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Ch. 13
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32
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LAWS OF MARYLAND
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(IX) WHETHER ALL OR ANY PART OF THE BONDS
ARE REDEEMABLE BEFORE MATURITY AND, IF SO, THE TERMS,
CONDITIONS, AND PRICES OF REDEMPTION; AND
(X) ANY OTHER MATTER RELATING TO THE FORM,
TERMS, CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF THE
BONDS.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §4(b)—-except for the parenthetical
material of present §4 (b) (iv), relating to the
execution of the bonds, and the last sentence
of Art. 94A, §4(b), requiring the proceeds
iron the sale of the bonds to be credited to
the Transportation Trust Fund. The provision
governing execution of the bonds now appears
in §3-204 of this subtitle; the last sentence
of present §4 (b) is deleted as unnecessary in
light of §3-216 of this subtitle. Item (3)(v)
of this section presently appears as Art. 94A,
§5 (c); it is placed here for improved
organization.
The present express requirement that the
Secretary adopt "one or more resolutions"
authorizing the issuance is deleted as
unnecessary in light of §3—201 of this
subtitle.
As revised, this section clarifies that the
matters enumerated in item (3) of this section
are to be incorporated in the bond authorizing
resolution. This reflects the actual
practice.
In item (3) (v) of this section, for brevity
and clarity, the terms "coupon bonds" and
"fully registered bonds" are substituted for
the more cumbersome "bonds having coupons
attached" and "bonds...registered as to both
principal and interest", respectively.
The only other changes are in style.
3-204. EXECUTION OF BONDS.
(A) MANNER OF EXECUTION.
(1) CONSOLIDATED TRANSPORTATION BONDS SHALL
BE EXECUTED ON BEHALF OF THE DEPARTMENT BY THE MANUAL
SIGNATURE OF:
(I) THE SECRETARY;
(II) THE DEPUTY SECRETARY; OR
(III) AN ASSISTANT SECRETARY SPECIALLY
DESIGNATED BY THE SECRETARY FOR THAT PURPOSE.
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