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Ch. 13
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86
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LAWS OF MARYLAND
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provide for the "sale" of its bond
anticipation notes is deleted as unnecessary
in light of the clear authority granted by
§3-201 of this subtitle. The reference to the
proceeds of "the next" sale is added for
clarity.
The only other changes are in style.
As to the use of the word "may" in subsection
(a) of this section, see revisor's note to
§3—201 of this subtitle.
3-211. REVENUE ANTICIPATION NOTES.
(A) POWER TO ISSUE.
WITH THE APPROVAL OF THE BOARD OF PUBLIC WORKS, THE
DEPARTMENT MAY BORROW MONEY IN ANTICIPATION OF ITS
RECEIPT OF CURRENT REVENUES AND EVIDENCE THE BORROWING BY
ISSUING ITS REVENUE ANTICIPATION NOTES.
(B) TERMS AND CONDITIONS.
THE REVENUE ANTICIPATION NOTES SHALL BE PAYABLE, AS
TO BOTH PRINCIPAL AND INTEREST, ONLY FROM CURRENT
REVENUES WHEN RECEIVED AND DEPOSITED IN THE
TRANSPORTATION TRUST FUND, SUBJECT TO THE PRIOR USE AND
APPLICATION OF THE REVENUES TO MEET THE DEBT SERVICE ON
ALL OUTSTANDING AND UNPAID BONDS PAYABLE FROM THE
REVENUES IN THE TRANSPORTATION TRUST FUND AND TO PAY ALL
FUNDS DUE TO THE POLITICAL SUBDIVISIONS OF THIS STATE.
(C) PROCEDURE FOR SALE.
THE PROCEDURE FOR THE ISSUANCE OF REVENUE
ANTICIPATION NOTES IS THE SAME AS THAT APPLICABLE TO THE
ISSUANCE OF CONSOLIDATED TRANSPORTATION BONDS, EXCEPT
THAT THESE NOTES MAY BE ISSUED AND SOLD BY PRIVATE
NEGOTIATION.
(D) LIMIT OF MATURITY.
A REVENUE ANTICIPATION NOTE MAY NOT BE ISSUED TO
MATURE LATER THAN 6 MONTHS AFTER THE DATE OF ITS ISSUE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §7A.
In subsection (a) of this section, the present
reference to the power of the Department to
provide for the "sale" of its revenue
anticipation notes is deleted as unnecessary;
in this regard, see revisor's note to §3—210
or this subtitle.
In subsections (b) and (d) of this section,
the present statements to the effect that
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