1052

LAWS OF MARYLAND

[Ch. 132

State Roads, of the Annotated Code of Maryland (1969
Replacement Volume and 1974 Supplement) to read as
follows:

Article 89B — State Roads

122,

(A) THE WORDS "STATE ROADS COMMISSION",
"COMMISSION", "MARYLAND TRANSPORTATION AUTHORITY" OR
"AUTHORITY" MEAN THE MARYLAND TRANSPORTATION AUTHORITY
CREATED BY ARTICLE 41 , SECTION 208C OF THIS CODE ACTING
ON BEHALF OF THE DEPARTMENT OF TRANSPORTATION OR, IF THE
AUTHORITY IS ABOLISHED, THE BOARD, COMMISSION OR OFFICER
SUCCEEDING TO ITS PRINCIPAL FUNCTIONS OR TO WHOM THE
POWERS GIVEN BY THIS SUBHEADING TO THE AUTHORITY SHALL BE
GIVEN BY LAW.

SECTION 3. AND BE IT FURTHER ENACTED, That Section
126(a) of Article 89B — State Roads, of the Annotated
Code of Maryland (1969 Replacement Volume and 1974
Supplement) be and it is hereby repealed and re—enacted,
with amendments, to read as follows:

Article 89B — State Roads

126.

(a) The [Commission] MARYLAND TRANSPORTATION
AUTHORITY, AS SUCCESSOR TO THE STATE ROADS COMMISSION, is
hereby authorized to provide by resolution, at one time
or from time to time, for the issuance of revenue bonds
of the State for the purpose of paying all or any part of
the costs of any one or more projects or any part or
parts thereof, and the cost of improvements. The
principal of and interest on such bonds shall be payable
solely from the funds herein provided for such payment.
The bonds of each issue shall be dated, shall bear
interest at such rate or rates [[not exceeding]] [seven
and one-half per centum per annum] [[TEN PERCENT]] AS MAY
BE DETERMINED BY THE AUTHORITY, shall mature at such time
or times not exceeding [forty] 40 years from their date
or dates, as may be determined by the [Commission]
AUTHORITY, and may be made redeemable before maturity, at
the option of the [Commission] AUTHORITY, at such price
or prices and under such terms and conditions as may be
fixed by the [Commission] AUTHORITY prior to the issuance
of the bonds. The [Commission] AUTHORITY shall
determine the form of the bonds, including any interest
coupons to be attached thereto and shall fix the
denomination or denominations of the bonds and the place
or places of payment of principal and interest, which may
be at any bank or trust company, within or without the