WILLIAM DONALD SCHAEFER, Governor                    Ch. 138

3-3.10.

(A)  IN THIS SUBSECTION SECTION "GOVERNMENT OBLIGATIONS"
MEANS DIRECT OBLIGATIONS OF, OR OBLIGATIONS THE PRINCIPAL OF AND
INTEREST ON WHICH ARE UNCONDITIONALLY GUARANTEED BY THE UNITED
STATES OF AMERICA.

(B)  ADEQUATE AND COMPLETE PROVISION FOR PAYMENT OF THE
PRINCIPAL AND INTEREST OF ANY ISSUE OR SERIES OF COUNTY
TRANSPORTATION BONDS MAY BE MADE BY THE SECRETARY AND THE STATE
TREASURER BY MAKING A TRANSFER OF GOVERNMENT OBLIGATIONS FROM THE
TRANSPORTATION TRUST FUND TO THE STATE TREASURER OR TO A BANK OR
TRUST COMPANY AS ESCROW FUND AGENT IN AN AMOUNT WHICH, TOGETHER
WITH THE INCOME DUE THEREON, WILL BE SUFFICIENT TO PAY IN FULL
WHEN DUE THE MATURING PRINCIPAL OF AND INTEREST ON THE COUNTY
TRANSPORTATION BONDS.

(C)  TO THE EXTENT THAT ADEQUATE AND COMPLETE PROVISION HAS
BEEN MADE FOR THE PAYMENT OF COUNTY TRANSPORTATION BONDS UNDER
THIS TITLE, THOSE BONDS SHALL NO LONGER BE DEEMED TO BE
OUTSTANDING AND UNPAID UNDER THIS TITLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1987.

Approved April 29, 1987.

CHAPTER 138

(Senate Bill 116)

AN ACT concerning

Personal Property - Report of Transfer

FOR the purpose of changing the time period within which a
certain report must be filed with the Department of
Assessments and Taxation when certain transfers of personal
property occur; and providing for the effective date of this
Act.

BY repealing and reenacting, with amendments,

Article - Tax - Property

Section 10-402

Annotated Code of Maryland

(1986 Volume and 1986 Supplement)

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