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Session Laws, 1986
Volume 768, Page 4   View pdf image
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4                                                     LAWS OF MARYLAND                                      Ch. 1

WHEREAS, Management of the securities investments held to
the credit of the Transportation Trust Fund may produce a
short-term flow of funds not currently needed for transportation
facilities, or debt service on outstanding Consolidated
Transportation Bonds, that can be applied to the benefit of other
State programs and needs without adversely affecting the time
value or payment demands on those investments;

WHEREAS, To assure the integrity of the State's commitment
to the funding of the Transportation Trust Fund, including the
maintenance of appropriate coverages for Consolidated
Transportation Bonds and further to assure that the application
of such funds will not be misunderstood as a diversion of funds
committed to transportation purposes or as a threat to the
security of the flow of tax and other revenues pledged to the
payment of Consolidated Transportation Bonds, it is the intent of
the Governor and the General Assembly to make repayment to the
Transportation Trust Fund through receipts from the corporate
income tax; and

WHEREAS, It is the intent of the General Assembly to restore
to the Transportation Trust Fund the $29,000,000 transferred in
Fiscal Year 1984 to the General Fund of the State as enacted in
Chapter 62 of the 1983 Laws of Maryland; and

WHEREAS, Passage of this Act by the General Assembly shall
not be construed as authority to transfer $100,000,000 from the
Transportation Trust Fund to the Maryland Deposit Insurance Fund,
but rather only as assurance that should the Governor transfer
the $100,000,000, payments to restore those funds will be made to
the Transportation Trust Fund on a regular and timely basis; and

WHEREAS, The Governor has advised the General Assembly that
$100,000,000 from the Transportation Trust Fund will be used as
an interfund transfer for the purpose of providing sufficient"
financial resources to fund the Administration's Savings and Loan
Financing Plan; and

WHEREAS, As an additional part of the cash management
program of the Department it is desirable to provide a statutory
procedure for the defeasance of Consolidated Transportation
Bonds; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

288A.

Of the net receipts (including estimated payments, interest,
and penalties) collected from the taxes imposed under Section 288
of this article on the net income of corporations (domestic or
foreign), the Comptroller, after first deducting the amounts
distributed to the Transportation Trust Fund under Section 288(c)

 

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Session Laws, 1986
Volume 768, Page 4   View pdf image
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