Title 4. Revenue Facilities — Subtitle 3. Financing of Projects

Finance the cost of transportation facilities projects;

Borrow money from time to time for that purpose; and

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.

Except as provided in § 4-306(b) of this subtitle, without limiting the power of the Authority to issue additional revenue bonds under the provisions of law that authorize the issuance of revenue bonds of prior issues, the Authority from time to time may issue its revenue bonds to finance the cost of any one or more or combination of transportation facilities projects.

As to revenue bonds of any issue, the Authority may determine:

If an individual whose manual or facsimile signature appears on any bond or coupon issued under this subtitle 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.

Except as provided in subsection (b) of this section, revenue bonds may be issued by the Authority:

Subject to the provisions of §§ 4-306(b), 4-320, and 4-321 of this subtitle, if by reason of increased construction costs, error in estimates, or otherwise, the proceeds of the revenue bonds of any issue are less than the amount required for the purpose for which the bonds are authorized, additional revenue bonds may be issued in a similar manner to provide the amount of the deficiency.

The additional bonds shall be deemed to be of the same issue and shall be entitled to payment from the same fund, without preference or priority, as the bonds first issued. If the proceeds of the additional bonds exceed the amount required, the excess shall be deposited to the credit of any reserve fund for the bonds or, if so provided in the trust agreement securing the bonds, may be applied to the cost of any additional project.

The Authority from time to time may issue its revenue refunding bonds for:

The issuance of revenue refunding bonds, the details of their issuance, the rights of their holders, and the rights, duties, and obligations of the Authority with respect to them are governed by the provisions of this subtitle relating to revenue bonds, insofar as those provisions may be applicable.

The Authority 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 bonds issued under this subtitle.

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.

The issuance of bond anticipation notes, the details of their issuance, the rights of their holders, and the rights, duties, and obligations of the Authority 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.

Any trust agreement or bond authorizing resolution may:

All expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of the transportation facilities project in connection with which the bonds have been issued.

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.

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 Authority requires.

This section applies to the financing of a vehicle parking facility not located at a transportation facility, as defined in § 3-101 of this article.

Not less than 30 days before entering into any contract or agreement to finance a vehicle parking facility, the Authority shall provide, in accordance with § 2-1246 of the State Government Article, to the Senate Budget and Taxation Committee and the House Appropriations Committee information on the proposed contract or agreement, including the level of any State, local, and private contributions.

The Authority shall adopt regulations specifying:

The rentals, rates, fees, tolls, and other charges and revenues designated as security for any bonds issued under this subtitle shall be fixed and adjusted from time to time, either with respect to a particular transportation facilities project or in respect of the aggregate of the charges and revenues from other transportation facilities projects under the control of the Authority, as may be specified by law or in any applicable resolution or trust agreement, so as to provide funds that, together with any other available revenues, are sufficient as long as the bonds are outstanding and unpaid to:

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 any combination of the net or gross rentals, rates, fees, tolls, and other charges and revenues derived from any transportation facilities project or combination of projects designated by any bond authorizing resolution or trust agreement securing the bonds.

However, all funds collected from rentals, rates, fees, tolls, and other charges and revenues which are not needed to meet the costs which they are required to meet under § 4–312 of this subtitle or any trust agreement and are not needed to meet obligations of the Transportation Authority Fund, may be used in the discretion of the Secretary to provide adequate and complete payment of all principal and interest on all bonds issued in connection with the John F. Kennedy Memorial Highway and any project constructed under the provisions of Section 3 (Bridge, Tunnel, and Motorway Revenue Bonds) of Chapter 608, of the Acts of the General Assembly of 1976. All such remaining funds thereafter remaining may be transferred, upon the recommendation of the Secretary and after the approval of the Board of Public Works, to the Transportation Trust Fund and may be used for any purpose to which funds in the Transportation Trust Fund may be applied.

Bring a suit, action, mandamus, or other proceeding at law or in equity to protect and enforce any right under the laws of this State or under the bond authorizing resolution or trust agreement; and

Enforce and compel the performance of all duties required by this subtitle or by the trust agreement to be performed by the Authority or by any of its officers, including the fixing, charging, and collecting of rentals, rates, fees, tolls, and other charges and revenues.

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.

All revenue bonds, notes, and other evidences of obligation issued under this subtitle shall contain a statement on their face to the effect that:

The aggregate principal amount of debt issued under this subtitle or Title 3, Subtitle 6 of this article that is secured by a pledge of future federal aid may not exceed $750,000,000;

The date of maturity may not be later than 12 years after the date of issue;

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;

The lien of the pledge under item (3) of this subsection shall at all times be subordinate to the lien of the pledge of such tax under § 3-215(d) of this article to the payment of principal of and interest on consolidated transportation bonds; and

No part of the tax levied under § 3-215 of this article may be repealed, diminished, or applied to any other purpose until:

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.

Notes issued under this section shall have a maturity date of up to 3 years after the date of issue.

A pledge of a line of credit as authorized under this section does not constitute the pledge of future federal revenues, and notes issued under this section are not subject to § 3–601(d) of this article or § 4–320 of this subtitle.

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.

The State and the Authority shall finance the Intercounty Connector as provided in this section.

The Authority shall:

The Governor shall transfer from the Transportation Trust Fund to the Authority for the Intercounty Connector $22,000,000 in fiscal 2005 and $38,000,000 in fiscal 2006.

The Governor shall transfer to the Authority for the Intercounty Connector:

For fiscal year 2026 and each fiscal year thereafter, the Governor shall include in the annual budget bill an appropriation from the Transportation Trust Fund of at least $80,533,314 to the program for statewide program operations.