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H.B. 1156 VETOES
(C) A COOPERATIVE ORGANIZED UNDER THIS SECTION MAY USE THE TERM
"COOPERATIVE" AS PART OF ITS CORPORATE NAME.
Article - Transportation
4-313.
(a) (1) All rentals, rates, fees, tolls, and other charges and revenues derived
from any transportation facilities project shall be set aside in a fund known as the
"Transportation Authority Fund", except to the extent that they are pledged under an
applicable trust agreement to secure either:
(i) Revenue bonds issued under this subtitle if the trust agreement
or bond authorizing resolution expressly provides that this section does not apply to
those bonds; or
(ii) Revenue bonds of prior issues.
(2) The Transportation Authority Fund shall be pledged to and charged
with the payment of:
(i) The interest on bonds issued under this subtitle as it falls due;
(ii) The principal of the bonds as it falls due;
(iii) The necessary charges of paying agents for paying principal and
interest; and
(iv) The redemption price or purchase price of bonds retired by call
or purchase as provided in the bond authorizing resolution or trust agreement.
(b) (1) The pledge is valid and binding from the time it is made.
(2) Rentals, rates, fees, tolls, and other charges and revenues or other
money so pledged and later received by the Authority immediately shall be subject to
the lien of the pledge without physical delivery or any further act.
(3) The lien of the pledge is valid and binding as against all parties
having any claims of any kind in tort, contract, or otherwise against the Authority,
whether or not these parties have notice of the pledge.
(4) Notwithstanding any law to the contrary, neither the resolution nor
any trust agreement by which a pledge is created need be filed or recorded other than
in the records of the Authority.
(e) (1) [Any] EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS
SUBSECTION, ANY amount set aside in the Transportation Authority Fund that is not
needed to provide for the payment of the items specified in subsections (a)(2) and (b)
of this section may be transferred, upon the recommendation of the Secretary and
after the approval of the Board of Public Works, to the Transportation Trust Fund to
be used as appropriated by the General Assembly unless prohibited by any applicable
resolution or trust agreement.
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- 3792 -
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