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§ 3-503. Power of Department to issue bonds on behalf of counties

West's Annotated Code of MarylandTransportation

West's Annotated Code of Maryland
Transportation
Title 3. Financing by Department (Refs & Annos)
Subtitle 5. County Transportation Revenue Bonds (Refs & Annos)
MD Code, Transportation, § 3-503
§ 3-503. Power of Department to issue bonds on behalf of counties
Currentness
In general
(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.
County Transportation Revenue Bonds
(b) The bonds shall be known as “County Transportation Revenue Bonds”.
Construction with other bonds
(c) Bonds issued under this subtitle are not “County Transportation Bonds” under Subtitle 3 of this title.

Credits

Added by Acts 1993, c. 539. Amended by Acts 1994, c. 3, § 1, eff. Feb. 28, 1994.
MD Code, Transportation, § 3-503, MD TRANS § 3-503
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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