Ch. 9

2004 LAWS OF MARYLAND

combination of the taxes specified in this section to meet the debt service on all of the
following bonds while they are outstanding and unpaid and to the payment of which
any part of those taxes has been pledged:

(i) Bonds of prior issues;

(ii) Bonds of any series of county highway construction bonds or
county transportation bonds issued under § 211 or § 211G-1 of Article 89B of the Code
of 1957; and

(iii) Bonds of any series of county transportation bonds issued under
Subtitle 3 of this title.

(b)     The tax levied and imposed by this section consists of that part of the
following taxes that are retained to the credit of the Department after distributions to
the political subdivisions:

(1)     The motor fuel tax revenue distributed under §§ 2-1103(2) and
2-1104(4) of the Tax - General Article;

(2)     The income tax revenue distributed under § 2-614 of the Tax -
General Article;

(3)     The excise tax imposed on vehicles by Part II of Title 13, Subtitle 8 of
this article; and

(4)     The sales and use tax revenues distributed under § 2-1302.1 of the
Tax - General Article.

(c)     As long as any consolidated transportation bonds are outstanding and
unpaid, and except as provided in § 3-104 of this title, there shall be deposited and
maintained in a sinking fund to be maintained by the State Treasurer to secure the
payment of the principal of and interest on the bonds, annually or more often, as
received, so much of the proceeds of the tax levied and imposed under this section,
together with all other funds received by the Department and credited to the
Transportation Trust Fund, as are necessary to maintain in the sinking fund a sum
equal to the amount required to pay the principal of and interest on the outstanding
and unpaid bonds that will become due and payable in the current calendar year and
the next succeeding calendar year.

(d)     The tax levied and imposed by this section is irrevocably pledged to the
payment of the principal of and interest on consolidated transportation bonds as they
become due and payable, and no part of the tax or other funds applicable to debt
service on the bonds may be repealed, diminished, or applied to any other purpose
until:

(1)     The bonds and the interest on them have become due and fully paid;
or

(2)     Adequate and complete provision for payment of the principal and
interest has been made.

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