1993 LAWS OF MARYLAND

(B) IN DETERMINING WHETHER TO ALLOW THE PARTICIPATION OF A
COUNTY, THE DEPARTMENT SHALL CONSIDER THE COUNTY'S ABILITY TO PAY DEBT
SERVICE ON THE BONDS, THE HIGHWAY MAINTENANCE AND OTHER
TRANSPORTATION NEEDS OF THE COUNTY, AND ANY OTHER FACTORS THAT THE
DEPARTMENT CONSIDERS APPROPRIATE.

(A) COUNTIES WHICH CAN DEMONSTRATE AN ABILITY TO PAY THEIR
PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS MAY PARTICIPATE IN
THE PROGRAM ONLY AFTER:

(1) THE COUNTY'S PARTICIPATION IN THE PROGRAM HAS BEEN APPROVED
BY A LOCAL ORDINANCE OR RESOLUTION ENACTED AFTER PUBLIC NOTICE AND PUBLIC
HEARINGS AS REQUIRED IN ACCORDANCE WITH STATE AND LOCAL PUBLIC LAWS,
CHARTERS, OR ORDINANCES; AND

(2) A LIST OF PROJECTS WHICH MAY BE UNDERTAKEN UNDER THE LOCAL
PROGRAM HAVE BEEN AVAILABLE FOR REVIEW BY THE PUBLIC AT THE PUBLIC
HEARING.

(B) THE OBLIGATIONS UNDERTAKEN UNDER THIS SUBTITLE BY PARTICIPATING
COUNTIES, THE BORROWING WHICH THEY REPRESENT, ANY PLEDGE OF THE FULL
FAITH AND CREDIT OF THE PARTICIPATING COUNTIES OR ANY OTHER GUARANTEE OF
THE PARTICIPATING COUNTIES, AND THE PROGRAMS OR PROJECTS BEING FINANCED
ARE SUBJECT TO:                           

(1) ANY REFERENDUM REQUIREMENTS OF THE CHARTER OR OTHER LOCAL
LAW OF THE COUNTIES; AND

(2) ANY LIMITATION OF THE CHARTER OR LOCAL LAW ON THE RATE OF
TAXATION OR THE AGGREGATE AMOUNT OF TAXES THAT MAY BE LEVIED WITHIN THE
COUNTIES.

3-517.

(A)     BEFORE IT SELLS ANY BONDS UNDER THIS SUBTITLE, THE DEPARTMENT
SHALL ENTER INTO AN AGREEMENT WITH EACH PARTICIPATING COUNTY AS
REQUIRED BY THIS SECTION.

(B)      THE AGREEMENT SHALL:

(1)^: SPECIFY THAT; THE BONDS TO BE ISSUED ON BEHALF OF THE
COUNTY WILL BE REPAID BY THE COUNTY UNDER SUCH TERMS AND CONDITIONS
AS THE DEPARTMENT DEEMS AND THE COUNTIES DEEM APPROPRIATE;

(2)       DESCRIBE THE SOURCE AND NATURE OF REVENUES THE COUNTY
WILL PLEDGE TO THE REPAYMENT OF THE BONDS, WHICH REVENUES MAY INCLUDE
HIGHWAY USER REVENUES UNDER § 8-401 OF THIS ARTICLE OR ANY OTHER
REVENUES OF THE COUNTY; AND

(3)      DESCRIBE ANY OTHER TERMS OR CONDITIONS THAT THE
DEPARTMENT DEEMS NECESSARY OR APPROPRIATE TO ASSURE PROMPT AND FULL
REPAYMENT OF THE BONDS.

         - 2706 -

Ch. 539