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Ch. 13
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98
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LAWS OF MARYLAND
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AMOUNT OF BONDS THAT IT COULD ISSUE UNDER THIS SUBTITLE
ON BEHALF OF THE COUNTY, WITH ADEQUATE ANNUAL DEBT
SERVICE COVERAGE, FROM THE ANNUAL AMOUNT OF THE HIGHWAY
USER REVENUES SO ALLOCATED TO THE COUNTY AFTER PROVIDING
FOR THE DEBT SERVICE ON ALL OUTSTANDING AND UNPAID
BONDS THAT HAVE BEEN PREVIOUSLY ISSUED ON BEHALF OF THE
COUNTY AND TO WHICH ITS SHARE OF THE HIGHWAY USER
REVENUES HAS BEEN PLEDGED.
(C) PROCEDURE AFTER DETERMINATION.
AFTER MAKING ALL NECESSARY DETERMINATIONS, THE
DEPARTMENT SHALL NOTIFY THE COUNTY OF THE AMOUNT OF
BONDS THAT THE DEPARTMENT WILL ISSUE IN THE NEXT FISCAL
YEAR ON BEHALF OF THE COUNTY. THE DEPARTMENT THEN SHALL
ISSUE AND SELL THAT AMOUNT OF ITS BONDS UNDER THIS
SUBTITLE AS A PART OF THE NEXT SERIES OF BONDS AND SHALL
PAY THE NET PROCEEDS OF THAT AMOUNT OF THE BONDS TO THE
COUNTY, AFTER DEDUCTING THE COUNTY'S PROPORTIONATE SHARE
OF THE COST OF THE ISSUANCE OF THE BONDS.
REVISOR'S NOTE: This section presently appears as
Art. 89B, §21lG-1(b)(2), the first half of
(b) (3), and the first half of the introductory
clause of (b)(6).
In subsection (b) of this section, the present
reference to the "discretion" of the
Department is deleted as superfluous in light
of §3-306(c) of this subtitle. Also, the term
"outstanding and unpaid", which is defined in
§3—101 of this title, is substituted for the
less exact "outstanding".
The only other changes are in style.
3-306. LIMITATIONS ON ISSUANCE.
(A) DEBT SERVICE LIMITATION.
THE DEPARTMENT MAY NOT ISSUE BONDS ON BEHALF OF A
COUNTY IF THE COUNTY'S SHARE OF HIGHWAY USER REVENUES
FOR THE LATEST FISCAL YEAR IS LESS THAN TWICE ITS ANNUAL
DEBT SERVICE ON COUNTY HIGHWAY CONSTRUCTION BONDS AND
COUNTY TRANSPORTATION BONDS.
(B) MAXIMUM AMOUNT.
SUBJECT TO ANNUAL RECOMPUTATION, THE MAXIMUM
AMOUNT OF THE BONDS THAT THE DEPARTMENT MAY ISSUE ON
BEHALF OF A COUNTY, AS COMPUTED UNDER THIS SECTION AND
§3-304 OF THIS SUBTITLE, IS THE LIMIT OF PARTICIPATION
FOR THE COUNTY.
(C) DISCRETIONARY LIMITATION; STANDARDS.
IN ITS DISCRETION, THE DEPARTMENT MAY LIMIT THE
PARTICIPATION OF ANY COUNTY IN ANY SERIES OF BONDS. IN
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