reglab/housing_qa huggingface dataset:
MD. Transportation Code Ann. §  3-211 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 2 - Consolidated Transportation Bonds|Section 3-211 - Revenue Anticipation Notes

    (a)    With the approval of the Board of Public Works, the Department may borrow money in anticipation of its receipt of current revenues and evidence the borrowing by issuing its revenue anticipation notes.    (b)    The revenue anticipation notes shall be payable, as to both principal and interest, only from current revenues when received and deposited in the Transportation Trust Fund, subject to the prior use and application of the revenues to meet the debt service on all outstanding and unpaid bonds payable from the revenues in the Transportation Trust Fund and to pay all funds due to the political subdivisions of this State.    (c)    The procedure for the issuance of revenue anticipation notes is the same as that applicable to the issuance of consolidated transportation bonds, except that these notes may be issued and sold by private negotiation.    (d)    A revenue anticipation note may not be issued to mature later than 6 months after the date of its issue.
MD. Transportation Code Ann. §  3-212 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 2 - Consolidated Transportation Bonds|Section 3-212 - Exemption From Taxation

    The bonds, notes, and other evidences of obligation issued under this subtitle, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, shall be exempt at all times from every kind and nature of taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies of any kind.
MD. Transportation Code Ann. §  3-213 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 2 - Consolidated Transportation Bonds|Section 3-213 - Full Faith and Credit Not Pledged

    The bonds, notes, and other evidences of obligation issued under this subtitle are not and may not be considered to constitute a debt or a pledge of the faith and credit of the State of Maryland, but shall be payable, as to both principal and interest, only from the proceeds of the tax and other revenues levied, imposed, pledged, or made available for that purpose.
MD. Transportation Code Ann. §  3-214 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 2 - Consolidated Transportation Bonds|Section 3-214 - Termination of Power to Issue Obligations Under Certain Other Laws

    The State of Maryland covenants with the holders of all consolidated transportation bonds that the power of the Department to issue or sell general or special obligation bonds, notes, or other evidences of obligation under Articles 62B and 89B of the Code of 1957 has terminated.
MD. Transportation Code Ann. §  3-217 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 2 - Consolidated Transportation Bonds|Section 3-217 - Restriction on Transferring Funds in Transportation Trust Fund to General Fund or Special Fund; Repayment

    (a)    Any funds in the Transportation Trust Fund transferred or diverted from that Fund to the General Fund or a special fund shall be repaid within 5 years after the transfer or diversion as follows:        (1)    At least 10 percent of a transfer or diversion in a fiscal year shall be repaid in the first fiscal year after the transfer or diversion;        (2)    A cumulative total of at least 30 percent of a transfer or diversion in a fiscal year shall be repaid within 2 fiscal years after the transfer or diversion;        (3)    A cumulative total of at least 55 percent of a transfer or diversion in a fiscal year shall be repaid within 3 fiscal years after the transfer or diversion;        (4)    A cumulative total of at least 80 percent of a transfer or diversion in a fiscal year shall be repaid within 4 fiscal years after the transfer or diversion; and        (5)    A cumulative total of 100 percent of a transfer or diversion in a fiscal year shall be repaid within 5 fiscal years after the transfer or diversion.    (b)    This section does not apply to a distribution of highway user revenues to counties, municipalities, and Baltimore City under § 8–403 of this article.
MD. Transportation Code Ann. §  3-301 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Bonds” means bonds issued under this subtitle.    (c)    “Highway user revenues” has the meaning stated in § 8-401 of this article.
MD. Transportation Code Ann. §  3-302 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-302 - Purposes of Subtitle

    The purposes of this subtitle are to enable the counties of this State to:         (1)    Accelerate programs of road construction and reconstruction;        (2)    Provide local participating funds for federally aided transportation projects;        (3)    Make major road repairs as necessary to eliminate damage caused to county roads by severe and unforeseen weather conditions; and        (4)    Generally finance the capital cost of transportation facilities.
MD. Transportation Code Ann. §  3-303 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-303 - Bonds Authorized

    (a)    Subject to the limitations of this subtitle, the Department from time to time may:        (1)    Borrow money and evidence the borrowing by the issuance and sale of its bonds in substantially the form and manner and subject to the same general provisions and tax exemption applicable to consolidated transportation bonds under §§ 3-203 through 3-207, 3-212, and 3-213 of this title;        (2)    Disburse the proceeds of the borrowing pursuant to agreements with participating counties; and        (3)    Pay the principal of and interest on the bonds.    (b)    The bonds shall be known as “Department of Transportation -- County Transportation Bonds -- First Issue”.
MD. Transportation Code Ann. §  3-304 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-304 - Participation of Counties

    (a)    Subject to the provisions of § 3-307 of this subtitle, any county in this State may participate in the proceeds of the sale of bonds issued under this subtitle.    (b)    On the date designated by the Department, a county that desires to participate shall notify the Department of:        (1)    Its desire to participate in the proceeds of the next series of bonds to be issued by the Department; and        (2)    The proposed amount of its participation.    (c)    The Department may extend the date for notification when appropriate.
MD. Transportation Code Ann. §  3-305 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-305 - Determination of Amount; Subsequent Procedure

    (a)    After notification by the county, the Department shall determine the total proceeds of the highway user revenues allocable to the county under Title 8, Subtitle 4 of this article, exclusive of any amounts distributed to any municipalities in the county.    (b)    The Department next shall determine the total amount of bonds that it could issue under this subtitle on behalf of the county, with adequate annual debt service coverage, from the annual amount of the highway user revenues so allocated to the county after providing for the debt service on all outstanding and unpaid bonds that have been previously issued on behalf of the county and to which its share of the highway user revenues has been pledged.    (c)    After making all necessary determinations, the Department shall notify the county of the amount of bonds of the next series that the Department will issue on behalf of the county. The Department then shall issue and sell that amount of its bonds under this subtitle as a part of the next series of bonds and shall disburse the net proceeds of that amount of the bonds pursuant to an agreement with the county, after deducting the county’s proportionate share of the cost of the issuance of the bonds.
MD. Transportation Code Ann. §  3-306 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-306 - Limitations on Issuance

    (a)    The Department may not issue bonds on behalf of a county if the county’s share of highway user revenues for the latest fiscal year is less than twice its annual debt service on county highway construction bonds and county transportation bonds.    (b)    Subject to annual recomputation, the maximum amount of the bonds that the Department may issue on behalf of a county, as computed under this section and § 3-304 of this subtitle, is the limit of participation for the county.    (c)    In its discretion, the Department may limit the participation of any county in any series of bonds. In determining the amount of participation of a county, the Department shall consider the highway maintenance and other transportation needs of the county and any other factors that the Department considers appropriate.
MD. Transportation Code Ann. §  3-307 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-307 - Agreement Between Department and County

    (a)    Before it sells any bonds, the Department and the county shall enter into an agreement as required by this section.    (b)    The agreement shall specify that:        (1)    The bonds to be issued on behalf of the county will be repaid, with interest, within 15 years after their date of issue;        (2)    Each issue of bonds on behalf of the county shall be approved by resolution of the Board of Public Works before they are issued;        (3)    Unless the county elects to deposit the amount with the State Comptroller under item (4) of this subsection, and except as provided in § 3-104 of this title, the State Comptroller may withhold and deposit money to the credit of a sinking fund maintained to pay the principal of and interest on the bonds from funds allocable to the county under Title 8, Subtitle 4 of this article, after first providing for sinking fund requirements on outstanding and unpaid county highway construction bonds issued pursuant to Chapter 657 of the Laws of 1953, until an amount equal to the debt service payable in the current fiscal year and the next succeeding fiscal year is accumulated and, thereafter, an amount equal to debt service on the bonds in the succeeding fiscal year, but no part of the funds that have been previously pledged for debt service on outstanding and unpaid bonds of the county, as provided in Title 8, Subtitle 4, may be withheld;        (4)    In any year in which any bonds covered by the agreement are outstanding and unpaid, the county may make an annual levy on its taxable basis in the rate and amount sufficient to provide a sum equal to the amount to be withheld by the State Comptroller, as provided in item (3) of this subsection, in which event the State Comptroller may not withhold any more of the highway user revenues of the county than necessary to assure payment of the principal of and interest on the bonds in the current fiscal year and the next succeeding fiscal year;        (5)    At regular intervals, the State Comptroller shall pay from the sinking fund to the Department amounts sufficient to pay the principal of and interest on the bonds; and        (6)    The county shall use and invest its share of the proceeds of the bonds within the parameters established by the Department and take, or refrain from taking, such other and further actions as may be required of it by the Department to maintain the exemption from federal income taxation of interest on the bonds.    (c)    If a county violates its agreement with the Department in a manner that causes the bonds to lose their tax-exempt status, the Department may prohibit the county from participating in the Department’s county bond program for 3 years from the date the violation is discovered.
MD. Transportation Code Ann. §  3-308 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-308 - Extraordinary Withholding by Comptroller

    In any fiscal year, if the county fails to levy the tax authorized in its agreement with the Department and if the county’s share of highway user revenues is insufficient to meet the debt service on bonds in that year, the State Comptroller, notwithstanding the provisions of Title 8, Subtitle 4 of this article on the distribution of highway user revenues, may withhold from the share of highway user revenues payable to municipalities in the county an amount sufficient to pay the debt service on the bonds in that year.
MD. Transportation Code Ann. §  3-309 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-309 - Bonds Are Departmental Debt

    Bonds issued under this subtitle are the obligations of the Department and may not be considered to constitute a debt of the county for the purpose of determining its debt limitations.
MD. Transportation Code Ann. §  3-310 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 3 - County Transportation Bonds|Section 3-310 - Provisions for Payment of Bonds

    (a)    In this section, “government obligations” means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America.    (b)    Adequate and complete provision for payment of the principal and interest of any issue or series of county transportation bonds may be made by the Secretary and the State Treasurer by making a transfer of government obligations from the Transportation Trust Fund to the State Treasurer or to a bank or trust company as escrow fund agent in an amount which, together with the income due thereon, will be sufficient to pay in full when due the maturing principal of and interest on the county transportation bonds.    (c)    To the extent that adequate and complete provision has been made for the payment of county transportation bonds under this title, those bonds shall no longer be deemed to be outstanding and unpaid under this title.
MD. Transportation Code Ann. §  3-501 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-501 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Bonds” means bonds issued under this subtitle and includes bonds, notes, or any other evidences of obligation.    (c)    “Counties” means the counties of Maryland and includes the Mayor and City Council of Baltimore.
MD. Transportation Code Ann. §  3-502 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-502 - Purpose of Subtitle

    The purpose of this subtitle is to authorize the Department and the counties to establish a financing program, as an alternative to Subtitle 3 of this title, that will enable the counties to finance the cost of transportation facilities without the issuance of State or departmental debt.
MD. Transportation Code Ann. §  3-503 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-503 - Bonds Authorized

    (a)    Subject to the limitations of this subtitle, the Department from time to time may:        (1)    Issue revenue bonds on behalf of and for the benefit of participating counties;        (2)    Loan the proceeds of those bonds to the participating counties for use in paying the counties’ cost of transportation facilities; and        (3)    Provide for the payment of the principal of and interest on the bonds solely from the revenues pledged for that purpose by the counties participating in an issue of bonds under this subtitle.    (b)    The bonds shall be known as “County Transportation Revenue Bonds”.    (c)    Bonds issued under this subtitle are not “County Transportation Bonds” under Subtitle 3 of this title.
MD. Transportation Code Ann. §  3-504 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-504 - Resolution Authorizing Issuance of Bonds; Postponement of Time for Receipt of Proposals; Execution of Bonds

    (a)    A resolution authorizing the issuance of bonds under this subtitle shall determine and specify:        (1)    The date or dates of issue;        (2)    The date or dates and amount or amounts of maturities, which need not be in equal principal amounts or consecutive annual installments, but a bond may not be issued to mature later than 30 years after the date of its issue;        (3)    The rate or rates of interest payable on the bonds, or the manner of determining the rate or rates of interest, and the date or dates of payment of interest;        (4)    The tenor, form or forms, denomination or denominations, manner of execution, and place or places of payment of the principal of and interest on the bonds, which may be by any bank or trust company within or without this State;        (5)    Whether the bonds are to be issued in coupon, registered or book entry form and whether provision is to be made for the registration of the principal only of coupon bonds, for the reconversion of fully registered bonds into coupon form, and for the replacement of bonds that are mutilated, lost, or destroyed;        (6)    Whether the bonds are to be sold at public or private sale, as determined by the Secretary;        (7)    If the bonds are to be sold at public sale, the form of notice of sale, which shall outline the terms and conditions of the sale, and the form of advertisement of a summary notice of sale, which shall be published at least once in an appropriate newspaper of general circulation as determined by the Secretary;        (8)    Whether all or any part of the bonds are redeemable before maturity and, if so, the terms, conditions, and prices of redemption; and        (9)    Any other matter relating to the form, terms, conditions, issuance, sale, and delivery of the bonds.    (b)    (1)    The resolution may provide that the Secretary may postpone the time for receipt of proposals for the bonds without republishing the form of advertisement for the bonds.        (2)    (i)    The Secretary shall provide notice of the new date and time of sale not less than 24 hours prior to the time proposals are to be submitted, which date may not be more than 30 days after the originally scheduled date of sale.            (ii)    The notice may be given by Munifacts News Service or a similar service or such other method as the Secretary deems appropriate.    (c)    (1)    Bonds shall be executed by the manual or facsimile signature of the Secretary.        (2)    Other signatures on the bonds may be either manual or facsimile.    (d)    If an individual whose manual or facsimile signature appears on any bond or coupon ceases to serve in an authorized capacity before the delivery of the bond, the signature nevertheless is as valid and sufficient for all purposes as if the individual had remained in that capacity until delivery of the bond.
MD. Transportation Code Ann. §  3-505 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-505 - Bonds Are Investment Securities

    Notwithstanding any other provision of law or any recitals in the instruments, bonds issued under this subtitle are investment securities under the laws of this State.
MD. Transportation Code Ann. §  3-506 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-506 - Exemption From 8-206 and 8-208 of State Finance and Procurement Article

    Bonds issued under this subtitle and their issuance and sale are exempt from the provisions of §§ 8-206 and 8-208 of the State Finance and Procurement Article.
MD. Transportation Code Ann. §  3-507 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-507 - Interim Certificates and Temporary Bonds

    Before the preparation of definitive bonds, the Department may issue interim certificates or temporary bonds, with or without coupons, exchangeable for definitive bonds when the definitive bonds have been executed and are available for delivery.
MD. Transportation Code Ann. §  3-508 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-508 - Bond Anticipation Notes

    (a)    The Department may issue bond anticipation notes under this subtitle, payable to the bearer or registered holder of the notes out of the first proceeds of the next sale of bonds.    (b)    The resolution authorizing the issuance of bond anticipation notes may provide for the issuance of these notes in series, as funds are required, and for the renewal of these notes at maturity, with or without resale.    (c)    The issuance of bond anticipation notes, the details of their issuance, the rights of their holders, and the rights, duties, and obligations of the Department with respect to them are governed by the provisions of this subtitle relating to the issuance of the bonds in anticipation of the sale of which the notes are issued, insofar as those provisions may be applicable.
MD. Transportation Code Ann. §  3-509 (2021)
2021 Maryland Statutes|Transportation|Title 3 - Financing by Department|Subtitle 5 - County Transportation Revenue Bonds|Section 3-509 - Exemption From Taxation

    Bonds issued under this subtitle, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, shall be exempt at all times from every kind and nature of taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies of any kind.