Ch. 414                                LAWS OF MARYLAND

(2) The proposed amount of its participation.

(c) The Department may extend the date for notification
when appropriate.

3-305.

(a)  After notification by the county, the Department shall
determine the total proceeds of the highway user revenues
allocable to the county under Title 8, Subtitle 4 of this
article, exclusive of any amounts distributed to any
municipalities in the county.

(b)  The Department next shall determine the total amount of
bonds that it could issue under this subtitle on behalf of the
county, with adequate annual debt service coverage, from the
annual amount of the highway user revenues so allocated to the
county after providing for the debt service on all outstanding
and unpaid bonds that have been previously issued on behalf of
the county and to which its share of the highway user revenues
has been pledged.

(c)  After making all necessary determinations, the
Department shall notify the county of the amount of bonds OF THE
NEXT SERIES that the Department will issue [in the next fiscal
year] on behalf of the county. The Department then shall issue
and sell that amount of its bonds under this subtitle as a part
of the next series of bonds and shall [pay] DISBURSE the net
proceeds of that amount of the bonds [to] PURSUANT TO AN
AGREEMENT WITH the county, after deducting the county's
proportionate share of the cost of the issuance of the bonds.

3-307.

(a)  Before it sells any bonds, the Department and the
county shall enter into an agreement as required by this section.

(b)  The agreement shall specify that:

(1)  The bonds to be issued on behalf of the county
will be repaid, with interest, within 15 years after their date
of issue;

(2)  Each issue of bonds on behalf of the county shall
be approved by resolution of the Board of Public Works before
they are issued;

(3) Unless the county elects to deposit the amount
with the State Comptroller under item (4) of this subsection, the
State Comptroller may withhold and deposit money to the credit of
a sinking fund maintained to pay the principal of and interest on
the bonds from funds allocable to the county under Title 8,
Subtitle 4 of this article, after first providing for sinking

- 2096 -