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2007 Laws of Maryland
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Ch. 487
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principal balance of nontraditional debt.
defined as any debt instrument that is not
a Consolidated Transportation Bond or a
Grant Anticipation Revenue Vehicle bond
issued by the Maryland Department of
Transportation (MDOT), may not exceed
$726,186,000 as of June 30, 2008,
Provided, however, that in addition to the
limit established under this provision.
MDOT may increase the aggregate
outstanding unpaid and principal balance
of nontraditional debt so long as:
(1) MDOT provides notice to the
Senate Budget and Taxation
Committee and the House
Committee on Appropriations
stating the specific reason for the
additional issuance and providing
specific information regarding the
proposed issuance, including
information specifying the total
amount of nontraditional debt that
would be outstanding on June 30,
2008, and the total amount by
which the fiscal 2009 debt service
payment for all nontraditional debt
would increase following the
additional issuance: and
(2) the Senate Budget and Taxation
Committee and the House
Committee on Appropriations have
45 days to review and comment on
the proposed additional issuance
before the publication of a
preliminary official statement. The
Senate Budget and Taxation
Committee and the House
Committee on Appropriations may
hold a public hearing to discuss the
proposed increase and must signal
their intent to hold a hearing
within 45 days of receiving notice
from MDOT.
The Maryland Department of
Transportation (MDOT) shall submit with
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