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39
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MARVIN MANDEL, Governor
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(II) FOR ANY 1 YEAR, 20 PERCENT OF THAT
TOTAL AMOUNT.
(2) THE TOTAL AMOUNT THAT MAY BE LOANED UNDER
THIS SECTION BY ANY ONE OF THE RETIREMENT SYSTEMS MAY
NOT EXCEED AT ANY TIME 10 PERCENT OF ITS ASSETS.
(F) TERMS AND CONDITIONS OF MORTGAGE AND LOAN.
(1) EACH MORTGAGE SHALL PROVIDE:
(1) THAT INTEREST, AT A RATE DETERMINED BY
THE PARTIES, BE PAID ANNUALLY TO THE MORTGAGEES;
(II) THAT THE DURATION OF THE MORTGAGE WILL
NOT BE FOR LONGER THAN 5 YEARS; AND
(III) THAT, AT THE OPTION OF THE DEPARTMENT,
THE MORTGAGE MAY BE PREPAID AT ANY TIME ON PAYMENT OF THE
PRINCIPAL, WITH INTEREST TO THE DATE OF PREPAYMENT.
(2) DURING THE EFFECTIVE PERIOD OF THE
AGREEMENT, THE SECRETARY SHALL REDEEM THE MORTGAGE AT THE
TIME THE TRANSPORTATION IMPROVEMENT CONTRACT IS LET OR 5
YEARS AFTER THE DATE ON WHICH THE MORTGAGE IS EXECUTED,
WHICHEVER IS EARLIER.
(3) EACH MORTGAGE SHALL INCLUDE THE FULL
FAITH AND CREDIT OF THE STATE OF MARYLAND AND SHALL BE
REDEEMED OUT OF ANY FUNDS AVAILABLE TO THE DEPARTMENT,
SUBJECT ONLY TO THE PRIOR PLEDGE OF THESE FUNDS FOR THE
RETIREMENT OF STATE HIGHWAY CONSTRUCTION BONDS OR
CONSOLIDATED TRANSPORTATION BONDS.
(G) MANAGEMENT OF PROPERTY.
THE PROPERTY COVERED BY THESE AGREEMENTS MAY BE:
(1) MANAGED, CONTROLLED, USED, RENTED, OF
LEASED BY THE DEPARTMENT;
(2) MANAGED BY ANY PERSON UNDER CONTRACT WITH
THE SECRETARY; OR
(3) OPERATED BY THE DEPARTMENT.
REVISOR'S NOTE: This section is new language derived
from Art. 89B, §22A.
As to subsection (e)(1) of this section, the
present reference to "the retirement
system"—-in the next to the last sentence of
present §22A (b)-—is grammatically incorrect
and, therefore, ambiguous: is it intended to
refer to "the retirement systems" (i.e., all
of them combined) or, as in subsection (e)(2),
"any one of the retirement systems"? In the
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