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Ch. 216 2006 LAWS OF MARYLAND
issued by the Maryland Department of
Transportation (MDOT), may not exceed
$762.190.000 as of June 30, 2007.
Provided, however, that in addition to the
limit established under this provision,
MDOT may increase the aggregate
outstanding unpaid and principal balance
of nontraditional debt so long as:
(1) MDOT provides notice to the Senate
Budget and Taxation Committee and
the House Committee on
Appropriations stating the specific
reason for the additional issuance and
providing specific information
regarding the proposed issuance,
including information specifying the
total amount of nontraditional debt
that would be outstanding on June 30.
2007, and the total amount by which
the fiscal 2008 debt service payment for
all nontraditional debt would increase
following the additional issuance: and
(2) the Senate Budget and Taxation
Committee and the House Committee
on Appropriations have 45 days to
review and comment on the proposed
additional issuance before the
publication of a preliminary official
statement. The Senate Budget and
Taxation Committee and the House
Committee on Appropriations may hold
a public hearing to discuss the
proposed increase and must signal
their intent to hold a hearing within 45
days of receiving notice from MDOT.
The Maryland Department of
Transportation (MDOT) shall submit with
its annual September and January
financial forecasts information on (1)
anticipated nontraditional debt
outstanding as of June 30 of each year
and (2) anticipated debt service payments
for each outstanding nontraditional debt,
issuance from fiscal 2006 through 2017.
Nontraditional debt outstanding is
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