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79
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MARVIN MANDEL, Governor
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SUBTITLE 2. CONSOLIDATED TRANSPORTATION BONDS.
3-201. GENERAL POWER TO BORROW MONEY AND ISSUE
EVIDENCES OF OBLIGATION.
BY ONE OR MORE RESOLUTIONS OF THE SECRETARY, THE
DEPARTMENT MAY:
(1) FINANCE THE COST OF TRANSPORTATION FACILITIES;
(2) BORROW MONEY FROM TIME TO TIME FOR THAT
PURPOSE; AND
(3) EVIDENCE THE BORROWING BY THE ISSUANCE AND
SALE OF BONDS, NOTES, OR OTHER EVIDENCES OF OBLIGATION
ON THE TERMS, CONDITIONS, AND LIMITATIONS CONTAINED IN
THIS SUBTITLE.
REVISOR'S NOTE: This section is new language derived
without substantive change from those
provisions of Art. 94A, §2 that relate
directly to the Department. Those provisions
of present §2 that relate to the Maryland
Transportation Authority and its power to
issue revenue bonds now appear as §4—301 of
this article.
The introductory language of this section has
been expanded to refer to "one or sore
resolutions of the Secretary". This avoids
repetition of similar phrases throughout this
subtitle.
As to use of the term "may", it has long been
customary in the drafting of bond enabling
acts to use the phrase "authorized and
empowered" to indicate in clear, even if
redundant, terms that all appropriate power
and authority to issue these obligations for
their stated public purpose is being conferred
by the General Assembly on the issuer. The
substitution here and elsewhere in this
article of the shorter, simpler, but no less
comprehensive word "may"—-which has become the
standard Code revision expression of that
phrase—-is in no way intended to limit the
power or authority of the entity to issue and
sell its bonds, notes, and other evidences of
obligation.
In items (2) and (3) of this section, the
present references to the power of the
Department to "incur indebtedness" are deleted
as superfluous.
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In item (3) of this section and throughout
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