Section 3-306 - Limitations on issuance. - Maryland Statutes

§ 3-306. Limitations on issuance.
 

(a)  Debt service limitation.- The Department may not issue bonds on behalf of a county if the county's share of highway user revenues for the latest fiscal year is less than twice its annual debt service on county highway construction bonds and county transportation bonds. 

(b)  Maximum amount.- Subject to annual recomputation, the maximum amount of the bonds that the Department may issue on behalf of a county, as computed under this section and § 3-304 of this subtitle, is the limit of participation for the county. 

(c)  Discretionary limitation; standards.- In its discretion, the Department may limit the participation of any county in any series of bonds. In determining the amount of participation of a county, the Department shall consider the highway maintenance and other transportation needs of the county and any other factors that the Department considers appropriate. 
 

[An. Code 1957, art. 89B, § 211G-1; 1977, ch. 13, § 2.]