Ch. 430                                    2004 LAWS OF MARYLAND

BUDGET BILL AN APPROPRIATION TO THE TRANSPORTATION TRUST FUND IN AN
AMOUNT EQUAL TO THE LESSER OF $50,000,000 OR THE EXCESS SURPLUS OVER
$10,000,000.

(2) FOR ANY FISCAL YEAR TO WHICH THIS SUBSECTION APPLIES:

(I) UNLESS THE UNAPPROPRIATED GENERAL FUND SURPLUS AS
OF JUNE 30 OF THE SECOND PRECEDING FISCAL YEAR EXCEEDS THE SUM OF
$10,000,000 AND THE AMOUNT REQUIRED TO BE APPROPRIATED TO THE
TRANSPORTATION TRUST FUND UNDER PARAGRAPH (1) OF THIS SUBSECTION, THE
APPROPRIATION TO THE REVENUE STABILIZATION ACCOUNT UNDER § 7-311(J) OF
THE STATE FINANCE AND PROCUREMENT ARTICLE IS NOT REQUIRED; AND

(II) IF THE UNAPPROPRIATED GENERAL FUND SURPLUS AS OF
JUNE 30 OF THE SECOND PRECEDING FISCAL YEAR EXCEEDS THE SUM OF $10,000,000
AND THE AMOUNT REQUIRED TO BE APPROPRIATED TO THE TRANSPORTATION
TRUST FUND UNDER PARAGRAPH (1) OF THIS SUBSECTION, THE APPROPRIATION
REQUIRED TO THE REVENUE STABILIZATION ACCOUNT UNDER § 7-311(J) OF THE
STATE FINANCE AND PROCUREMENT ARTICLE SHALL EQUAL THE AMOUNT BY
WHICH THAT SURPLUS EXCEEDS THE SUM OF $10,000,000 AND THE AMOUNT
APPROPRIATED TO THE TRANSPORTATION TRUST FUND UNDER PARAGRAPH (1) OF
THIS SUBSECTION

(3) (I) THE CUMULATIVE AMOUNT APPROPRIATED TO THE
TRANSPORTATION TRUST FUND UNDER PARAGRAPH (1) OF THIS SUBSECTION FOR
ALL FISCAL YEARS MAY NOT EXCEED $314,913,000.

(II) THIS SUBSECTION DOES NOT APPLY TO ANY FISCAL YEAR IF A
CUMULATIVE AMOUNT EQUAL TO AT LEAST $314,913,000 HAS BEEN APPROPRIATED
TO THE TRANSPORTATION TRUST FUND FOR PRIOR FISCAL YEARS UNDER THIS
SUBSECTION.

3-601.

(D) IF THE DEPARTMENT INTENDS TO PLEDGE ANY FUTURE FEDERAL AID
FROM ANY SOURCE TO SUPPORT REPAYMENT OF BONDS ISSUED UNDER THIS
SUBTITLE:

(1) THE ANNUAL PAYMENTS FOR PRINCIPAL OF AND INTEREST ON THE
BONDS MAY NOT EXCEED 13 PERCENT OF THE STATE'S AVERAGE ANNUAL
AUTHORIZATION LEVEL IN THE CURRENT FEDERAL AUTHORIZATION ACT FOR
FEDERAL HIGHWAY AID PROVIDED UNDER TITLE 23 OF THE UNITED STATES CODE:
AND

(2) THE DATE OF MATURITY MAY NOT BE LATER THAN 15 YEARS AFTER
THE DATE OF ISSUE.

4-205.

(c) (1) Subject to the limitations described in paragraph (2) of this
subsection, the Authority may make any contracts and agreements necessary or
incidental to the exercise of its powers and performance of its duties.

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