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PARRIS N. GLENDENING, Governor
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Ch. 439
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MdTA with interest.
Further provided that any funds
transferred to MDOT may be used to
support projects benefitting
MdTA-owned facilities. Such projects
could include Port, Airport, or
Highway Administration projects as
they relate to MdTA-owned facilities.
If funds transferred from MdTA to
MDOT are used for projects relating
to MdTA-owned facilities, funds
would not be required to be
reimbursed with interest.
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
$1,075,000,000 as of June 30, 2003.
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 $76,255,000 as of June 30, 2003.
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
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- 3351 -
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