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319
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MARVIN MANDEL, Governor
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BEFORE ANY FINAL PLANS FOR THE DEVELOPMENT OR
EXTENSION OF THE RAPID TRANSIT SYSTEM IN THE DISTRICT ARE
SUBMITTED TO THE UNITED STATES DEPARTMENT OF
TRANSPORTATION FOR APPROVAL OR FUNDING, THE SECRETARY
SHALL COMPLY WITH THE REQUIREMENTS OF ARTICLE 40, §107 OF
THE CODE, PROVIDING FOR SUBMISSION OF THESE PLANS TO THE
JOINT LEGISLATIVE COMMITTEE ON METROPOLITAN MASS TRANSIT.
REVISOR'S NOTE: This section is new language added
in recognition of the new provision on
legislative review of rapid transit plans, as
contained in Art. 40, §107 of the Code.
As to the Joint Legislative Committee,
generally, see Art. 40, §§105 et seq. of the
Code.
7-308. DEPARTMENTAL AGREEMENTS, LEASES, AND EQUIPMENT
TRUST CERTIFICATES FOR ACQUISITION OF TRANSIT FACILITIES
OR EQUIPMENT.
(A) POWER TO EXECUTE; FORM; AND DISPOSITION.
THE DEPARTMENT MAY EXECUTE ANY AGREEMENT, LEASE,
OR EQUIPMENT TRUST CERTIFICATE FOR THE PURCHASE OR RENTAL
OF TRANSIT FACILITIES OR EQUIPMENT SUCH AS ROLLING STOCK,
SUBSTANTIALLY IN THE FORM CUSTOMARILY USED IN THESE
CASES AND APPROPRIATE TO EFFECT THE PURCHASE OR RENTAL.
THE DEPARTMENT MAY DISPOSE OF AN EQUIPMENT TRUST
CERTIFICATE IN THE MANNER THAT IT DETERMINES TO BE IN
ITS BEST INTERESTS.
(B) VEHICLE TO BE MARKED.
EACH VEHICLE COVERED BY AN EQUIPMENT TRUST
CERTIFICATE SHALL HAVE THE NAME OF THE OWNER AND LESSOR
PLAINLY MARKED ON BOTH SIDES, FOLLOWED BY THE WORDS
"OWNER AND LESSOR".
(C) PAYMENTS.
(1) THE MONEY REQUIRED TO BE PAID BY THE
DEPARTMENT UNDER THESE AGREEMENTS, LEASES, AND EQUIPMENT
TRUST CERTIFICATES SHALL BE PAYABLE FROM REVENUES
AVAILABLE UNDER THIS TITLE OR TITLES 3 OR 4 OF THIS
ARTICLE.
(2) PAYMENT FOR THE PURCHASE OR RENTAL OF
TRANSIT FACILITIES OR EQUIPMENT MAY BE MADE IN
INSTALLMENTS, AND DEFERRED INSTALLMENTS MAY BE EVIDENCED
BY EQUIPMENT TRUST CERTIFICATES. TITLE TO THE TRANSIT
FACILITIES OR EQUIPMENT MAY NOT VEST IN THE DEPARTMENT
UNTIL THE EQUIPMENT TRUST CERTIFICATES ARE PAID.
(D) AGREEMENTS BY DEPARTMENT.
AN AGREEMENT BY THE DEPARTMENT TO PURCHASE TRANSIT
FACILITIES OR EQUIPMENT MAY:
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