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89
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MARVIN MANDEL, Governor
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§9(d), or its restatement in this section, as
expressions of the terms of the contract that
the General Assembly authorizes between the
Department of Transportation of the State and
the bond holders. Although Consolidated
Transportation Bonds are—for purposes of
Article III, §34—a"debt", §3-213 would
nevertheless appear to retain its validity as
a contractual undertaking to make payment only
from the sources and under the limitations
stated."
3-214. TERMINATION OF POWER TO ISSUE OBLIGATIONS UNDER
CERTAIN OTHER LAWS.
THE STATE OF MARYLAND CONVENANTS WITH THE HOLDERS OF
ALL CONSOLIDATED TRANSPORTATION BONDS THAT THE POWER OF
THE DEPARTMENT TO ISSUE OR SELL GENERAL OR SPECIAL
OBLIGATION BONDS, NOTES, OR OTHER EVIDENCES OF OBLIGATION
UNDER ARTICLES 62B AND 89B OF THE CODE Of 1957 HAS
TERMINATED.
REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 94A, §10.
Much of present §10 is deleted as now
obsolete, since the first sale of consolidated
transportation bonds was completed as of July
15, 1973. Also, the present reference to
obligations under Article 64B of the Code is
deleted as obsolete; the referenced provisions
were repealed by Ch. 608, Acts of 1976.
Present references to the provisions of Arts.
62B and 89B "of the Code" have been revised to
indicate that the former provisions of the
Code "of 1957" are intended, rather than the
new, revised Code. These provisions have been
decodified and now appear in Ch. 608, Acts of
1976. See, also, General Revisor's Note to
this title.
It should be noted that the power of the
Department to continue to sell county
transportation bonds (see, Subtitle 3 of this
title) and the power of the Authority to sell
its revenue bonds and revenue bonds of prior
issues (see, Title 4, Subtitle 3, of this
article) are unaffected by this section.
3-215. TAX TO PAY PRINCIPAL AND INTEREST; SINKING FUND.
(A) LEVY OF ANIMAL TAX.
(1) FOR THE PURPOSE OF PAYING THE PRINCIPAL
OF AND INTEREST ON CONSOLIDATED TRANSPORTATION BONDS AS
THEY BECOME DUE AND PAYABLE, THERE IS HEREBY LEVIED AND
IMPOSED AN ANNUAL TAX THAT CONSISTS OF THE TAXES
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