§ 4-320. Pledge of future federal aid
West's Annotated Code of MarylandTransportation
MD Code, Transportation, § 4-320
§ 4-320. Pledge of future federal aid
If the Authority intends to pledge any future federal aid from any source to support repayment of any debt instrument issued under this subtitle:
(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;
Credits
Added by Acts 2004, c. 430, § 1, eff. June 1, 2004. Amended by Acts 2005, c. 471, § 1, eff. June 1, 2005; Acts 2005, c. 472, § 1, eff. June 1, 2005.
MD Code, Transportation, § 4-320, MD TRANS § 4-320
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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