WILLIAM DONALD SCHAEFER, Governor Ch. 414

designate the date by which a county must notify the
Department in order to participate in an issue of County
Transportation Bonds; requiring the counties to use and
invest the proceeds of County Transportation bonds only as
directed by the Department; authorizing the Department to
impose a certain penalty; and generally relating to the
Department's County Transportation Bonds.

BY repealing and reenacting, with amendments,

Article - Transportation

Section 3-303, 3-304, 3-305, and 3-307

Annotated Code of Maryland

(1977 Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Transportation

3-303.

(a)  Subject to the limitations of this subtitle, the
Department from time to time may:

(1)  Borrow money and evidence the borrowing by the
issuance and sale of its bonds in substantially the form and
manner and subject to the same general provisions and tax
exemption applicable to consolidated transportation bonds under
§§ 3-203 through 3-207, 3-212, and 3-213 of this title;

(2)  Disburse the proceeds of the borrowing [to]
PURSUANT TO AGREEMENTS WITH participating counties; and

(3)  Pay the principal of and interest on the bonds.

(b)  The bonds shall be known as "Department of
Transportation — County Transportation Bonds — First Issue."

3-304.

(a)  Any SUBJECT TO THE PROVISIONS OF § 3-307 OF THIS
ARTICLE, ANY county in this State may participate in the proceeds
of the sale of bonds issued under this subtitle.

(b)   [On or before June 1 of each year,] ON THE DATE
DESIGNATED BY THE DEPARTMENT, a county that desires to
participate shall notify the Department of:

(1) Its desire to participate in the proceeds of [a]
THE NEXT series of bonds to be issued [in the next fiscal year]
BY THE DEPARTMENT; and

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