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Ch. 13
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123
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LAWS OF MARYLAND
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Art. 94A, § 18(b).
In subsection (a)(1) of this section, the
present language contains the unintended
implication that "any part" — even if less
than all — of the unpledged charges and
revenues may be credited to the Fund. The
language of this section is revised to clarify
that all charges and revenues not pledged to
revenue bonds of prior issues first must be
credited to the Fund before they may be used
for any other purpose under this section.
Also, in subsection (a) (1), the present
reference to the Fund as a "sinking" fund is
deleted as misleading. The Fund is not a pare
sinking fund since it can be used for purposes
other than those specified in subsection
(a)(2); in this regard, see subsection (c) of
this section.
The only other changes are in style.
4-314. CONSTRUCTION OF SUBTITLE.
WITHOUT IN ANY WAY LIMITING OR RESTRICTING ITS
EFFECT OR APPLICATION, THIS SUBTITLE IS INTENDED TO
AUTHORIZE THE AUTHORITY TO FINANCE ANY TRANSPORTATION
FACILITIES PROJECT OR ANY COMBINATION OF TRANSPORTATION
FACILITIES PROJECTS BY ANY COMBINATION OF ISSUES OR
SERIES OF BONDS SECURED BY THE PLEDGE OF THE NET OR GROSS
OR ANY COMBINATION OF THE NET OR GROSS RENTALS, RATES,
FEES, TOLLS, AND OTHER CHARGES AND REVENUES DERIVED FROM
ANY TRANSPORTATION FACILITIES PROJECT OR COMBINATION OF
PROJECTS DESIGNATED BY THE APPLICABLE BOND AUTHORIZING
RESOLUTION OR BY ANY TRUST AGREEMENT SECURING THE
BONDS.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §18(c).
The only changes are in style.
4-315. TRUST FUNDS.
ALL MONEY THAT IS RECEIVED BY THE AUTHORITY AS
PROCEEDS FROM THE SALE OF REVENUE BONDS, NOTES, OR OTHER
EVIDENCES OF OBLIGATION UNDER THIS SUBTITLE AND BY WAY OF
RENTALS, RATES, FEES, TOLLS, AND OTHER CHARGES AND
REVENUES DERIVED FROM ANY TRANSPORTATION FACILITIES
PROJECT OR COMBINATION OF PROJECTS AND THAT IS DESIGNATED
BY ANY AUTHORIZING RESOLUTION OR TRUST AGREEMENT AS
SECURITY FOR THE BONDS, NOTES, OR OTHER EVIDENCES OF
OBLIGATION SHALL BE DEEMED TO BE TRUST FUNDS TO BE HELD
AND APPLIED ONLY AS PROVIDED IN THIS SUBTITLE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §19.
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