§ 3-517. Agreement between department and county required
West's Annotated Code of MarylandTransportation
MD Code, Transportation, § 3-517
§ 3-517. Agreement between department and county required
(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:
(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.
Credits
Added by Acts 1993, c. 539.
MD Code, Transportation, § 3-517, MD TRANS § 3-517
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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