Source: https://law.justia.com/codes/maryland/2013/article-gtr/section-4-320/
Timestamp: 2019-05-22 02:31:54
Document Index: 779704877

Matched Legal Cases: ['§ 4', '§ 4', '§ 4', '§ 4', '§4', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 4', '§ 3', '§ 4']

§ 4-320 - Limitation on use of federal aid for repayment of bonds; lien and priorities in event of shortfall :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code TRANSPORTATION § 4-320 - Limitation on use of federal aid for repayment of bonds; lien and priorities in event of shortfall
§ 4-320 - Limitation on use of federal aid for repayment of bonds; lien and priorities in event of shortfall
MD Transp Code § 4-320 (2013) What's This?
§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 aggregate principal amount of debt issued under this subtitle or Title 3, Subtitle 6 of this article that is secured by a pledge of future federal aid may not exceed $750,000,000;
(2) The date of maturity may not be later than 12 years after the date of issue;
(3) Notwithstanding § 3-215(d) of this article, if future federal aid is insufficient to pay the principal of and interest on the bonds issued under this subtitle when due, the tax levied under § 3-215 of this article, to the extent the proceeds of such tax are not necessary to provide the sinking fund required under § 3-215(c) of this article, is irrevocably pledged to the payment of the principal of and interest on the bonds issued under this subtitle as they become due and payable;
(4) The lien of the pledge under item (3) of this subsection shall at all times be subordinate to the lien of the pledge of such tax under § 3-215(d) of this article to the payment of principal of and interest on consolidated transportation bonds; and
(5) No part of the tax levied under § 3-215 of this article may be repealed, diminished, or applied to any other purpose until:
(i) The bonds issued under this subtitle and interest on them have become due and fully paid; or
(ii) Adequate and complete provision for payment of the principal and interest has been made.
§ 4-320 - 1. Bond anticipation notes
(a) Issuance. -- The Authority may issue bond anticipation notes secured by a pledge of a line of credit extended to the State under the federal Transportation Infrastructure Finance and Innovation Act.
(b) Maturity date. -- Notes issued under this section shall have a maturity date of up to 3 years after the date of issue.
(c) Pledge of a line of credit. -- A pledge of a line of credit as authorized under this section does not constitute the pledge of future federal revenues, and notes issued under this section are not subject to § 3-601(d) of this article or § 4-320 of this subtitle.