1682

LAWS OF MARYLAND

Ch. 608

granted is such that at no time shall there be
outstanding bonds issued under this section in excess of
the face amount of fifty million dollars ($50,000,000),
but such limitation shall not be construed to mean that
the total principal amount of bonds which may be issued
pursuant to this section during the period specified in
[§ 199] §11 of this subheading may not exceed said sum.

(b) In order to enable the several counties of the
State to conduct programs of construction and
reconstruction and to make major road repairs necessary
to eliminate damage caused by severe and unforeseen
weather conditions of county roads, during the period
specified in [§ 199] §11 of this subheading, any such
county may participate in the proceeds of the sale of
bonds by the State Roads Commission authorized by this
section and subject to legislative review and action in
manner similar to that prescribed in [§ 201] §13 of this
subheading in the following manner:

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

(2)    Upon receipt of such notification, the
Commission shall determine the total proceeds of the
Gasoline Tax Fund distributed to said county in the
preceding fiscal year pursuant to the provisions of
ARTICLE 89B, § 34 of [this article] THE ANNOTATED CODE OF
MARYLAND (1957 EDITION, AS AMENDED), exclusive of any
amounts so distributed pursuant to said section to any
municipalities in said county;

(3)   The Commission shall next determine the total
amount of bonds, issuable under this section by said
county, which could be issued, in the discretion of the
Commission, with adequate annual debt service coverage,
from the annual amount of the Gasoline Tax Fund so
allocable to said county after providing the annual debt
service costs on any outstanding bonds theretofore issued
by said county to which its share of said Gasoline Tax
Fund has been pledged.

(4)    Subject to annual recomputation, the maximum
amount of the bonds authorized by this section which the
Commission may issue on behalf of each such 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 Commission may, in its
discretion, limit the participation of any such county in
said series so that no county shall obtain more than its
appropriate share of the total proceeds of said series;

(6)    Upon making said computation, the Commission
shall notify each such county so desiring to participate,
as aforesaid, of the amount of bonds which the Commission
will issue in said fiscal year on behalf of said county,
as above determined, and said Commission shall then issue
and sell such amount of its bonds under this section as a
part of the next series of such bonds, and shall pay the
net proceeds of such bonds to each such county after