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99
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MARVIN MANDEL, Governor
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DETERMINING THE AMOUNT OF PARTICIPATION OF A COUNTY, THE
DEPARTMENT SHALL CONSIDER THE HIGHWAY MAINTENANCE AND
OTHER TRANSPORTATION NEEDS OF THE COUNTY AND ANY OTHER
FACTORS THAT THE DEPARTMENT CONSIDERS APPROPRIATE.
REVISOR'S NOTE: This section presently appears as
the second half of Art. 89B, §211G-1(b)(3),
(4), and (5).
The definition of "debt service requirement",
which presently appears in §211G—1(b)(3), is
incorporated in the definition of "debt
service" in §3-101 of this title.
The only other changes are in style.
As to the "County Highway Construction Bonds",
referred to in subsection (a) of this section,
see General Revisor's Note to this title.
3-307. AGREEMENT BETWEEN THE DEPARTMENT AND COUNTY.
(A) AGREEMENT REQUIRED.
BEFORE IT SELLS ANY BONDS, THE DEPARTMENT AND THE
COUNTY SHALL ENTER INTO AN AGREEMENT AS REQUIRED BY THIS
SECTION.
(B) CONTENTS OF AGREEMENT.
THE AGREEMENT SHALL SPECIFY THAT:
(1) THE BONDS TO BE ISSUED ON BEHALF OF THE
COUNTY MILL BE REPAID, WITH INTEREST, WITHIN 15 YEARS
AFTER THEIR DATE OF ISSUE;
(2) EACH ISSUE OF BONDS ON BEHALF OF THE
COUNTY SHALL BE APPROVED BY RESOLUTION OF THE BOARD OF
PUBLIC WORKS BEFORE THEY ARE ISSUED;
(3) UNLESS THE COUNTY ELECTS TO DEPOSIT THE
AMOUNT WITH THE STATE COMPTROLLER UNDER ITEM (4) OF THIS
SUBSECTION, THE STATE COMPTROLLER MAY WITHHOLD AND
DEPOSIT MONEY TO THE CREDIT OF A SINKING FUND MAINTAINED
TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS FROM
FUNDS ALLOCABLE TO THE COUNTY UNDER TITLE 8, SUBTITLE 4
OF THIS ARTICLE, AFTER PROVIDING FOR SINKING FUND
REQUIREMENTS ON OUTSTANDING AND UNPAID COUNTY HIGHWAY
CONSTRUCTION BONDS AND COUNTY TRANSPORTATION BONDS, UNTIL
AN AMOUNT EQUAL TO THE DEBT SERVICE PAYABLE IN THE
CURRENT FISCAL YEAR AND THE NEXT SUCCEEDING FISCAL YEAR
IS ACCUMULATED AND, THEREAFTER, AN AMOUNT EQUAL TO DEBT
SERVICE ON THE BONDS IN THE SUCCEEDING FISCAL YEAR, BUT
NO PART OF THE FUNDS THAT HAVE BEEN PREVIOUSLY PLEDGED
FOR DEBT SERVICE ON OUTSTANDING AND UNPAID BONDS OF THE
COUNTY, AS PROVIDED IN TITLE 8, SUBTITLE 4, MAY BE
WITHHELD;
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