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541
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MARVIN MANDEL, Governor
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17. PLAN OF FINANCING.
(A) THE AUTHORITY, IN CONFORMANCE WITH SAID POLICY,
SHALL PREPARE AND ADOPT A PLAN FOR FINANCING THE
CONSTRUCTION, ACQUISITION AND OPERATION OF FACILITIES
SPECIFIED IN A MASS TRANSIT PLAN ADOPTED PURSUANT TO
ARTICLE VI HEREOF, OR IN ANY ALTERATION, REVISION OR
AMENDMENT THEREOF. SUCH PLAN OF FINANCING SHALL SPECIFY
THE FACILITIES TO BE CONSTRUCTED OR ACQUIRED, THE COST
THEREOF, THE PRINCIPAL AMOUNT OF REVENUE BONDS, EQUIPMENT
TRUST CERTIFICATES AND OTHER EVIDENCES OF DEBT PROPOSED
TO BE ISSUED, THE PRINCIPAL TERMS AND PROVISIONS OF ALL
LOANS AND UNDERLYING AGREEMENTS AND INDENTURES, ESTIMATED
OPERATING EXPENSES AND REVENUES AND THE PROPOSED
ALLOCATION AMONG THE FEDERAL, DISTRICT OF COLUMBIA AND
PARTICIPATING LOCAL GOVERNMENTS OF THE REMAINING COSTS
AND DEFICITS, IF ANY, AND SUCH OTHER INFORMATION AS THE
COMMISSION MAY CONSIDER APPROPRIATE.
(B) SUCH PLAN OF FINANCING SHALL CONSTITUTE A
PROPOSAL TO THE INTERESTED GOVERNMENTS FOR FINANCIAL
PARTICIPATION AND SHALL NOT IMPOSE ANY OBLIGATION ON ANY
GOVERNMENT AND SUCH OBLIGATIONS SHALL BE CREATED ONLY AS
PROVIDED IN § 18 OF THIS ARTICLE VII.
18. COMMITMENTS FOR FINANCIAL PARTICIPATION.
(A) VIRGINIA.
COMMITMENTS ON BEHALF OF THE PORTION OF THE ZONE
LOCATED IN VIRGINIA SHALL BE BY CONTRACT OR AGREEMENT BY
THE AUTHORITY WITH THE NORTHERN VIRGINIA TRANSPORTATION
DISTRICT, OR ITS COMPONENT GOVERNMENTS, AS AUTHORIZED IN
THE TRANSPORTATION DISTRICT ACT OF 1964 (CH. 631, 1964
ACTS OF VIRGINIA ASSEMBLY), TO CONTRIBUTE TO THE CAPITAL
REQUIRED FOR THE CONSTRUCTION AND/OR ACQUISITION OF
FACILITIES SPECIFIED IN A MASS TRANSIT PLAN ADOPTED AS
PROVIDED IN ARTICLE VI, OR ANY ALTERATION, REVISION OR
AMENDMENT THEREOF, AND FOR MEETING EXPENSES AND
OBLIGATIONS IN THE OPERATION OF SUCH FACILITIES. NO
SUCH CONTRACT OR AGREEMENT, HOWEVER, SHALL BE ENTERED
INTO BY THE AUTHORITY WITH THE NORTHERN VIRGINIA
TRANSPORTATION DISTRICT UNLESS SAID DISTRICT HAS ENTERED
INTO THE CONTRACTS OR AGREEMENTS WITH ITS MEMBER
GOVERNMENTS, AS CONTEMPLATED BY § 1 (B) (4) OF ARTICLE 4
OF SAID ACT, WHICH CONTRACTS OR AGREEMENTS EXPRESSLY
PROVIDE THAT SUCH CONTRACTS OR AGREEMENTS SHALL INURE TO
THE BENEFIT OF THE AUTHORITY AND SHALL BE ENFORCEABLE BY
THE AUTHORITY IN ACCORDANCE WITH THE PROVISIONS OF §2,
ARTICLE 5 OF SAID ACT, AND SUCH CONTRACTS OR AGREEMENTS
ARE ACCEPTABLE TO THE BOARD. THE GENERAL ASSEMBLY OF
VIRGINIA HEREBY AUTHORIZES AND DESIGNATES THE AUTHORITY
AS THE AGENCY TO PLAN FOR AND PROVIDE TRANSIT FACILITIES
AND SERVICES FOR THE AREA OF VIRGINIA ENCOMPASSED WITHIN
THE ZONE WITHIN THE THE CONTEMPLATION OF ARTICLE 1, §3
(C) OF SAID ACT.
(B) MARYLAND.
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