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Ch. 443
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2005 LAWS OF MARYLAND
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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,
2006, and the total amount by which
the fiscal 2007 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 2005 through fiscal
2016. Nontraditional debt outstanding is
defined as any debt instrument that is not
a consolidated transportation bond or a
GARVEE bond: such debt includes, but is
not limited to. certificates of participation,
debt backed by customer facility charges.
passenger facility charges, or other
revenues, and debt issued by the
Maryland Economic Development
Corporation or any other third party on
behalf of MDOT.
Further provided that the Department of
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