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Session Laws, 1970
Volume 695, Page 1167   View pdf image
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Marvin Mandel, Governor                        1167

or declared to be exempted by laws EXEMPT from this section, there
shall be credited to such Fund for the account of the Department any
and all taxes, fees, charges and revenues of whatever kind collected or
received by, paid or appropriated to, or to be credited to the account
of, the Department or any of its constituent agencies or administra-
tions, in the exercise of their rights, powers, duties, obligations or
functions, including, but not by way of limitation, any general fund
appropriations, the proceeds of any State loan made for transporta-
tion purposes and any federal grants for such purposes. The provi-
sions hereof shall be effective notwithstanding any contrary provision
of law whatsoever, provided, however, that no portion of the "Right-
of-Way Revolving Fund" shall be expended for purposes other than
those specified in Section 211Q of Article 89B of the Code, and pro-
vided further, that nothing herein contained shall in any way ad-
versely affect the security of any outstanding and unpaid bonds
issued as part of any series of "State Highway Construction Bonds,
Second Issue" or "State Highway Construction Bonds, Third Issue,"
or "County Highway Construction Bonds" or "County Highway Con-
struction Bonds, Second Issue," it being the intent of the Maryland
General Assembly that, as long as any of such bonds remain out-
standing and unpaid, (i) the taxes levied and imposed for and the
other revenues pledged to the payment of the principal of and inter-
est on such bonds as the same become due and payable shall not be
repealed, diminished or applied to any other object until such bonds
and the interest thereon shall have become due and fully paid or until
adequate and complete provision for such payment shall have been
made, and (ii) the sinking fund requirements established for the
payment of the principal of and interest on all such bonds shall
remain unchanged as though this section were not enacted.

(b)    There shall be established and maintained within the Trans-
portation Trust Fund a special account to be known as the Gasoline
and Motor Vehicle Revenue Account. The credit balances in the
Gasoline Tax Fund (heretofore created and maintained under the
provisions of Section 137 of Article 56) and in the Motor Vehicle
Revenue Fund (heretofore created and maintained under the pro-
visions of Section 341 of Article 66½) of June 30, 1971, shall be
transferred to the Gasoline and Motor Vehicle Revenue Account of
the Transportation Trust Fund, provided, however, that the funds
so transferred shall remain subject to disbursement to the extent
required by any lawful pledge, covenant, dedication or commitment
thereof existing at June 30, 1971. The allocations of highway user
revenues provided in Section 38A of Article 89B of the Code for the
Mayor and City Council of Baltimore and for the several counties
and municipalities shall be made from this account, including pro-
vision for the sinking fund requirements for "County Highway Con-
struction Bonds" and "County Highway Construction Bonds, Second
Issue." The balance of such highway user revenues shall be made
available to the Department and to be expended as provided in sub-
section (d) hereof.

(c)  There shall be established or maintained within the Trans-
portation Trust Fund one or more sinking fund accounts to which
shall be credited and from which shall be paid, from the proceeds
of the taxes levied and imposed for that purpose, or from any
other funds of the Department, amounts sufficient at all times to
meet the debt service requirements of all bonds of prior issues and


 

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Session Laws, 1970
Volume 695, Page 1167   View pdf image
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