Ch. 430                                    2004 LAWS OF MARYLAND

4-320.

IF THE AUTHORITY INTENDS TO PLEDGE ANY FUTURE FEDERAL AID FROM ANY
SOURCE TO SUPPORT REPAYMENT OF ANY DEBT INSTRUMENT 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.

6-201.2.

(a) (1) Subject to approval of the Administration's budget by the General
Assembly as provided in § 3-216 of this article and subject to State fiscal procedures,
including those governing budgeting, accounting, and auditing, the Commission may
adopt regulations establishing procedures for the approval and control of
Administration expenditures.

(2) The Commission shall present regulations proposed under this
subsection to the Board of Public Works for approval. [Subject to the approval of the
General Assembly, the Administration shall receive an appropriation as part of its
annual operating budget for use as a contingency fund. No additional moneys may be
transferred into the contingency fund by budget amendment. Disbursements from the
contingency fund under $500,000 shall be for those purposes that the Commission in
its sole discretion determines are valid, provided that timely notice of the use is given
to the budget committees of the General Assembly. Disbursements from the
contingency fund exceeding $500,000 shall be subject to the approval of the Board of
Public Works and notice of these disbursements shall be provided to the budget
committees of the General Assembly in a timely manner. The Commission shall
include in its annual report to the General Assembly all uses of the contingency fund
and the impacts of those uses. At the end of each fiscal year any unused sums in the
contingency fund shall be credited to the Transportation Trust Fund and may not be
retained by the Administration.]

7-402.

(a)     The State may not enter into an agreement for construction or operation of
a rail system based on magnetic levitation technology [except pursuant to an act of
the General Assembly specifically authorizing the project].

(b)     [State general or special funds may not be expended] THE STATE MAY
NOT SPEND ANY FUNDS FROM ANY SPURGE for the purpose of studying, developing,
or constructing a Maglev system in the State.

(C) ON OR AFTER JULY 1, 2005, THE STATE MAY NOT SPEND ANY FUNDS FROM
ANY SOURCE FOR THE PURPOSE OF STUDYING, DEVELOPING, OR CONSTRUCTING A
MAGLEV SYSTEM IN THE STATE.

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