Ch. 539

1993 LAWS OF MARYLAND

Transportation Revenue Bonds; providing that County Transportation Revenue
Bonds issued under this Act are not debt of the State or of the Department of
Transportation, but are obligations of the participating counties; authorizing the
counties of the State to enter into certain agreements to provide for the repayment
of bonds issued under this Act; authorizing the Comptroller and the Treasurer to
withhold certain County revenues under certain circumstances; providing for an
effective date; and generally relating to the Department of Transportation's
issuance of County Transportation Revenue Bonds.

BY adding to                                 

Article - Transportation
Section 3-501 through 3-519, to be under the new subtitle "Subtitle 5. County

Transportation Revenue Bonds"
Annotated Code of Maryland
(1977 Volume and 1992 Supplement)

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

Article - Transportation

SUBTITLE 5. COUNTY TRANSPORTATION REVENUE BONDS
3-501.

(A)     IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)     "BONDS" MEANS BONDS ISSUED UNDER THIS SUBTITLE AND INCLUDES
BONDS, NOTES, OR ANY OTHER EVIDENCES OF OBLIGATION.

(C) "COUNTIES" MEANS THE COUNTIES OF MARYLAND AND INCLUDES THE
MAYOR AND CITY COUNCIL OF BALTIMORE.

3-502.

THE PURPOSE OF THIS SUBTITLE IS TO AUTHORIZE THE DEPARTMENT AND
THE COUNTIES TO ESTABLISH A FINANCING PROGRAM, AS AN ALTERNATIVE TO
SUBTITLE 3 OF THIS TITLE, THAT WILL ENABLE THE COUNTIES TO FINANCE THE
COST OF TRANSPORTATION FACILITIES WITHOUT THE ISSUANCE OF STATE OR
DEPARTMENTAL DEBT.               

3-503.

(A) SUBJECT TO THE LIMITATIONS OF THIS SUBTITLE, THE DEPARTMENT
FROM TIME TO TIME MAY:

(1) ISSUE REVENUE BONDS ON BEHALF OF AND FOR THE BENEFIT OF
PARTICIPATING COUNTIES; .

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