Maryland Code, TRANSPORTATION 3-202
Terms Used In Maryland Code, TRANSPORTATION 3-202
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The bonds shall be known as “consolidated transportation bonds” and may be issued in any amount as long as the aggregate outstanding and unpaid principal balance of these bonds and bonds of prior issues does not exceed at any one time the sum of $4.5 billion.
(c) The preferred method of issuance of the Department’s consolidated transportation bonds is by a public, competitive sale.
(d) The Department may issue its consolidated transportation bonds at a private, negotiated sale provided that:
(1) The Secretary determines that extraordinary credit market conditions exist that warrant the use of this method rather than a public, competitive sale; and
(2) The Secretary determines that the terms and conditions, including price, interest rates, and payment dates, that can be achieved by a private negotiated sale are more advantageous to the State.
(e) The maximum outstanding and unpaid principal balance of consolidated transportation bonds and bonds of prior issues as of June 30 for the next fiscal year:
(1) Shall be established each year by the General Assembly in the State budget; and
(2) May not exceed the limit established in subsection (b) of this section.