Ch. 255

LAWS OF MARYLAND

(2) THE BONDS SHALL BE ISSUED WITHOUT A CREDIT
INSTRUMENT IF, IN THE SECRETARY'S JUDGMENT, THE ABSENCE OF A
CREDIT INSTRUMENT WILL NOT ADVERSELY AFFECT THE CREDIT RATING OF
THE BONDS.

(C)  WITH RESPECT TO AN ISSUE OF COUNTY TRANSPORTATION BONDS
SOLD AFTER JUNE 1, 1989, THE SECRETARY MAY PROVIDE IN THE
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS THAT THERE SHALL
BE WITHHELD AND DEPOSITED IN THE SINKING FUND MAINTAINED UNDER §
3-307(B) OF THIS ARTICLE FROM FUNDS ALLOCABLE TO THE COUNTY UNDER
TITLE 8, SUBTITLE 4 OF THIS ARTICLE ONLY THE AMOUNTS THAT MAY BE
REQUIRED FROM TIME TO TIME TO PAY DEBT SERVICE ON THE BONDS, AS
AND WHEN DUE, AND THAT HOLDERS OF BONDS OF THAT ISSUE SHALL HAVE
NO RIGHT TO RECEIVE PAYMENT FROM ANY OTHER AMOUNTS DEPOSITED OR
MAINTAINED IN THE SINKING FUND. THE SECRETARY MAY, AT HIS
DISCRETION, DETERMINE THAT:

(1)  THERE SHALL BE DEPOSITED WITH OR HELD FOR THE
PAYING AGENT FOR THE BONDS A CREDIT INSTRUMENT UNDER WHICH THE
CREDIT INSTRUMENT PROVIDER IS OBLIGATED TO PAY AN AMOUNT AT LEAST
EQUAL TO THE MAXIMUM ANNUAL DEBT SERVICE ON THE BONDS OF THAT
ISSUE; OR

(2)  THE BONDS SHALL BE ISSUED WITHOUT A CREDIT
INSTRUMENT IF, IN THE SECRETARY'S JUDGMENT, THE ABSENCE OF, A
CREDIT INSTRUMENT WILL NOT ADVERSELY AFFECT THE CREDIT RATING OF
THE BONDS.

(D)  THE SINKING FUND REQUIREMENTS ESTABLISHED FOR
CONSOLIDATED TRANSPORTATION BONDS AND COUNTY TRANSPORTATION BONDS
SOLD BEFORE JUNE 1, 1989 SHALL REMAIN UNCHANGED SO LONG AS THOSE
BONDS ARE OUTSTANDING AND UNPAID AS IF THIS SECTION HAD NOT BEEN
ENACTED.

3-215.

(c) As long as any consolidated transportation bonds are
outstanding and unpaid, AND EXCEPT AS PROVIDED IN § 3-104 OF THIS
ARTICLE, there shall be deposited and maintained in a sinking
fund to be maintained by the State Treasurer to secure the
payment of the principal of and interest on the bonds, annually
or more often, as received, so much of the proceeds of the tax
levied and imposed under this section, together with all other
funds received by the Department and credited to the
Transportation Trust Fund, as are necessary to maintain in the
sinking fund a sum equal to the amount required to pay the
principal of and interest on the outstanding and unpaid bonds
that will become due and payable in the current calendar year and
the next succeeding calendar year.

3-307.

(b) The agreement shall specify that:

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