|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91
|
|
|
|
|
MARVIN MANDEL, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) PLEDGE OF TAX.
THE TAX LEVIED AMD IMPOSED BY THIS SECTION IS
IRREVOCABLY PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON CONSOLIDATED TRANSPORTATION BONDS AS
THEY BECOME DUE AND PAYABLE, AND NO PAST OF THE TAX OR
OTHER FUNDS APPLICABLE TO DEBT SERVICE ON THE BONDS MAY
BE REPEALED, DIMINISHED, OR APPLIED TO ANY OTHER PURPOSE
UNTIL:
(1) THE BONDS AND THE INTEREST ON THEM HAVE
BECOME DUE AND FULLY PAID; OR
(2) ADEQUATE AND COMPLETE PROVISION FOR
PAYMENT OF THE PRINCIPAL AND INTEREST HAS BEEN MADE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §9(a) through (c).
In subsection (a) of this section, the present
reference to §§211 and 211G-1 of Art. 89B "of
the Code" has been revised to indicate that
the former provisions of Art. 89B of the Code
"of 1957" are intended, rather than the new,
revised Code. These sections, as in effect
most recently, have been decodified and now
appear in Ch. 608, Acts of 1976, and Ch.____,
Acts of 1977; §211G-1, as in effect before
January 1, 1976, appears on page 172 of the
1975 Cumulative Supplement to Volume 8A of the
1957 Code. See, also, General Revisor's Note
to this title.
Also in subsection (a), a reference to "County
Transportation Bonds" is added to reflect the
creation of these instruments by Ch. 492, Acts
of 1975.
In subsection (b)(2)(ii) of this section, the
more general term "vehicles" is substituted
for "motor vehicles" and the specific
reference to "the issuance of certificates of
title" is deleted. As in §§13-809(b) and
13-811 of this article, the excise tax no
longer is limited to "motor vehicles" and, in
some instances, is imposed even though a
certificate of title is not issued.
In subsection (d) of this section, the present
reference to the pledge of the "proceeds" of
the tax. is deleted as unnecessary and
redundant, since the pledge of "the tax"
necessarily includes the pledge of its
proceeds.
|
|
|
|
|
|
|
|
|
|
The only other changes are in style.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
