1382

LAWS OF MARYLAND

Ch. 494

THIS SUBTITLE DOES NOT ENLARGE THE POWERS OF POLITICAL
SUBDIVISIONS TO UNDERTAKE REDEVELOPMENT PROJECTS, BUT MERELY
PROVIDES FINANCIAL ASSISTANCE IN AID OF AUTHORITY AND POWERS
CONFERRED BY OTHER LAWS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 495

(Senate Bill 882)

AN ACT concerning

County Transportation Bonds —
Department of Transportation

FOR the purpose of allowing the State Comptroller to
withhold and deposit certain moneys to the credit of a
sinking fund maintained to pay debt service on certain
bonds after providing for sinking fund requirements on
outstanding and unpaid county highway construction
bonds issued pursuant to Chapter 657 of the Laws of
1953.

BY repealing and reenacting, with amendments,

Article — Transportation
Section 3-307 (a) (3)
Annotated Code of Maryland
(1977 Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article — Transportation

3-307.

(a) (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 FIRST providing for sinking fund requirements on
outstanding and unpaid county highway construction bonds
[and county transportation bonds] ISSUED PURSUANT TO CHAPTER
657 OF THE LAWS OF 1953, until an amount equal to the debt