§ 3-602

Maryland § 3-602

• Jurisdiction: Maryland
• Article gtr: Transportation
• Title: 3

Text

(a) Bonds issued by the Department under this subtitle shall be known as “special transportation project revenue bonds”.

(b) A resolution authorizing the issuance of special transportation project revenue bonds shall:

(1) Describe generally the transportation facilities to be financed by the sale of bonds;

(2) State the estimated cost of financing these transportation facilities; and

(3) With respect to the bonds, specify:

(i) The date of issue;

(ii) The date of each maturity, which may not be later than 30 years after the date of issue;

(iii) The amount of each maturity, which need not be in equal principal amounts or consecutive annual installments;

(iv) The rate of interest payable on the bonds, or the manner of determining the rate of interest, and the date or dates of payment of interest;

(v) The tenor, form, denomination, manner of execution, and place of payment of the principal of and interest on the bonds, which may be at any bank or trust company within or without the State;

(vi) Whether the bonds are to be issued in coupon, registered or book entry form and whether provision is to be made for the registration of the principal only of coupon bonds, for the reconversion of fully registered bonds into coupon form, and for the replacement of bonds that are mutilated, lost, or destroyed;

(vii) Whether the bonds are to be sold at public or private sale, as determined by the Secretary;

(viii) If the bonds are to be sold at public sale:

1. The form of notice of sale, which shall outline the terms and conditions of the sale; and

2. The form of advertisement of a summary notice of sale, which shall be published at least once in an appropriate newspaper of general circulation as determined by the Secretary;

(ix) Whether all or any part of the bonds are redeemable before maturity and any terms, conditions, and prices of redemption; and

(x) Any other matter relating to the form, terms, conditions, issuance, sale, and delivery of the bonds.

(c) (1) The resolution may provide that the Secretary may postpone the time for receipt of proposals for the bonds without republishing the form of advertisement for the bonds.

(2) (i) The Secretary shall provide notice of the new date and time of sale not less than 24 hours prior to the time proposals are to be submitted, which date may not be more than 30 days after the originally scheduled date of sale.

(ii) The notice may be given by TM3 News Service or a similar service or any other method that the Secretary deems appropriate.

(d) (1) Special transportation project revenue bonds shall be executed on behalf of the Department by the manual or facsimile signature of the Secretary.

(2) Other signatures on the bonds may be either manual or facsimile.

(3) If an individual whose manual or facsimile signature appears on any bond or coupon 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.

(e) Forty-five days before each issuance of bonds under this section, the Department must report the proposed issuance to the Legislative Policy Committee for review and comment.

(f) Each issue of special transportation project revenue bonds shall be approved before sale by resolution of the Board of Public Works.