Ch. 415                                      LAWS OF MARYLAND

   CHAPTER 415

                                      (Senate Bill 954)

AN ACT concerning

Department of Transportation Bonds -

Administration, Management, Investment,

Accounting of Bond Proceeds and Rebate Payments

FOR the purpose of authorizing and directing the Secretary of
Transportation, the Treasurer, and the Comptroller to take
certain actions with respect to the administration,
management, investment, and accounting of the proceeds of
the Department of Transportation bonds and to maintain
certain records and make certain filings; authorizing and
directing the Secretary, the Treasurer, and the Comptroller
to establish and maintain a separate rebate fund and to make
requited rebate payments to the United States from the
rebate fund; providing that amounts deposited to the rebate
fund shall be used only for the purpose of making rebate
payments and may not be deemed moneys of the State and that
no appropriation will be required prior to payment of any
rebates from the rebate fund; providing that this Act does
not prevent the Board of Public Works and the Department of
Transportation from authorizing the issuance and sale of
Department of Transportation bonds the interest oh which is
not excludable from gross income for federal income tax
purposes; and defining terms;

BY adding to

Article - Transportation
Section 3-103
Annotated Code of Maryland
(1977 Volume and 1966 Supplement)

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

Article - Transportation

3-103.

(A)(1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2) "BONDS" MEANS BONDS, NOTES, OR OTHER EVIDENCES OF
OBLIGATION ISSUED BY THE DEPARTMENT, INCLUDING BOTH CONSOLIDATED
TRANSPORTATION BONDS AND COUNTY TRANSPORTATION BONDS.

- 2098 -