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93
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MARVIN MANDEL, Governor
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GENERAL ASSEMBLY MAY NOT BE RESTORED, FOR THE SAME
PURPOSE AS ORIGINALLY PROPOSED, BY THE BUDGET AMENDMENT
PROCEDURE OF ARTICLE 15A, §8(E) OF THE CODE.
(E) EFFECT OF SECTION; LEGISLATIVE INTENT.
(1) EXCEPT AS OTHERWISE PROVIDED IN THIS
SUBSECTION, THIS SECTION IS EFFECTIVE NOTWITHSTANDING ANY
OTHER PROVISION OF LAW.
(2) NO PORTION OF THE RIGHT-OF-WAY REVOLVING
FUND MAY BE USED FOR ANY PURPOSE OTHER THAN AS SPECIFIED
IN §8-305 OF THIS ARTICLE.
(3) NOTHING IN THIS SECTION MAY ADVERSELY
AFFECT IN ANY WAY THE SECURITY OF ANY OF THE FOLLOWING
BONDS WHILE THEY ARE OUTSTANDING AND UNPAID:
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(I) STATE HIGHWAY CONSTRUCTION BONDS, SECOND
(II) STATE HIGHWAY CONSTRUCTION BONDS, THIRD
(III) COUNTY HIGHWAY CONSTRUCTION BONDS; OR
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ISSUE;
ISSUE;
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(IV) COUNTY HIGHWAY CONSTRUCTION BONDS,
SECOND ISSUE.
(4) IT IS THE INTENT OF THE GENERAL ASSEMBLY
THAT, AS LONG AS ANY OF THE BONDS LISTED IN PARAGRAPH (3)
OF THIS SUBSECTION ARE OUTSTANDING AND UNPAID:
(I) THE SINKING FUND REQUIREMENTS ESTABLISHED
FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THOSE
BONDS SHALL REMAIN UNCHANGED, AS IF THIS SECTION HAD NOT
BEEN ENACTED; AND
(II) THE TAXES AND REVENUES PLEDGED TO THE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THOSE BONDS
AS THEY BECOME DUE AND PAYABLE MAY NOT BE REPEALED,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.
(F) FUND NOT TO REVERT.
NO PART OF THE TRANSPORTATION TRUST FUND MAY REVERT
OR BE CREDITED TO THE GENERAL FUNDS OF THIS STATE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §11(a)—-except for the second
sentence of that subsection—and §11 (c), (d),
and (e).
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