Ch. 202

2003 LAWS OF MARYLAND

establishment of new jobs or positions of
employment not authorized in the fiscal
2004 budget shall be subject to Section
7-236 of the State Finance and
Procurement Article, and the Rule of 250.

Consolidated Transportation Bonds may be
issued in any amount provided that the
aggregate outstanding and unpaid
principal balance of these bonds and
bonds of prior issues shall not exceed
$1,253,000,000 as of June 30, 2004.
Provided, however, that in addition to the
limit established under this provision, the
department may increase its debt
outstanding by not more than
$15,000,000, so long as (1) notice stating
the specific reason for the additional debt
requirement is provided to the budget
committees; and (2) the budget
committees have 45 days to review and
comment on the proposal before
publication of a preliminary official
statement including the debt.
Certificates of Participation (COPs) may be
issued in any amount provided that the
aggregate outstanding and unpaid
principal balance of these financial
instruments and prior issues shall not
exceed $58,690,000 as of June 30, 2004.
Provided, however, that in addition to the
limit established under this provision, the
department may increase the outstanding
unpaid and principal balance associated
with these financial instruments so long
as (1) notice stating the specific reason for
the additional issuance is provided to the
budget committees; and (2) the budget
committees have 45 days to review and
comment on the proposal before
publication of a preliminary official
statement.

The Maryland Department of

Transportation (MDOT) shall submit with
its annual September and January
financial forecast information on

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