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PARRIS N. GLENDENING, Governor
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Ch. 470
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relating to the issuance of certain bonds and the borrowing of certain funds by
the Department of Transportation.
BY adding to
Article - Transportation
Section 3-601 through 3-607, inclusive, to be under the new subtitle "Subtitle 6.
Special Bonds and Borrowings"
Annotated Code of Maryland
(2001 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Transportation
SUBTITLE 6. SPECIAL BONDS AND BORROWINGS.
3-601.
(A) IN ORDER TO UTILIZE TO THE GREATEST EXTENT POSSIBLE THE
BENEFITS OF AVAILABLE FINANCIAL RESOURCES RELATING TO TRANSPORTATION
PURPOSES, INCLUDING FEDERAL GRANTS, LOANS, AND OTHER PROGRAMS, THE
DEPARTMENT FROM TIME TO TIME MAY ISSUE ITS BONDS AND OTHERWISE BORROW
FUNDS, AS PROVIDED IN THIS SUBTITLE, TO FINANCE THE COSTS OF
TRANSPORTATION FACILITIES.
(B) THE DEPARTMENT MAY APPLY FOR ANY FINANCIAL ASSISTANCE IN
SUPPORT OF PROJECTS DEEMED APPROPRIATE BY THE SECRETARY
(C) THE DEPARTMENT MAY UNDERTAKE THE FOLLOWING ACTIONS AND DO
ALL THINGS NECESSARY AND APPROPRIATE CONSISTENT WITH SUCH ACTIONS TO
UTILIZE THE AVAILABLE RESOURCES SPECIFIED IN SUBSECTION (A) OF THIS
SECTION:
(1) PLEDGE AND USE EXISTING AND ANTICIPATED FEDERAL FUNDS
PAID TO OR EXPECTED TO BE PAID TO THE DEPARTMENT FOR TRANSPORTATION
PURPOSES FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE
DEPARTMENT'S BONDS OR OTHER DEBT OBLIGATIONS ISSUED UNDER THIS
SUBTITLE TO FINANCE THE COSTS OF TRANSPORTATION FACILITIES; AND
(2) (I) BORROW FUNDS FROM THE FEDERAL GOVERNMENT OR ITS
AGENCIES, AND EVIDENCE SUCH BORROWING WITH A PROMISSORY NOTE OR OTHER
EVIDENCE OF OBLIGATION;
(II) BORROW FUNDS FROM A NONGOVERNMENT LENDER IF THE
LOAN IS GUARANTEED BY THE FEDERAL GOVERNMENT OR ITS AGENCIES; AND
(III) 1. USE THE PROCEEDS OF THE LOANS DESCRIBED IN ITEMS
(I) AND (II) OF THIS PARAGRAPH IN CONNECTION WITH TRANSPORTATION FACILITIES
INCLUDING USE OF THE PROCEEDS TO PAY THE COSTS OF FINANCING
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- 3759 -
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