZING THE MARYLAND
TRANSPORTATION AUTHORITY TO BORROW MONEY AND
TO FINANCE THE COST OF TRANSPORTATION FACILI-
TIES PROJECTS THROUGH THE ISSUANCE AND SALE OF
ITS REVENUE BONDS AND PROVIDING GENERALLY FOR
THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS
AND THE APPLICATION OF RENTALS, TOLLS, AND OTHER
REVENUES FOR THE PAYMENT THEREOF; CONTINUING
EXISTING AUTHORITY TO BORROW MONEY AND ISSUE
BONDS, REVENUE BONDS, NOTES OR OTHER EVIDENCES
OF INDEBTEDNESS HERETOFORE GRANTED BY THE
GENERAL ASSEMBLY FOR THE PURPOSE OF FI-
NANCING THE COST OF TRANSPORTATION FACIL-
ITIES OR TRANSPORTATION FACILITIES PROJECTS;
PROVIDING FOR THE CREATION OF THE TRANS-
PORTATION TRUST FUND AND THE TRANSPORTATION
AUTHORITY FUND; ELIMINATING THE GASOLINE TAX
FUND AND THE MOTOR VEHICLE REVENUE FUND EX-
CEPT TO THE EXTENT NECESSARY TO DETERMINE THE
DEBT SERVICE REQUIREMENTS ON OUTSTANDING
STATE OR COUNTY HIGHWAY CONSTRUCTION BONDS;
PROVIDING FOR THE ESTABLISHMENT OF THE GASO-
LINE AND MOTOR VEHICLE REVENUE ACCOUNT WITHIN
THE TRANSPORTATION TRUST FUND TO WHICH AC-
COUNT ALL HIGHWAY USER REVENUES ARE TO BE
CREDITED AND 17.5% OF WHICH SHALL BE DISBURSED