2484

LAWS OF MARYLAND

[Ch. 492

The bonds may be issued by the Department, pursuant to

one or more resolutions of the Secretary of

Transportation from time to time subject to the

limitations herein provided. However, the bonds issued

pursuant to this subtitle shall not be included in or be
considered a part of the amounts authorized pursuant to

the authority granted in § 211B of this article.

(b) The authority herein granted shall be deemed to
be continuing from year to year but limited in the
following manner:

(1)   Any such county, not later than April 1 of each
year, may notify the Department of its desire to
participate in the proceeds of a series of bonds to be
issued under this subtitle in the next succeeding fiscal
year and the amount of such participation proposed.

(2)    Upon receipt of such notification, the
Department shall determine the total proceeds of the
highway user revenues (as defined in § 38A of this
article) pursuant to the provisions of § 33 or § 34 of
this article, as the case may be, exclusive of any
amounts so distributed to any municipalities in said
county.

(3)   The Department shall next determine the total
amount of bonds issuable under this section by said
county which could be issued in the discretion of the
Department, 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 the Commission for such county to which its share of
the said highway user revenues has been pledged provided,
however, the Department shall not issue bonds for any
such county where its latest fiscal year share of highway
user revenues is less than twice its annual debt service
requirement for county highway construction bonds AND
COUNTY TRANSPORTATION BONDS (debt service 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
Department 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 Department may, in its
discretion, limit the participation of any such county in
said series. The Department shall take into
consideration, in determining the amount of participation