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Ch. 13
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80
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LAWS OF MARYLAND
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this subtitle, present references to the power
of the Department to issue "bonds {and} notes"
have been expanded to include reference to
the "other evidences of obligation" authorized
by this subtitle, which may be neither bonds
nor notes in the traditional or customary
usage of these terms; this new language
conforms to the similar expressions found in
parts of present Art. 94A—e.g., present §8,
which now appears as §3-212 of this subtitle.
Also, the word "obligation" is substituted
generally for "indebtedness" to avoid the
implication that all of these items
necessarily are "debts" in the constitutional
sense of Article III, §34 of the State
Constitution. Even as to Consolidation
Transportation Bonds, themselves—which the
Court of Appeals recently held to be "debts"
within the meaning of Article III, §34-—the
adoption here of the more generic "obligation"
more closely conforms to the policy expressed
in §3—213 of this subtitle and, in any event,
would not adversely affect the Court's
conclusion; see Secretary v. Mancuso, 27 8 Md.
81 (1976), discussed in revisor's note to
§3-213.
The only other changes are in style.
3-202. POWER TO ISSUE BONDS.
(A) POWER IN GENERAL.
THE DEPARTMENT FROM TIME TO TIME MAY ISSUE ITS BONDS
ON BEHALF OF THIS STATE TO FINANCE THE COST OF ANY ONE
OR MORE OR COMBINATION OF TRANSPORTATION FACILITIES.
(B) DESIGNATION OF BONDS; MAXIMUM AMOUNT.
THE BONDS SHALL BE KNOWN AS "CONSOLIDATED
TRANSPORTATION BONDS" AND MAY BE ISSUED IN ANY AMOUNT AS
LONG AS THE AGGREGATE OUTSTANDING AND UNPAID PRINCIPAL
BALANCE OF THESE BONDS AND BONDS OF PRIOR ISSUES DOES
NOT EXCEED AT ANY ONE TIME THE SUM OF $950,000,000
$950-MILLION.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §4(a).
The word "may" is substituted for "authorized
and empowered"; see revisor's note to §3—201
of this subtitle.
As to use of the phrase "to finance", many
bond enabling acts state that the authorized
undertaking is "for the purpose of financing"
one or more projects. The substitution here
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