reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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”.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-510 - Bonds Authorized by Trust Agreements

(a)    Bonds under this subtitle may be authorized by trust agreement between the Department and a corporate trustee, which may be any trust company, or bank having trust powers, within or without the State. Any such trust agreement shall describe the source or sources of revenue to be pledged to pay debt service on the bonds and may contain:
(1)    Subject to then existing agreements with bondholders or noteholders, provisions pledging or assigning all or any part of the revenues of the participating counties, mortgages or loans made by the participating counties or the security therefor, the proceeds of any bonds issued under this subtitle, or any combination of these and any other assets of the participating counties to secure payment of bonds;
(2)    Provisions protecting and enforcing rights and remedies of bondholders, including restrictions on the rights of holders, and covenants setting forth duties of or restrictions on the Department and the participating counties;
(3)    Provisions appointing one or more trust companies or banks with trust powers to act as depositaries of the proceeds of any bonds or notes. Any depositary bank or trust company incorporated in the State may furnish indemnifying bonds or pledge securities, as required by the Department;
(4)    Provisions as to custody, safeguarding, application, and investment of funds credited pursuant to this subtitle;
(5)    Provisions establishing and controlling all aspects of reserve funds, including debt service reserve funds;
(6)    Provisions for the payment of debt service on bonds and refunding bonds, including redemption premiums and interest; or
(7)    Any other provisions deemed reasonable and proper for the security of bondholders.
(b)    A trust agreement may provide that the bonds may be sold either at public or private sale and that the maturity of the bonds may not exceed 30 years after their date of issue.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-511 - Consent of Instrumentality, Agency, or Unit of State Not Required

The Department may issue bonds under this subtitle:
(1)    Without obtaining the consent of any instrumentality, agency, or unit of this State; and
(2)    Without any proceedings or the happening of any conditions or things other than those specifically required by this subtitle.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-512 - Provisions for Payment of Bonds

(a)    The bonds shall be payable solely from the revenues received by the Department from the participating counties for that purpose.
(b)    The revenues of the State and the Department are not pledged, and may not be used, to pay the principal of or interest on the bonds.
(c)    The Transportation Trust Fund established by § 3-216 of this title is not pledged, and may not be used, to pay the principal of or interest on the bonds.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-513 - Bonds Not Debt of State or Department; Full Faith and Credit Not Pledged; Obligation of Participating Counties

(a)    Bonds issued under this subtitle are not debt of the State or the Department.
(b)    Bonds 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 or the Department.
(c)    All bonds issued under this subtitle shall contain a statement on their face to the effect that:
(1)    Neither the State nor the Department is obligated to pay the principal of or the interest on them; and
(2)    Neither the faith and credit nor the taxing power of the State or the Department is pledged to the payment of the principal of or the interest on them.
(d)    Bonds issued under this subtitle are obligations of the participating counties.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-514 - Participation of Counties

(a)    Subject to § 3-515 of this subtitle, the Department may allow any county in this State to participate in an issue of bonds 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 under this subtitle;
(2)    The proposed amount of its participation; and
(3)    A description of the revenues to be pledged by the county to pay debt service on the bonds.
(c)    The Department may extend the date for notification when appropriate.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-515 - Determination of Amount; Subsequent Procedure

(a)    After notification by the county, the Department shall determine the total amount of bonds that it should issue under this subtitle on behalf of participating counties, giving consideration to the amount of revenues from each county available to pay debt service on the bonds.
(b)    (1)    After making all necessary determinations, the Department shall notify the counties of the amount of bonds of the next series that the Department will issue on behalf of the counties.
(2)    The Department shall then issue and sell that amount of 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 appropriate agreements with the participating counties, after deducting the counties’ proportionate share of the cost of the issuance of the bonds and the appropriate share of the Department’s costs of administering the program established under this subtitle which is attributable to each bond issue.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-516 - Requirements for Participation of Counties

(a)    Counties which can demonstrate an ability to pay their proportionate share of debt service on the bonds may participate in the program only after:
(1)    The county’s participation in the program has been approved by a local ordinance or resolution enacted after public notice and public hearings as required in accordance with State and local public laws, charters, or ordinances; and
(2)    A list of projects which may be undertaken under the local program has been available for review by the public at the public hearing.
(b)    The obligations undertaken under this subtitle by participating counties, the borrowing which they represent, any pledge of the full faith and credit of the participating counties or any other guarantee of the participating counties, and the programs or projects being financed are subject to:
(1)    Any referendum requirements of the charter or other local law of the counties; and
(2)    Any limitation of the charter or local law on the rate of taxation or the aggregate amount of taxes that may be levied within the counties.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-517 - Agreement Between Department and County

(a)    Before it sells any bonds under this subtitle, the Department shall enter into an agreement with each participating county as required by this section.
(b)    The agreement shall:
(1)    Specify that the bonds to be issued on behalf of the county will be repaid by the county under such terms and conditions as the Department and the counties deem appropriate;
(2)    Describe the source and nature of revenues the county will pledge to the repayment of the bonds, which revenues may include highway user revenues under § 8-401 of this article or any other revenues of the county; and
(3)    Describe any other terms or conditions that the Department deems necessary or appropriate to assure prompt and full repayment of the bonds.
(c)    The Department may pledge or assign all or a portion of its rights under agreements made pursuant to this section to guarantee repayment of bonds.
(d)    (1)    In order to enhance the security or the marketability of the bonds, a county may agree with the Department to pledge any moneys that the county is entitled to receive from the county’s share of highway user revenues, but a county may not pledge moneys that are pledged or dedicated to another purpose by State law.
(2)    In the event of such pledge, the State Comptroller and the State Treasurer may cause in accordance with the terms of such agreement such moneys to be paid to the Department or any trustee designated by the Department.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-518 - Borrowing of Proceeds; Agreements to Participate in Bond Issue; Payment Obligations

(a)    Counties may borrow the proceeds of bonds issued under this subtitle and enter into agreements with the Department evidencing the counties’ obligation to repay such loans, pursuant to such terms and conditions as the Department and the counties deem appropriate.
(b)    A county may enter into any agreement necessary or appropriate to allow it to participate in a bond issue under this subtitle.
(c)    An agreement authorized by this subsection may have such provisions, terms, and conditions, and may be of such duration, as the county by ordinance or resolution may determine.
(d)    Except as provided in subsection (f) of this section, any payment obligation in an agreement authorized by this section may be either:
(1)    A general obligation of the county to which its full faith and credit and unlimited taxing power is pledged and which may not be subject to annual appropriation by the county; or
(2)    Any other obligation which the county is authorized to undertake.
(e)    A payment obligation in an agreement authorized by this section may be undertaken by a county pursuant to a public or private sale, with or without public bidding.
(f)    If a State constitutional provision limits a county in undertaking a payment obligation described in this section or requires a county to comply with certain procedures prior to undertaking a payment obligation described in this section, the county may provide that the payment obligation:
(1)    Is a limited obligation of the county repayable from assets and revenues as provided in the agreement; or
(2)    Is subject to annual appropriation by the county.
(g)    The obligations undertaken under this subtitle by participating counties, the borrowing which they represent, any pledge of the full faith and credit of the participating counties or any other guarantee of the participating counties, and the programs or projects being financed are not subject to any requirement of charter or local law as to the form or public sale of bonds or obligations of the counties.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 5 - County Transportation Revenue Bonds › Section 3-519 - Revenue Refunding Bonds

(a)    The Department may from time to time issue revenue refunding bonds under this subtitle for:
(1)    Refunding any bonds issued under this subtitle, including the payment of any redemption premium on the bonds and any interest accrued or to accrue to the date of redemption of the bonds; and
(2)    Refunding any bonds issued under Subtitle 3 of this title.
(b)    This issuance of refunding bonds under this section, 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 revenue bonds, insofar as those provisions may be applicable, except that the issuance of such refunding bonds and the obligations with respect to them are not subject to the provisions of § 3-516 of this subtitle.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 6 - Special Bonds and Borrowings › Section 3-603 - Designation as Investment Securities; Exemption From Other Provisions

(a)    Notwithstanding any other provision of law or any recitals in the instruments, the bonds, notes, and other evidences of obligation issued under this subtitle are investment securities under the laws of this State.
(b)    The bonds, notes, and other evidences of obligation 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.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 6 - Special Bonds and Borrowings › Section 3-604 - Refunding Bonds

(a)    The Department from time to time may issue its refunding bonds for refunding any special transportation project revenue bonds.
(b)    The powers granted and limitations imposed in this subtitle as to the issuance of special transportation project revenue bonds also apply to the issuance of refunding bonds.
(c)    The State Treasurer shall segregate the proceeds of the sale of any refunding bonds in a separate trust fund to be used only to pay the purchase or redemption prices of the bonds to be refunded.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 6 - Special Bonds and Borrowings › Section 3-605 - Temporary Bonds and Bond Anticipation Notes

(a)    Before the preparation of definitive bonds, the Department may issue its 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.
(b)    The Department may issue its bond anticipation notes, payable to the bearer or registered holder of the notes out of the first proceeds of the next sale of special transportation project revenue bonds.
(c)    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.
(d)    The issuance of bond anticipation notes, the details of issuance, the rights of their holders, and the rights, duties, and obligations of the Department with respect to the bond anticipation notes 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.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 6 - Special Bonds and Borrowings › Section 3-606 - Trust Agreement

(a)    (1)    Bonds issued under this subtitle may be secured by a trust agreement between the Department and a corporate trustee, which may be any trust company or bank having trust powers within or without the State.
(2)    The trust agreement may pledge or assign:
(i)    All or any part of the existing and anticipated federal funds paid to or expected to be paid to the Department for transportation purposes; or
(ii)    Revenue from a dedicated revenue source, which may include revenues attributable to the transportation facilities being financed.
(3)    The trust agreement may not pledge or assign any State tax revenues pledged to meet debt service on Consolidated Transportation Bonds as prescribed under § 3–215 of this title.
(b)    Any trust agreement or bond authorizing resolution may:
(1)    Contain provisions for the protection and enforcement of the rights and remedies of bondholders as are considered reasonable and proper, including covenants setting forth the duties of the Department as to the financing or development of any transportation facility, the extension, enlargement, improvement, maintenance, operation, repair, and insurance of the transportation facility, and the custody, safeguarding, and application of money;
(2)    Provide for the employment of consulting engineers in connection with the construction or operation of any transportation facility;
(3)    Set forth the rights and remedies of the bondholders and of the trustee;
(4)    Restrict the individual right of action by bondholders; and
(5)    Contain any other provisions that the Department considers reasonable and proper for the security of the bondholders.
(c)    All expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of the transportation facility in connection with which the bonds have been issued.
(d)    The proceeds of the sale of bonds shall be paid to the trustee under the trust agreement securing the bonds and shall be disbursed in the manner and under the restrictions, if any, provided in the trust agreement.
(e)    Any bank or trust company incorporated under the laws of this State that acts as depositary of the proceeds of the bonds or of revenues may furnish any indemnifying bonds or pledge any securities that the Department requires.
2023 Maryland Statutes › Transportation › Title 3 - Financing by Department › Subtitle 6 - Special Bonds and Borrowings › Section 3-607 - Exemption From Taxation; Additional Limitations

(a)    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 from taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies.
(b)    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 revenues pledged or made available under this subtitle for this purpose.
(c)    The Department’s pledge of revenues and funds to secure its bonds, notes, and other evidences of obligation issued under this subtitle, shall be valid and binding against any person having a claim against the Department, and shall have priority over any such claim, regardless of whether the person has notice of the Department’s pledge.
(d)    Notwithstanding any other provision of law, the Department is only required to file or record in the records of the Department any resolution, trust agreement, or other instrument that creates a lien on, a security interest in, or an assignment of:
(1)    Any revenues;
(2)    Any rights to receive revenues; or
(3)    Any moneys or securities in the funds and accounts pledged to the bonds, notes, or other evidence of obligation of the Department.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-202 - Chairman; Composition; Tenure; Vacancies; Compensation and Expenses

(a)    The Secretary of Transportation is the Chairman of the Authority.
(b)    (1)    In addition to the Chairman, the Authority consists of eight members appointed by the Governor with the advice and consent of the Senate.
(2)    The appointed members of the Authority may not be employees of the Executive Branch of the State government.
(3)    Of the appointed members:
(i)    One shall have expertise in structural engineering;
(ii)    One shall have expertise in transportation planning;
(iii)    One shall have expertise in land use planning; and
(iv)    One shall have expertise in finance.
(4)    The appointed members of the Authority shall reflect the racial, gender, and geographic diversity of the population of the State.
(c)    (1)    Each appointed member serves for a term of 4 years and until a successor is appointed and qualifies.
(2)    The terms of the appointed members are staggered as required by the terms provided for members of the Authority on January 1, 2007.
(3)    An appointed member may not serve more than three consecutive terms.
(4)    A member appointed to fill a vacancy in an unexpired term serves only for the remainder of that term.
(d)    A member of the Authority is entitled to:
(1)    The compensation provided in the State budget; and
(2)    Reimbursement for expenses, in accordance with the Standard State Travel Regulations of the Department of Budget and Management.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-203 - Staff of Authority

(a)    The Authority is entitled to the staff provided in the State budget.
(b)    The Secretary shall provide the Authority with the personnel of the Department that the Secretary considers necessary for performance of the maintenance and other functions required of the Authority to meet its obligations with respect to its transportation facilities projects.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-204 - General Jurisdiction of Authority

(a)    Acting on behalf of the Department, the Authority has those powers and duties relating to the supervision, financing, construction, operation, maintenance, and repair of transportation facilities projects as are granted to it by this title or any other provisions of law.
(b)    The Authority has general supervision over all transportation facilities projects.
(c)    The Authority shall finance, construct, operate, repair, and maintain in good order all transportation facilities projects.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-205 - General Powers of Authority

(a)    Subject to § 4–306 of this title and in addition to the powers otherwise specifically granted by law, the Authority has the powers described in this section.
(b)    The Authority may acquire, hold, and dispose of property in the exercise of its powers and performance of its duties.
(c)    (1)    Subject to the limitations described in paragraph (2) of this subsection, the Authority may make any contracts and agreements necessary or incidental to the exercise of its powers and performance of its duties.
(2)    Not less than 45 days before entering into any contract or agreement to acquire or construct a revenue–producing transportation facilities project, subject to § 2–1257 of the State Government Article, the Authority shall provide, to the Senate Budget and Taxation Committee, the House Committee on Ways and Means, and the House Appropriations Committee, for review and comment, and to the Department of Legislative Services, a description of the proposed project, a summary of the contract or agreement, and a financing plan that details:
(i)    The estimated annual revenue from the issuance of bonds to finance the project; and
(ii)    The estimated impact of the issuance of bonds to finance the project on the bonding capacity of the Authority.
(d)    (1)    Subject to paragraph (2) of this subsection, the Authority may employ and fix the compensation of attorneys, consulting engineers, accountants, construction and financial experts, superintendents, managers, and any other agents and employees that it considers necessary to exercise its powers and perform its duties. The compensation established by the Authority for executive management positions shall be consistent with the compensation of comparable positions in the Department of Transportation. The compensation established by the Authority shall be reported to the General Assembly each year as part of the Authority’s presentation of its budget.
(2)    The expense of employing these persons may be paid only from revenues or from the proceeds of revenue bonds issued by the Authority.
(e)    The Authority may apply for and receive grants from any federal agency for the planning, construction, operation, or financing of any transportation facilities project and may receive aid or contributions of money, property, labor, or other things of value from any source, to be held, used, and applied for the purposes for which the grants, aid, and contributions are made.
(f)    The Authority may adopt rules and regulations to carry out the provisions of this title.
(g)    The Authority may do anything else necessary or convenient to carry out the powers granted in this title.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-207 - Power to Condemn Land for Certain Purposes -- Exemption of Authority From Taxation

Except for water and sewer charges imposed by this State or any of its agencies or political subdivisions, the Authority, its activities, and the property it owns or controls are exempt from all taxes, assessments, and charges, whether federal, State, or local, now or subsequently levied or imposed.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-208.1 - Maryland Transportation Authority Police Force -- Chief Police Officer

(a)    The chief police officer of the Maryland Transportation Authority Police Force may appoint employees of the Authority to exercise the powers specified in subsection (b) of this section.
(b)    (1)    An employee appointed under this section may issue citations to the extent authorized by the chief police officer for violations of those provisions of § 5–426 of this article relating to motor vehicle parking at Baltimore–Washington International Thurgood Marshall Airport.
(2)    The issuance of citations under this section shall comply with the requirements of Title 26, Subtitle 3 of this article.
(c)    The chief police officer, in consultation with the Maryland Police Training and Standards Commission, shall adopt regulations establishing:
(1)    Qualifications for employees appointed under this section, including prerequisites of character, training, experience, and education; and
(2)    Standards for the performance of the duties assigned to employees appointed under this section.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-209 - Continuation and Change of Resolutions, Rules, Forms, Orders, and Directives; Certain References to Maryland Port Authority or State Roads Commission

As to revenue bonds, including revenue bonds of prior issues, and transportation facilities projects:
(1)    Every resolution, rule, regulation, form, order, and directive adopted by or relating to the State Roads Commission remains in effect until changed by the Maryland Transportation Authority; and
(2)    Every reference in this Code, any other law, ordinance, resolution, rule, regulation, order, directive, legal action, contract, or any other document to the State Roads Commission means the Maryland Transportation Authority.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 2 - Maryland Transportation Authority › Section 4-210 - Financial Forecast

(a)    Each year, the Authority shall develop and adopt a 6–year financial forecast for the operations of the Authority.
(b)    In accordance with § 2–1257 of the State Government Article, the Authority shall submit to the General Assembly:
(1)    A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and
(2)    The financial forecast as approved by the Authority on or before September 1 of each year.
(c)    The financial forecast shall include the following components:
(1)    A schedule of operating expenses;
(2)    A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department;
(3)    A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year;
(4)    A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest;
(5)    A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and
(6)    A summary schedule for the Authority that includes:
(i)    The total cash balance;
(ii)    The amount of the cash balance that is encumbered;
(iii)    The annual cash surplus or deficit;
(iv)    Revenues;
(v)    Transfers to the Department from the Authority;
(vi)    Transfers to the Authority from the Department;
(vii)    Bond sales;
(viii)    Expenditures for debt service;
(ix)    Operating expenses;
(x)    Capital expenses;
(xi)    Maintenance and operations expense reserve accounts;
(xii)    Forecasted bond interest rates;
(xiii)    Total bonds outstanding; and
(xiv)    Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio.
(d)    The financial forecast shall include, for each of the components specified in subsection (c) of this section:
(1)    Actual information for the last full fiscal year; and
(2)    Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years.
2023 Maryland Statutes › Transportation › Title 4 - Revenue Facilities › Subtitle 3 - Financing of Projects › Section 4-301 - General Power to Borrow Money and Issue Evidences of Obligation

By one or more resolutions, the Authority may:
(1)    Finance the cost of transportation facilities projects;
(2)    Borrow money from time to time for that purpose; and
(3)    Evidence the borrowing by the issuance and sale of revenue bonds, notes, or other evidences of obligation on the terms, conditions, and limitations contained in this subtitle.