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Ch. 13
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592
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LAWS OF MARYLAND
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of each county the highway maintenance needs of the
county, the other transportation needs of the county and
such other factors as the Department deems appropriate.
(6) Upon making this computation the
Department shall notify each such county so desiring to
participate, as aforesaid, of the amount of bonds which
the Department will issue in said fiscal year on behalf
of said county, as above determined, and said Department
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 deducting from each a proportionate share of
the cost of the issuance of said bonds and any bonds
issued under the provisions of this section shall become
the obligations of the Department and shall not be
considered a debt of any county for the purpose of
determining the debt limitations, and further provided
that, prior to said sale, the Department and said county
shall have entered into an agreement, in accordance with
law, which shall specify that:
(i) The amount of bonds to be issued on behalf
of said county, as herein provided, shall be repaid,
together with interest, within fifteen (15) years from
their date or dates of issue;
(ii) Each issue of bonds under this section,
on behalf of any such county, shall first be approved
prior to the sale thereof by resolution of the Board of
Public works;
(iii) The State Comptroller shall be
authorized and empowered to withhold and deposit moneys
to the credit of a sinking fund established for the
purpose of paying the principal of and interest on such
bonds, from any and all funds allocable to such county
under § 33 or 34 of [this article] ARTICLE 89B OF THE
ANNOTATED CODE OF MARYLAND (1957 EDITION, AS AMENDED),
after provision for sinking fund requirements on county
highway construction bonds authorized and issued under §
211-G of [this article] ARTICLE 89B OF THE ANNOTATED CODE
OF MARYLAND (1957 EDITION, AS AMENDED), until an amount
equal to such debt service payable in the current and
next succeeding fiscal year shall have been accumulated,
and thereafter an amount equal to debt service on said
bonds in such succeeding fiscal year, unless said county
shall elect to deposit said amount with the State
Comptroller pursuant to subparagraph (iv) hereof,
provided however that no portion of said funds may be so
withheld that have been previously pledged for debt
service on outstanding bonds of said county, as provided
in said § 34:
(iv) In any year that any of said bonds
covered by said agreement are outstanding, said county
may make an annual levy on its taxable basis in rate and
amount sufficient to provide a sum equivalent to the
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