592                                     LAWS OF MARYLAND                              Ch. 229

CHAPTER 229
(Senate Bill 537)

AN ACT to add new Section 7A to Article 94A of the Annotated Code of
Maryland ([[1969 Replacement Volume and]] 1972 Supplement), title
"Transportation," subtitle "Financing," subheading "Consolidated
Transportation Bonds," to follow immediately after Section 7 thereof, to
authorize the Department of Transportation to borrow money by the sale of
anticipation notes payable from the Transportation Trust Fund and generally
relating thereto.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 7A be and it is hereby added to Article 94A of
the Annotated Code of Maryland ([[1969 Replacement Volume and]] 1972
Supplement), title "Transportation," subtitle "Financing," subheading
"Consolidated Transportation Bonds," to follow immediately after Section 7
thereof, to read as follows:

7A.

THE DEPARTMENT, WITH THE APPROVAL OF THE BOARD OF
PUBLIC WORKS, MAY BORROW MONEY IN ANTICIPATION OF ITS
RECEIPT OF CURRENT REVENUES, AND EVIDENCE THE
BORROWING BY THE ISSUANCE AND SALE OF ITS REVENUE
ANTICIPATION NOTES. THE NOTES SHALL NOT BE DEEMED A DEBT
OF THE STATE OF MARYLAND, BUT SHALL BE PAYABLE, AS TO
BOTH PRINCIPAL AND INTEREST, SOLELY FROM THE CURRENT
REVENUES, WHEN RECEIVED AND DEPOSITED IN THE
TRANSPORTATION TRUST FUND, SUBJECT, HOWEVER, TO THE
PRIOR USE AND APPLICATION OF THE REVENUES FOR THE
PURPOSE OF MEETING THE DEBT SERVICE REQUIREMENTS OF ALL
OUTSTANDING AND UNPAID BONDS PAYABLE FROM THE
REVENUES IN THE TRANSPORTATION TRUST FUND AND ALL
FUNDS PAYABLE TO BALTIMORE CITY AND THE OTHER POLITICAL
SUB-DIVISIONS. THE PROCEDURE FOR THE ISSUANCE OF THESE
NOTES SHALL BE THE SAME AS THAT APPLICABLE TO THE
ISSUANCE OF CONSOLIDATED TRANSPORTATION BONDS, EXCEPT
THAT THESE NOTES MAY BE ISSUED AND SOLD BY PRIVATE
NEGOTIATION. NO NOTE MAY BE ISSUED TO MATURE LATER
THAN SIX (6) MONTHS AFTER THE DATE OF ITS ISSUE NOR BE
DEEMED TO BE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OF
THE STATE OF MARYLAND.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 7, 1973.