3250

LAWS OF MARYLAND

Ch. 674

(a) The board shall not make or change any fare or rate,
nor establish or abandon any service except after holding a
public hearing with respect thereto, EXCEPT FOR SERVICE CHANGES
REQUIRED BY AN EMERGENCY; MINOR SERVICE CHANGES AS DEFINED BY
REGULATIONS PROMULGATED BY THE BOARD; EXPERIMENTAL SERVICE
ESTABLISHED TO TEST THE EFFECT OF SUCH SERVICE, AND IN EFFECT FOR
NOT MORE THAN 1-YEAR SIX MONTHS; AND FARE AND SERVICE CHANGES
ESTABLISHED FOR SPECIAL EVENTS.

Article XVI

69.

(a)  The board may provide for the creation and
administration of such funds as may be required. The funds shall
be disbursed in accordance with rules established by the board
and all payments from any fund shall be reported to the board.
Moneys in such funds and other moneys of the Authority shall be
deposited, as directed by the board, in any [state or national
bank located in the zone] BRANCH OR SUBSIDIARY OF ANY STATE OR
NATIONAL BANK WHICH HAS OPERATIONS WITHIN THE ZONE, AND having a
total paid-in capital of at least one million dollars
($1,000,000). The trust department of any such state or national
bank may be designated as a depositary to receive any securities
acquired or owned by the Authority. The restriction with respect
to paid-in capital may be waived for any such bank which agrees
to pledge federal securities to protect the funds and securities
of the Authority in such amounts and pursuant to such
arrangements as may be acceptable to the board.

(b)  Any moneys of the Authority may, in the discretion of
the board and subject to any agreement or covenant between the
Authority and the holders of any of its obligations limiting or
restricting classes of investments, be invested in [bonds or
other obligations of, or guaranteed as to interest and principal
by, the United States, Maryland, Virginia or the political
subdivisions or agencies thereof]:

(1)  DIRECT OBLIGATIONS OF OR OBLIGATIONS GUARANTEED
BY THE UNITED STATES OF AMERICA;

(2)  BONDS, DEBENTURES, NOTES OR OTHER EVIDENCES OF
INDEBTEDNESS ISSUED BY AGENCIES OF THE UNITED STATES OF AMERICA,
INCLUDING BUT NOT LIMITED TO THE FOLLOWING: BANK FOR
COOPERATIVES; FEDERAL INTERMEDIATE CREDIT BANKS; FEDERAL HOME
LOAN BANK SYSTEM; EXPORT-IMPORT BANK OF THE UNITED STATES;
FEDERAL LAND BANKS; FEDERAL NATIONAL MORTGAGE ASSOCIATION;
STUDENT LOAN MARKETING ASSOCIATION; GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION; TENNESSEE VALLEY AUTHORITY; OR UNITED STATES POSTAL
SERVICE;

(3)  SECURITIES THAT QUALIFY AS LAWFUL INVESTMENTS AND
MAY BE ACCEPTED AS SECURITY FOR FIDUCIARY, TRUST AND PUBLIC FUNDS
UNDER THE CONTROL OF THE UNITED STATES OR ANY OFFICER OR OFFICERS
THEREOF, OR SECURITIES ELIGIBLE AS COLLATERAL FOR DEPOSITS OF