Section 4-320.1 – Bond Anticipation Notes
(a) The Authority may issue bond anticipation notes secured by a pledge of a line of credit extended to the State under the federal Transportation Infrastructure Finance and Innovation Act. (b) Notes issued under this section shall have a maturity date of up to 3 years after the date of issue. (c) A pledge of a line of […]
Section 4-321 – Intercounty Connector
(a) In this section, “Intercounty Connector” means the east–west multimodal highway in Montgomery and Prince George’s counties between Interstate 270 and Interstate 95/U.S. Route 1, as described in the 2005 – 2010 Consolidated Transportation Plan. (b) The State and the Authority shall finance the Intercounty Connector as provided in this section. (c) The Authority shall: (1) Issue not more […]
Section 4-312.1 – Elimination of Ramp Tolls on Kennedy Highway in Harford and Cecil Counties
The Maryland Transportation Authority shall take whatever steps may be necessary to obtain a modification of the trust agreement, dated as of July 1, 1978, between the Authority and Maryland National Bank, as trustee, to permit free access to and from the John F. Kennedy Memorial Highway from the ramps in Harford County and Cecil […]
Section 4-313 – Transportation Authority Fund
(a) (1) All rentals, rates, fees, tolls, and other charges and revenues derived from any transportation facilities project shall be set aside in a fund known as the “Transportation Authority Fund”, except to the extent that they are pledged under an applicable trust agreement to secure either: (i) Revenue bonds issued under this subtitle if the trust agreement […]
Section 4-314 – Construction of Subtitle
(a) Without in any way limiting or restricting its effect or application, this subtitle is intended to authorize the Authority to finance any one or more or any combination of transportation facilities projects by any one or more or combination of issues or series of bonds secured by the pledge of the net or gross or […]
Section 4-315 – Trust Funds
All money that is received by the Authority as proceeds from the sale of revenue bonds, notes, or other evidences of obligation under this subtitle and by way of rentals, rates, fees, tolls, and other charges and revenues derived from any transportation facilities project or combination of projects and that is designated by any authorizing […]
Section 4-316 – Remedies of Bondholder and Trustee
Except to the extent restricted by the trust agreement, the trustee or any holder of revenue bonds issued under this subtitle or of any of the coupons appertaining to the bonds may: (1) Bring a suit, action, mandamus, or other proceeding at law or in equity to protect and enforce any right under the laws of […]
Section 4-317 – Bonds and Other Evidences of Obligation Are Legal Investments
All public officers and public agencies of this State and its political subdivisions, all banks, trust companies, savings and loan associations, investment companies, and others carrying on a banking business, all insurance companies, insurance associations, and others carrying on an insurance business, all personal representatives, guardians, trustees, and other fiduciaries, and all other persons may […]
Section 4-318 – Exemption From Taxation
The revenue 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 […]
Section 4-319 – Full Faith and Credit Not Pledged
(a) The revenue 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 only from the funds from or revenues provided by this subtitle for that purpose. […]