Maryland 2022 Regular Session

Maryland House Bill HB1324 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb1324
6	6
7	7	HOUSE BILL 1324
8	8	R2 2lr0557
9	9
10	10	By: Delegate Korman
11	11	Introduced and read first time: February 11, 2022
12	12	Assigned to: Appropriations and Environment and Transportation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Transportation – Maryland Rail Authority – Establishment 2
19	19	(Maryland Rail Investment Act of 2022) 3
20	20
21	21	FOR the purpose of establishing the Maryland Rail Authority and the powers and duties 4
22	22	that the Rail Authority, acting on behalf of the Department of Transportation, has 5
23	23	with respect to the supervision, financing, construction, operation, maintenance, and 6
24	24	repair of railroad facilities projects; altering the membership of the Maryland 7
25	25	Transportation Authority to include the Executive Director of the Rail Authority; 8
26	26	prohibiting the Transportation Authority from passing a budget plan that exceeds a 9
27	27	certain amount; requiring the Transportation Authority to obtain the consent of the 10
28	28	Rail Authority before issuing certain bonds; requiring the Transportation Authority 11
29	29	to determine the optimal tolling rate for certain transportation facilities projects and 12
30	30	to set certain tolling rates; establishing the Rail Authority Fund; requiring certain 13
31	31	funds and revenues to be transferred from the Transportation Authority to the Rail 14
32	32	Authority Fund; and generally relating to the establishment of the Maryland Rail 15
33	33	Authority. 16
34	34
35	35	BY repealing and reenacting, with amendments, 17
36	36	Article – Transportation 18
37	37	Section 4–101, 4–202, 4–208(b)(1), 4–301, 4–306, 4–312(a)(2), 4–314, and 7–101(j), 19
38	38	(l), and (n) 20
39	39	Annotated Code of Maryland 21
40	40	(2020 Replacement Volume and 2021 Supplement) 22
41	41
42	42	BY repealing and reenacting, without amendments, 23
43	43	Article – Transportation 24
44	44	Section 4–201 and 4–208(a) 25
45	45	Annotated Code of Maryland 26
46	46	(2020 Replacement Volume and 2021 Supplement) 27
47	47
48	48	BY adding to 28 2 HOUSE BILL 1324
49	49
50	50
51	51	Article – Transportation 1
52	52	Section 4–205.1; and 9–101 through 9–401 to be under the new title “Title 9. 2
53	53	Railroads” 3
54	54	Annotated Code of Maryland 4
55	55	(2020 Replacement Volume and 2021 Supplement) 5
56	56
57	57	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 6
58	58	That the Laws of Maryland read as follows: 7
59	59
60	60	Article – Transportation 8
61	61
62	62	4–101. 9
63	63
64	64	(a) In this title the following words have the meanings indicated. 10
65	65
66	66	(b) “Authority” means the Maryland Transportation Authority. 11
67	67
68	68	(c) “Cost”, as applied to any transportation facilities project, includes the cost of 12
69	69	and all expenses incident to the construction, reconstruction, acquisition, improvement, 13
70	70	extension, alteration, modernization, planning, maintenance, and repair of the project, 14
71	71	including the cost and expenses of: 15
72	72
73	73	(1) All property acquired in connection with it; 16
74	74
75	75	(2) Financial, architectural, consulting, engineering, and legal services; 17
76	76
77	77	(3) Plans, specifications, surveys, estimates, feasibility reports, and direct 18
78	78	and indirect labor, material, equipment, and administrative expenses; and 19
79	79
80	80	(4) Financing the project, including financing charges and interest before, 20
81	81	during, and for 1 year after completion of construction. 21
82	82
83	83	(D) “NEAR OPTIMAL TOLLING ” MEANS A TOLL ING RATE THAT PROVIDES 22
84	84	95% OR MORE OF THE MAXIM UM REVENUE POSSIBLE BASED ON A TRANSPORT ATION 23
85	85	FACILITIES PROJECT’S OPTIMAL TOLLING . 24
86	86
87	87	(E) “OPTIMAL TOLLING ” MEANS A TOLLING RATE FOR A TRANSPORTATION 25
88	88	FACILITIES PROJECT T HAT MAXIMIZES REVENU E, AS DETERMINED BY THE 26
89	89	AUTHORITY. 27
90	90
91	91	[(d)] (F) “Outstanding and unpaid” does not include: 28
92	92
93	93	(1) Bonds purchased and held in sinking funds by or for the Authority; or 29
94	94
95	95	(2) If the money for their payment or redemption has been provided: 30
96	96	HOUSE BILL 1324 3
97	97
98	98
99	99	(i) Matured bonds not presented for payment; or 1
100	100
101	101	(ii) Bonds called for redemption but not presented for redemption. 2
102	102
103	103	(G) “RAIL AUTHORITY” MEANS THE MARYLAND RAIL AUTHORITY. 3
104	104
105	105	[(e)] (H) “Refunding” means the retirement and cancellation of bonds, including 4
106	106	revenue bonds of prior issues, after their acquisition by or for the Authority, whether before, 5
107	107	at, or after maturity, either in exchange for other bonds or by payment, purchase, or 6
108	108	redemption with the proceeds of the sale of other bonds. 7
109	109
110	110	[(f)] (I) “Resolution”, as used with respect to the Authority, means a resolution 8
111	111	adopted by the affirmative vote of a majority of the appointed members of the Authority 9
112	112	and concurred in by the Chairman. 10
113	113
114	114	[(g)] (J) “Revenue bonds of prior issues” means: 11
115	115
116	116	(1) “State of Maryland Bridge and Tunnel Revenue Bonds” dated as of 12
117	117	October 1, 1954; 13
118	118
119	119	(2) “State of Maryland Northeastern Expressway Revenue Bonds” dated as 14
120	120	of January 1, 1962; 15
121	121
122	122	(3) “State of Maryland Bridge and Tunnel Revenue Bonds”: 16
123	123
124	124	(i) “(Series 1968)” dated as of October 1, 1968; and 17
125	125
126	126	(ii) “(Series 1975)” dated as of July 1, 1975; and 18
127	127
128	128	(4) Any other revenue bonds issued under the same provisions of law that 19
129	129	authorized the issuance of the bonds listed in this subsection. 20
130	130
131	131	[(h)] (K) “Transportation facilities project” includes: 21
132	132
133	133	(1) The Susquehanna River Bridge, the Harry W. Nice/Thomas “Mac” 22
134	134	Middleton Potomac River Bridge, the William Preston Lane, Jr. Memorial Chesapeake Bay 23
135	135	Bridge and parallel Chesapeake Bay Bridge, the Baltimore Harbor Tunnel, the Fort 24
136	136	McHenry Tunnel, the Francis Scott Key Bridge, and the John F. Kennedy Memorial 25
137	137	Highway, together with their appurtenant causeways, approaches, interchanges, entrance 26
138	138	plazas, toll stations, and service facilities; 27
139	139
140	140	(2) A vehicle parking facility located in a priority funding area as defined 28
141	141	in § 5–7B–02 of the State Finance and Procurement Article; 29
142	142
143	143	(3) Any other project for transportation facilities that the Authority 30
144	144	authorizes to be acquired or constructed; and 31
145	145	4 HOUSE BILL 1324
146	146
147	147
148	148	(4) Any additions, improvements, or enlargements to any of these projects, 1
149	149	whenever authorized. 2
150	150
151	151	[(i)] (L) “Transportation facility” has the meaning stated in § 3–101 of this 3
152	152	article. 4
153	153
154	154	[(j)] (M) “Vehicle parking facility” means a controlled entrance and exit 5
155	155	building, structure, surface lot, and other facility for parking vehicles, for which fees or 6
156	156	charges are established for the use of the facility. 7
157	157
158	158	4–201. 8
159	159
160	160	There is a Maryland Transportation Authority. 9
161	161
162	162	4–202. 10
163	163
164	164	(a) The Secretary of Transportation is the Chairman of the Authority. 11
165	165
166	166	(b) (1) In addition to the Chairman, the Authority consists of [eight]: 12
167	167
168	168	(I) EIGHT members appointed by the Governor with the advice and 13
169	169	consent of the Senate; AND 14
170	170
171	171	(II) THE EXECUTIVE DIRECTOR OF THE RAIL AUTHORITY, WHO 15
172	172	SERVES AS AN EX OFFI CIO MEMBER . 16
173	173
174	174	(2) The appointed members of the Authority may not be employees of the 17
175	175	Executive Branch of the State government. 18
176	176
177	177	(3) Of the appointed members: 19
178	178
179	179	(i) One shall have expertise in structural engineering; 20
180	180
181	181	(ii) One shall have expertise in transportation planning; 21
182	182
183	183	(iii) One shall have expertise in land use planning; and 22
184	184
185	185	(iv) One shall have expertise in finance. 23
186	186
187	187	(4) The appointed members of the Authority shall reflect the racial, gender, 24
188	188	and geographic diversity of the population of the State. 25
189	189
190	190	(c) (1) Each appointed member serves for a term of 4 years and until a 26
191	191	successor is appointed and qualifies. 27
192	192
193	193	(2) The terms of the appointed members are staggered as required by the 28 HOUSE BILL 1324 5
194	194
195	195
196	196	terms provided for members of the Authority on January 1, 2007. 1
197	197
198	198	(3) An appointed member may not serve more than three consecutive 2
199	199	terms. 3
200	200
201	201	(4) A member appointed to fill a vacancy in an unexpired term serves only 4
202	202	for the remainder of that term. 5
203	203
204	204	(d) [A] AN APPOINTED member of the Authority is entitled to: 6
205	205
206	206	(1) The compensation provided in the State budget; and 7
207	207
208	208	(2) Reimbursement for expenses, in accordance with the Standard State 8
209	209	Travel Regulations of the Department of Budget and Management. 9
210	210
211	211	4–205.1. 10
212	212
213	213	THE AUTHORITY MAY NOT PASS AN OPER ATING BUDGET OR A CA PITAL 11
214	214	IMPROVEMENT PLAN THA T EXCEEDS $2,800,000,000. 12
215	215
216	216	4–208. 13
217	217
218	218	(a) (1) There is a Maryland Transportation Authority Police Force. 14
219	219
220	220	(2) Subject to subsection (b) of this section, a Maryland Transportation 15
221	221	Authority police officer has all the powers granted to a peace officer and a police officer of 16
222	222	this State. 17
223	223
224	224	(b) (1) A Maryland Transportation Authority police officer may exercise the 18
225	225	powers described in subsection (a)(2) of this section on property owned, leased, or operated 19
226	226	by or under the control of the Maryland Transportation Authority, Maryland Aviation 20
227	227	Administration, MARYLAND RAIL AUTHORITY, and Maryland Port Administration. 21
228	228
229	229	4–301. 22
230	230
231	231	By one or more resolutions, the Authority, AFTER OBTAINING THE CONSENT OF 23
232	232	THE RAIL AUTHORITY, may: 24
233	233
234	234	(1) Finance the cost of transportation facilities projects; 25
235	235
236	236	(2) Borrow money from time to time for that purpose; and 26
237	237
238	238	(3) Evidence the borrowing by the issuance and sale of revenue bonds, 27
239	239	notes, or other evidences of obligation on the terms, conditions, and limitations contained 28
240	240	in this subtitle. 29
241	241	6 HOUSE BILL 1324
242	242
243	243
244	244	4–306. 1
245	245
246	246	(a) Except as provided in subsection (b) of this section, revenue bonds may be 2
247	247	issued by the Authority: 3
248	248
249	249	(1) Without obtaining the consent of any instrumentality, agency, or unit 4
250	250	of this State; and 5
251	251
252	252	(2) Without any proceedings or the happening of any conditions or things 6
253	253	other than those specifically required by this subtitle. 7
254	254
255	255	(b) (1) THE AUTHORITY SHALL OBTAI N THE CONSENT OF THE RAIL 8
256	256	AUTHORITY BEFORE ISSU ING REVENUE BONDS . 9
257	257
258	258	(2) (i) Subject to subparagraph (ii) of this paragraph, revenue bonds 10
259	259	secured by toll revenue may be issued in any amount as long as the aggregate outstanding 11
260	260	and unpaid principal balance of the revenue bonds secured by toll revenue and revenue 12
261	261	bonds of prior issues does not exceed $3,000,000,000 or, in fiscal years 2015 through 2020, 13
262	262	$2,325,000,000, on June 30 of any year. 14
263	263
264	264	(ii) The maximum aggregate amount of revenue bonds that may be 15
265	265	outstanding and unpaid under subparagraph (i) of this paragraph shall be reduced by the 16
266	266	amount of: 17
267	267
268	268	1. Any loan extended to the State under the federal 18
269	269	Transportation Infrastructure Finance and Innovation Act; and 19
270	270
271	271	2. Any line of credit extended to the State under the federal 20
272	272	Transportation Infrastructure Finance and Innovation Act, to the extent the State draws 21
273	273	on the line of credit. 22
274	274
275	275	[(2)] (3) Except as otherwise provided in this section and § 4–205 of this 23
276	276	title, without the approval of the General Assembly, the Authority, AFTER OBTAINING 24
277	277	THE CONSENT OF THE RAIL AUTHORITY, may issue bonds to refinance all or any part of 25
278	278	the cost of a transportation [facility] FACILITIES project for which the Authority previously 26
279	279	issued bonds authorized under this subtitle. 27
280	280
281	281	4–312. 28
282	282
283	283	(a) (2) (I) As to all or any part of any transportation facilities project, the 29
284	284	Authority may: 30
285	285
286	286	[(i)] 1. Fix, revise, charge, and collect rentals, rates, fees, tolls, 31
287	287	and other charges and revenues for its use or for its services; and 32
288	288
289	289	[(ii)] 2. Contract with any person who desires its use for any 33 HOUSE BILL 1324 7
290	290
291	291
292	292	purpose and fix the terms, conditions, rentals, rates, fees, tolls, or other charges or revenues 1
293	293	for this use. 2
294	294
295	295	(II) 1. EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 2 OF 3
296	296	THIS SUBPARAGRAPH , AS TO ALL OR ANY PART OF ANY TRANSPORTATIO N 4
297	297	FACILITIES PROJECT IN WHICH THE AUTHORITY CHARGES TOL LS, THE AUTHORITY 5
298	298	SHALL: 6
299	299
300	300	A. DETERMINE THE OPTIMAL TOLLING RATE FOR THE 7
301	301	TRANSPORTATION FACIL ITIES PROJECT; AND 8
302	302
303	303	B. SET TOLLING RATES THA T ACHIEVE NEAR OPTIM AL 9
304	304	TOLLING. 10
305	305
306	306	2. A. THIS SUBSUBPARAGRAPH DOES NOT APPLY TO 11
307	307	THE I–495 AND I–270 PUBLIC–PRIVATE PARTNERSHIP . 12
308	308
309	309	B. THE AUTHORITY MAY FIX COMMUTER DISCOUNT 13
310	310	RATES. 14
311	311
312	312	4–314. 15
313	313
314	314	(a) Without in any way limiting or restricting its effect or application, this subtitle 16
315	315	is intended to authorize the Authority to finance any one or more or any combination of 17
316	316	transportation facilities projects by any one or more or combination of issues or series of 18
317	317	bonds secured by the pledge of the net or gross or any combination of the net or gross 19
318	318	rentals, rates, fees, tolls, and other charges and revenues derived from any transportation 20
319	319	facilities project or combination of projects designated by any bond authorizing resolution 21
320	320	or trust agreement securing the bonds. 22
321	321
322	322	(b) However, all funds collected from rentals, rates, fees, tolls, and other charges 23
323	323	and revenues which are not needed to meet the costs which they are required to meet under 24
324	324	§ 4–312 of this subtitle or any trust agreement and are not needed to meet obligations of 25
325	325	the Transportation Authority Fund, may be used in the discretion of the Secretary to 26
326	326	provide adequate and complete payment of all principal and interest on all bonds issued in 27
327	327	connection with the John F. Kennedy Memorial Highway and any project constructed under 28
328	328	the provisions of Section 3 (Bridge, Tunnel, and Motorway Revenue Bonds) of Chapter 608, 29
329	329	of the Acts of the General Assembly of 1976. All such remaining funds thereafter remaining 30
330	330	[may] SHALL be transferred[, upon the recommendation of the Secretary and after the 31
331	331	approval of the Board of Public Works,] to the [Transportation Trust] RAIL AUTHORITY 32
332	332	Fund and may be used for any purpose to which funds in the [Transportation Trust] RAIL 33
333	333	AUTHORITY Fund may be applied. 34
334	334
335	335	7–101. 35
336	336	8 HOUSE BILL 1324
337	337
338	338
339	339	(j) [(1)] “Railroad facility” means any facility used in providing railroad 1
340	340	services, and includes any one or more or combination of: 2
341	341
342	342	[(i)] (1) Switches, spurs, tracks, structures, terminals, yards, real 3
343	343	property, and other facilities useful or designed for use in connection with the 4
344	344	transportation of persons or goods by rail; and 5
345	345
346	346	[(ii)] (2) All other appurtenances, including locomotives, cars, 6
347	347	vehicles, and other instrumentalities of shipment or carriage, useful or designed for use in 7
348	348	connection with the transportation of persons or goods by rail. 8
349	349
350	350	[(2) “Railroad facility” does not include any transit facility.] 9
351	351
352	352	(l) “Transit facility” includes any one or more or combination of tracks, 10
353	353	rights–of–way, bridges, tunnels, subways, rolling stock, stations, terminals, ports, parking 11
354	354	areas, equipment, fixtures, buildings, structures, other real or personal property, and 12
355	355	services incidental to or useful or designed for use in connection with the rendering of 13
356	356	transit service by any means, including rail, bus, motor vehicle, or other mode of 14
357	357	transportation[, but does not include any railroad facility]. 15
358	358
359	359	(n) (1) “Transit service” means the transportation of persons and their 16
360	360	packages and baggage and of newspapers, express, and mail in regular route, special, or 17
361	361	charter service by means of transit facilities between points within the District. 18
362	362
363	363	(2) “Transit service” does not include any[: 19
364	364
365	365	(i) Vanpool] VANPOOL operation[; or 20
366	366
367	367	(ii) Railroad service]. 21
368	368
369	369	TITLE 9. RAILROADS. 22
370	370
371	371	SUBTITLE 1. DEFINITIONS. 23
372	372
373	373	9–101. 24
374	374
375	375	(A) IN THIS TITLE THE FOL LOWING WORDS HAVE THE MEANI NGS 25
376	376	INDICATED. 26
377	377
378	378	(B) “ADMINISTRATION ” MEANS THE MARYLAND TRANSIT 27
379	379	ADMINISTRATION . 28
380	380
381	381	(C) “COST”, AS APPLIED TO ANY RA ILROAD FACILITIES PR OJECT, INCLUDES 29
382	382	THE COST OF AND ALL EXPENSES INCIDENT TO THE CONSTRUCTION , 30
383	383	RECONSTRUCTION , ACQUISITION, IMPROVEMENT , EXTENSION, ALTERATION, 31 HOUSE BILL 1324 9
384	384
385	385
386	386	MODERNIZATION , PLANNING, MAINTENANCE , AND REPAIR OF THE PR OJECT, 1
387	387	INCLUDING THE COST A ND EXPENSES OF : 2
388	388
389	389	(1) ALL PROPERTY ACQUIRED IN CONNECTION WITH THE PROJECT; 3
390	390
391	391	(2) FINANCIAL, ARCHITECTURAL , CONSULTING, ENGINEERIN G, AND 4
392	392	LEGAL SERVICES ; 5
393	393
394	394	(3) PLANS, SPECIFICATIONS , SURVEYS, ESTIMATES, FEASIBILITY 6
395	395	REPORTS, AND DIRECT AND INDIR ECT LABOR , MATERIAL, EQUIPMENT, AND 7
396	396	ADMINISTRATIVE EXPEN SES; AND 8
397	397
398	398	(4) FINANCING THE PROJECT , INCLUDING FINANCING CHARGES AND 9
399	399	INTEREST BEFORE , DURING, AND FOR 1 YEAR AFTER COMPLETIO N OF 10
400	400	CONSTRUCTION . 11
401	401
402	402	(D) “RAIL AUTHORITY” MEANS THE MARYLAND RAIL AUTHORITY. 12
403	403
404	404	(E) “RAILROAD FACILITIES PROJECT ” INCLUDES: 13
405	405
406	406	(1) (I) THE BRUNSWICK, CAMDEN, OR PENN LINES OF THE 14
407	407	MARYLAND AREA RAIL COMMUTER (MARC) SERVICE; 15
408	408
409	409	(II) EXTENDING MARC SERVICE; 16
410	410
411	411	(III) THE BALTIMORE AND POTOMAC TUNNEL; AND 17
412	412
413	413	(IV) THE SOUTHERN MARYLAND RAPID TRANSIT SYSTEM; AND 18
414	414
415	415	(2) ANY ADDITIONS, IMPROVEMENTS , OR ENLARGEMENTS TO A NY OF 19
416	416	THE PROJECTS LISTED UNDER ITEM (1) OF THIS SUBSECTION, WHENEVER 20
417	417	AUTHORIZED . 21
418	418
419	419	(F) “TRANSPORTATION AUTHORITY” MEANS THE MARYLAND 22
420	420	TRANSPORTATION AUTHORITY. 23
421	421
422	422	SUBTITLE 2. ORGANIZATION AND POWERS AND DUTIES. 24
423	423
424	424	9–201. 25
425	425
426	426	THERE IS A MARYLAND RAIL AUTHORITY. 26
427	427
428	428	9–202. 27 10 HOUSE BILL 1324
429	429
430	430
431	431
432	432	(A) (1) THE SECRETARY IS THE CHAI R OF THE RAIL AUTHORITY. 1
433	433
434	434	(2) THE SECRETARY SHALL DESIG NATE AN EXECUTIVE DIRECTOR 2
435	435	OF THE RAIL AUTHORITY. 3
436	436
437	437	(B) (1) IN ADDITION TO THE CHAIR, THE RAIL AUTHORITY CONSISTS OF 4
438	438	THE FOLLOWING MEMBER S: 5
439	439
440	440	(I) 1. ONE MEMBER WITH A BAC KGROUND IN TRANSIT , 6
441	441	APPOINTED BY THE PRESIDENT OF THE SENATE; AND 7
442	442
443	443	2. ONE MEMBER WITH A BAC KGROUND IN TRANSIT , 8
444	444	APPOINTED BY THE SPEAKER OF THE HOUSE; AND 9
445	445
446	446	(II) AS EX OFFICIO MEMBERS : 10
447	447
448	448	1. THE MARYLAND TRANSIT ADMINISTRATOR ; 11
449	449
450	450	2. THE GENERAL MANAGER O F THE WASHINGTON 12
451	451	METROPOLITAN AREA TRANSIT AUTHORITY, OR THE GENERAL MANAG ER’S 13
452	452	DESIGNEE; 14
453	453
454	454	3. THE CEO OF THE NATIONAL RAILROAD PASSENGER 15
455	455	CORPORATION , OR THE CEO’S DESIGNEE; 16
456	456
457	457	4. THE EXECUTIVE DIRECTOR OF THE 17
458	458	TRANSPORTATION AUTHORITY; 18
459	459
460	460	5. THE STATE TREASURER, OR THE STATE 19
461	461	TREASURER’S DESIGNEE; AND 20
462	462
463	463	6. THE EXECUTIVE DIRECTOR OF THE RAIL 21
464	464	AUTHORITY. 22
465	465
466	466	(2) THE MEMBERS APPOINTED BY THE PRESIDENT OF THE SENATE 23
467	467	AND THE SPEAKER OF THE HOUSE SHALL: 24
468	468
469	469	(I) REFLECT THE GEOGRAPHI C DIVERSITY OF THE STATE, TO 25
470	470	THE EXTENT PRA CTICABLE; AND 26
471	471
472	472	(II) HAVE A BACKGROUND IN TRANSIT, RAIL, OR 27
473	473	TRANSPORTATION PROJE CT FINANCE. 28 HOUSE BILL 1324 11
474	474
475	475
476	476
477	477	(C) (1) THE TERM OF AN APPOINTED MEMBER IS 4 YEARS. 1
478	478
479	479	(2) AN APPOINTED MEMBER M AY NOT SERVE MORE TH AN THREE 2
480	480	CONSECUTIVE TERMS . 3
481	481
482	482	(3) AT THE END OF A TERM , A MEMBER CONTINUES TO SERVE UNTIL 4
483	483	A SUCCESSOR IS APPOI NTED AND QUALIFIES . 5
484	484
485	485	(4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES 6
486	486	ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND 7
487	487	QUALIFIES. 8
488	488
489	489	(D) AN APPOINTED MEMBER O F THE RAIL AUTHORITY IS ENTITLED T O: 9
490	490
491	491	(1) THE COMPENSATION PROV IDED IN THE STATE BUDGET ; AND 10
492	492
493	493	(2) REIMBURSEMENT FOR EXP ENSES, UNDER THE STANDARD STATE 11
494	494	TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 12
495	495
496	496	(E) (1) THE STATE ETHICS COMMISSION SHALL PROV IDE A TRAINING 13
497	497	COURSE FOR RAIL AUTHORITY MEMBERS ON STATE AND LOCAL ETHIC S LAWS, 14
498	498	REGULATIONS , AND POLICIES, INCLUDING: 15
499	499
500	500	(I) GENERAL ETHICS REQUIR EMENTS; 16
501	501
502	502	(II) FINANCIAL DISCLOSURES ; 17
503	503
504	504	(III) CONFLICTS OF INTEREST ; AND 18
505	505
506	506	(IV) ANY OTHER AREA THE STATE ETHICS COMMISSION 19
507	507	CONSIDERS APPROPRIAT E. 20
508	508
509	509	(2) WITHIN 6 MONTHS AFTER BEING A PPOINTED TO THE RAIL 21
510	510	AUTHORITY, A MEMBER SHALL : 22
511	511
512	512	(I) FILE A FINANCIAL DISCLOSURE STATEMENT; AND 23
513	513
514	514	(II) COMPLETE THE TRAINING COURSE. 24
515	515
516	516	(F) THE RAIL AUTHORITY IS SUBJECT TO THE OPEN MEETINGS ACT 25
517	517	UNDER TITLE 3 OF THE GENERAL PROVISIONS ARTICLE. 26
518	518	12 HOUSE BILL 1324
519	519
520	520
521	521	9–203. 1
522	522
523	523	(A) THE RAIL AUTHORITY IS ENTITLED TO THE STAFF PROVIDE D IN THE 2
524	524	STATE BUDGET . 3
525	525
526	526	(B) THE SECRETARY SHALL PROVI DE THE RAIL AUTHORITY WITH THE 4
527	527	PERSONNEL OF THE DEPARTMENT THAT THE SECRETARY CONSIDERS N ECESSARY 5
528	528	FOR PERFORMANCE OF T HE MAINTENANCE AND O THER FUNCTIONS REQUI RED OF 6
529	529	THE RAIL AUTHORITY TO MEET ITS OBLIGATIONS WITH RES PECT TO ITS RAILROAD 7
530	530	FACILITIES PROJECTS. 8
531	531
532	532	9–204. 9
533	533
534	534	(A) (1) ACTING ON BEHALF OF T HE DEPARTMENT , THE RAIL AUTHORITY 10
535	535	HAS THOSE POWERS AND DUTIES RELATING TO T HE SUPERVISION , FINANCING, 11
536	536	CONSTRUCTION , OPERATION, MAINTENANCE , AND REPAIR OF RAILROAD FACILITIES 12
537	537	PROJECTS AS ARE GRANTED TO IT BY THIS TITLE. 13
538	538
539	539	(2) THE RAIL AUTHORITY MAY : 14
540	540
541	541	(I) DELEGATE PROJECT OPER ATIONS TO THE 15
542	542	ADMINISTRATION ; AND 16
543	543
544	544	(II) USE FARE REVENUE TO PROVIDE T HE ADMINISTRATION 17
545	545	WITH PAYMENTS FOR PR OJECT MAINTENANCE . 18
546	546
547	547	(B) THE RAIL AUTHORITY HAS GENERAL SUPERVISION OF THE FOLLOWING 19
548	548	RAILROAD FACILITIES PROJECTS: 20
549	549
550	550	(1) EXTENDING MARYLAND AREA RAIL COMMUTER (MARC) 21
551	551	SERVICE, INCLUDING EXTENDIN G RAIL SERVICE TO: 22
552	552
553	553	(I) NEWARK, DELAWARE; 23
554	554
555	555	(II) NORTHERN VIRGINIA; AND 24
556	556
557	557	(III) WESTERN MARYLAND; 25
558	558
559	559	(2) REPLACING THE BALTIMORE AND POTOMAC TUNNEL; 26
560	560
561	561	(3) PLANNING, DESIGNING, ENGINEERING , CONSTRUCTING , 27
562	562	OPERATING, AND MAINTAINING THE SOUTHERN MARYLAND RAPID TRANSIT 28
563	563	SYSTEM; AND 29 HOUSE BILL 1324 13
564	564
565	565
566	566
567	567	(4) IMPROVEMENTS TO THE BRUNSWICK, CAMDEN, OR PENN LINES 1
568	568	OF THE MARC SERVICE. 2
569	569
570	570	(C) THE RAIL AUTHORITY SHALL FINAN CE, CONSTRUCT, OPERATE, 3
571	571	REPAIR, AND MAINTAIN IN GOOD ORDER THE RAILROAD FACILITIES PROJECTS 4
572	572	LISTED IN THIS SECTI ON. 5
573	573
574	574	(D) THE RAIL AUTHORITY SHALL , TO THE EXTENT PRACTI CABLE, ADHERE 6
575	575	TO THE TRANSIT PLANS PREPARED UNDER TITLE 7, SUBTITLE 3 OF THIS ARTICLE. 7
576	576
577	577	9–205. 8
578	578
579	579	(A) SUBJECT TO § 9–306 OF THIS TITLE AND IN ADDITION TO THE POWE RS 9
580	580	OTHERWISE SPECIFICAL LY GRANTED BY LAW , THE RAIL AUTHORITY HAS THE 10
581	581	POWERS DESCRIBED IN THIS SECTION. 11
582	582
583	583	(B) THE RAIL AUTHORITY MAY ACQUIRE , HOLD, AND DISPOSE OF 12
584	584	PROPERTY IN THE EXER CISE OF ITS POWERS A ND PERFORMANCE OF IT S DUTIES. 13
585	585
586	586	(C) (1) SUBJECT TO THE LIMITA TIONS DESCRIBED IN P ARAGRAPH (2) OF 14
587	587	THIS SUBSECTION , THE RAIL AUTHORITY MAY MAKE AN Y CONTRACTS AND 15
588	588	AGREEMENTS NECESSARY OR INCIDENTAL TO THE EXERCISE OF ITS POWERS AND 16
589	589	PERFORMANCE OF ITS D UTIES. 17
590	590
591	591	(2) NOT LESS THAN 45 DAYS BEFORE ENTERING INTO ANY CONTRACT 18
592	592	OR AGREEMENT TO ACQU IRE OR CONSTRUCT A R EVENUE–PRODUCING PASSENGER 19
593	593	RAIL OR TRANSIT PROJ ECT, THE RAIL AUTHORITY SHALL PROVI DE, IN 20
594	594	ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, TO THE 21
595	595	SENATE BUDGET AND TAXATION COMMITTEE, THE HOUSE COMMITTEE ON WAYS 22
596	596	AND MEANS, AND THE HOUSE APPROPRIATIONS COMMITTEE, FOR REVIEW AND 23
597	597	COMMENT, AND TO THE DEPARTMENT OF LEGISLATIVE SERVICES A DESCRIPTIO N 24
598	598	OF THE PROPO SED PROJECT, A SUMMARY OF THE CON TRACT OR AGREEMENT , AND 25
599	599	A FINANCING PLAN THA T DETAILS: 26
600	600
601	601	(I) THE ESTIMATED ANNUAL REVENUE FROM THE ISS UANCE OF 27
602	602	BONDS TO FINANCE THE PROJECT; AND 28
603	603
604	604	(II) THE ESTIMATED IMPACT OF THE ISSUANCE OF B ONDS TO 29
605	605	FINANCE THE PROJEC T ON THE BONDING CAP ACITY OF THE RAIL AUTHORITY. 30
606	606
607	607	(D) (1) (I) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , THE 31
608	608	RAIL AUTHORITY MAY EMPLOY AND FIX THE COMPENSA TION OF ATTORNEYS , 32 14 HOUSE BILL 1324
609	609
610	610
611	611	CONSULTING ENGINEERS , ACCOUNTANTS , CONSTRUCTION AND FIN ANCIAL 1
612	612	EXPERTS, SUPERINTENDENTS, MANAGERS, AND ANY OTHER AGENTS AND 2
613	613	EMPLOYEES THAT IT CO NSIDERS NECESSARY TO EXERCISE ITS POWERS AND 3
614	614	PERFORM ITS DUTIES . 4
615	615
616	616	(II) THE COMPENSATION ESTA BLISHED BY THE RAIL 5
617	617	AUTHORITY FOR EXECUTI VE MANAGEMENT POSITI ONS SHALL BE CONSIST ENT WITH 6
618	618	THE COMPENSATION OF COMPARABLE POSITIONS IN THE DEPARTMENT . 7
619	619
620	620	(III) THE COMPENSATION ESTA BLISHED BY THE RAIL 8
621	621	AUTHORITY SHALL BE RE PORTED TO THE GENERAL ASSEMBLY EACH YEAR AS PART 9
622	622	OF THE RAIL AUTHORITY’S PRESENTATION OF IT S BUDGET. 10
623	623
624	624	(2) THE EXPENSE OF EMPLOY ING THESE PERSONS MA Y BE PAID ONLY 11
625	625	FROM REVENUES OR FRO M THE PROCEEDS OF RE VENUE BONDS ISSUED B Y THE 12
626	626	RAIL AUTHORITY. 13
627	627
628	628	(E) THE RAIL AUTHORITY MAY APPLY F OR AND RECEIVE GRANT S FROM 14
629	629	ANY FEDERAL AGENCY F OR THE PLANNING , CONSTRUCTION , OPERATION, OR 15
630	630	FINANCING OF ANY PASSENGER RAIL OR TR ANSIT PROJECT AND MAY RECEIVE AID 16
631	631	OR CONTRIBUTIONS OF MONEY, PROPERTY, LABOR, OR OTHER THINGS OF V ALUE 17
632	632	FROM ANY SOURCE , TO BE HELD, USED, AND APPLIED FOR THE PURPOSES FOR 18
633	633	WHICH THE GRANTS , AID, AND CONTRIBUTIONS AR E MADE. 19
634	634
635	635	(F) THE RAIL AUTHORITY MAY ADOPT R ULES AND REGULATIONS TO CARRY 20
636	636	OUT THE PROVISIONS O F THIS TITLE. 21
637	637
638	638	(G) THE RAIL AUTHORITY MAY DO ANYT HING ELSE NECESSARY OR 22
639	639	CONVENIENT TO CARRY OUT THE POWERS GRANT ED IN THIS TITLE. 23
640	640
641	641	9–206. 24
642	642
643	643	SUBJECT TO TITLE 12 OF THE REAL PROPERTY ARTICLE AND CHAPTER 608 25
644	644	OF THE ACTS OF THE GENERAL ASSEMBLY OF 1976, THE RAIL AUTHORITY MAY 26
645	645	CONDEMN PROPERTY FOR ANY RAILROAD FACILITIES PROJECT AUT HORIZED TO BE 27
646	646	FINANCED WITH REVENU E BONDS OF PRIOR ISS UES. 28
647	647
648	648	9–207. 29
649	649
650	650	EXCEPT FOR WATER AND SEWER CHARGES IMPOSE D BY THE STATE OR ANY OF 30
651	651	ITS AGENCIES OR POLI TICAL SUBDIVISIONS , THE RAIL AUTHORITY, ITS ACTIVITIES, 31
652	652	AND THE PROPERTY IT OWNS OR CONTROLS ARE EXEM PT FROM ALL TAXES , 32
653	653	ASSESSMENTS , AND CHARGES , WHETHER FEDERAL , STATE, OR LOCAL, NOW OR 33 HOUSE BILL 1324 15
654	654
655	655
656	656	SUBSEQUENTLY LEVIED OR IMPOSED. 1
657	657
658	658	9–208. 2
659	659
660	660	THE RAIL AUTHORITY MAY CONTRAC T WITH THE ADMINISTRATION TO 3
661	661	AUTHORIZE TRANSPORTATION AUTHORITY POLICE OFFI CERS TO EXERCISE THE 4
662	662	POWERS DESCRIBED UND ER § 4–208 OF THIS ARTICLE ON PROPERTY OWNED , 5
663	663	LEASED, OR OPERATED BY OR UN DER THE CONTROL OF T HE RAIL AUTHORITY. 6
664	664
665	665	9–209. 7
666	666
667	667	(A) ON OR BEFORE SEPTEMBER 1 EACH YEAR, THE RAIL AUTHORITY, IN 8
668	668	COLLABORATION WITH T HE TRANSPORTATION AUTHORITY, SHALL DEVELOP AND , 9
669	669	SUBJECT TO APPROVAL OF THE TRANSPORTATION AUTHORITY, ADOPT A 6–YEAR 10
670	670	FINANCIAL FORECAST F OR THE OPERATIONS OF THE RAIL AUTHORITY. 11
671	671
672	672	(B) IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, 12
673	673	THE RAIL AUTHORITY SHALL SUBMI T TO THE GENERAL ASSEMBLY: 13
674	674
675	675	(1) A DRAFT OF THE FINANCI AL FORECAST ON SUBMI SSION OF THE 14
676	676	BUDGET BILL TO THE P RESIDING OFFICERS OF THE GENERAL ASSEMBLY; AND 15
677	677
678	678	(2) THE FINANCIAL FORECAST AS APPROVED BY THE RAIL 16
679	679	AUTHORITY ON OR BEFOR E SEPTEMBER 1 EACH YEAR. 17
680	680
681	681	(C) THE FINANCIAL FORECAS T SHALL INCLUDE THE FOLLOWING 18
682	682	COMPONENTS : 19
683	683
684	684	(1) A SCHEDULE OF OPERATIN G EXPENSES; 20
685	685
686	686	(2) A SCHEDULE OF REVENUES , INCLUDING CONCESSION S INCOME, 21
687	687	INVESTMENT INCOME , OTHER INCOME , AND TRANSFERS FROM T HE DEPARTMENT ; 22
688	688
689	689	(3) A SCHEDULE OF PLANNED BOND ISSUANCES , INCLUDING A 23
690	690	DETAILED SUMMARY OF BONDS ISSUED TO FUND THE CAPITAL PROGRAM AND 24
691	691	BONDS ISSUED TO FUND CAPITALIZED INTEREST ; 25
692	692
693	693	(4) A SCHEDULE OF DEBT SER VICE IN EACH FISCAL YEAR FOR EACH 26
694	694	BOND ISSUANCE OF ALL DEBT ISSUED BY THE RAIL AUTHORITY, INCLUDING DEBT 27
695	695	SERVICE ESTIMATES OF PLANNED BOND ISSUANC ES; AND 28
696	696
697	697	(5) A SUMMARY SCHEDULE FOR THE RAIL AUTHORITY THAT 29
698	698	INCLUDES: 30 16 HOUSE BILL 1324
699	699
700	700
701	701
702	702	(I) THE TOTAL CASH BALANCE ; 1
703	703
704	704	(II) THE AMOUNT OF THE CAS H BALANCE THAT IS 2
705	705	ENCUMBERED ; 3
706	706
707	707	(III) THE ANNUAL CASH SURPL US OR DEFICIT; 4
708	708
709	709	(IV) REVENUES; 5
710	710
711	711	(V) TRANSFERS TO THE DEPARTMENT FROM THE RAIL 6
712	712	AUTHORITY; 7
713	713
714	714	(VI) TRANSFERS TO THE RAIL AUTHORITY FROM THE 8
715	715	DEPARTMENT ; 9
716	716
717	717	(VII) BOND SALES; 10
718	718
719	719	(VIII) EXPENDITURES FOR DEBT SERVICE; 11
720	720
721	721	(IX) OPERATING EXPENSES ; 12
722	722
723	723	(X) CAPITAL EXPENSES ; 13
724	724
725	725	(XI) MAINTENANCE AND OPERA TIONS EXPENSE RESERV E 14
726	726	ACCOUNTS; 15
727	727
728	728	(XII) FORECASTED BOND INTER EST RATES; 16
729	729
730	730	(XIII) TOTAL BOND S OUTSTANDING ; AND 17
731	731
732	732	(XIV) FINANCIAL COVERAGE RA TIOS, INCLUDING THE RATIO OF 18
733	733	TOTAL CASH TO FARE REVENUES, THE DEBT SERVICE COV ERAGE RATIO, AND THE 19
734	734	RATE COVENANT COMPLI ANCE RATIO. 20
735	735
736	736	(D) THE FINANCIAL FORECAS T SHALL INCLUDE , FOR EACH OF THE 21
737	737	COMPONENTS SPEC IFIED IN SUBSECTION (C) OF THIS SECTION: 22
738	738
739	739	(1) ACTUAL INFORMATION FO R THE LAST FULL FISC AL YEAR; AND 23
740	740
741	741	(2) FORECASTS OF THE INFO RMATION FOR EACH OF THE 6 24
742	742	SUBSEQUENT FISCAL YE ARS, INCLUDING THE CURREN T FISCAL YEAR, THE FISCAL 25
743	743	YEAR FOR THE PROPOSE D BUDGET, AND THE NEXT 4 SUBSEQUENT FISCAL YE ARS. 26 HOUSE BILL 1324 17
744	744
745	745
746	746
747	747	9–210. 1
748	748
749	749	(A) THE RAIL AUTHORITY SHALL EMPLO Y A GENERAL COUNSEL WHO 2
750	750	SERVES AT THE PLEASU RE OF THE SECRETARY. 3
751	751
752	752	(B) THE GENERAL COUNSEL I S ENTITLED TO THE CO MPENSATION 4
753	753	DETERMINED BY THE MARYLAND TRANSIT ADMINISTRATOR . 5
754	754
755	755	9–211. 6
756	756
757	757	(A) THE RAIL AUTHORITY SHALL MAKE PUBLICLY AVAILABLE O N ITS 7
758	758	WEBSITE: 8
759	759
760	760	(1) EACH OPEN MEETING AGE NDA: 9
761	761
762	762	(I) AT LEAST 48 HOURS IN ADVANCE OF EACH MEETING ; OR 10
763	763
764	764	(II) IF THE MEETING IS BEI NG HELD DUE TO AN EM ERGENCY, A 11
765	765	NATURAL DI SASTER, OR ANY OTHER UNANTIC IPATED SITUATION , AS FAR IN 12
766	766	ADVANCE OF THE MEETI NG AS PRACTICABLE ; 13
767	767
768	768	(2) MEETING MINUTES FROM THE PORTIONS OF A ME ETING THAT 14
769	769	WERE HELD IN OPEN SE SSION, NOT MORE THAN 2 BUSINESS DAYS AFTER THE 15
770	770	MINUTES ARE APPROVED ; 16
771	771
772	772	(3) LIVE VIDEO STREAMING OF EA CH OPEN MEETING OF T HE RAIL 17
773	773	AUTHORITY THAT IS HEL D AT: 18
774	774
775	775	(I) THE HEADQUARTERS OF T HE RAIL AUTHORITY; OR 19
776	776
777	777	(II) ANY OTHER LOCATION WH ERE THE RAIL AUTHORITY HELD 20
778	778	AT LEAST 10 MEETINGS DURING THE IMMEDIATELY PRECEDIN G CALENDAR YEAR ; 21
779	779	AND 22
780	780
781	781	(4) A COMPLETE AND UNEDITE D ARCHIVED VIDEO REC ORDING OF 23
782	782	EACH OPEN MEETING FO R WHICH LIVE VIDEO S TREAMING WAS MADE AV AILABLE 24
783	783	UNDER ITEM (3) OF THIS SUBSECTION F OR A MINIMUM OF 5 YEARS AFTER THE DATE 25
784	784	OF THE MEETING . 26
785	785
786	786	(B) THE DEPARTMENT OF INFORMATION TECHNOLOGY SHALL PROV IDE TO 27
787	787	THE RAIL AUTHORITY THE TECHNIC AL STAFF, SUPPORT, AND EQUIPMENT 28
788	788	NECESSARY TO LIVESTR EAM THE OPEN MEETING S OF THE RAIL AUTHORITY. 29 18 HOUSE BILL 1324
789	789
790	790
791	791
792	792	SUBTITLE 3. FINANCING OF PROJECTS. 1
793	793
794	794	9–301. 2
795	795
796	796	BY ONE OR MORE RESOLU TIONS, THE RAIL AUTHORITY MAY : 3
797	797
798	798	(1) FINANCE THE COST OF RAILROAD FACILITIES PROJECTS; 4
799	799
800	800	(2) BORROW MONEY FROM TIM E TO TIME FOR THAT P URPOSE; AND 5
801	801
802	802	(3) EVIDENCE THE BORROWIN G BY THE ISSUANCE AN D SALE OF 6
803	803	REVENUE BONDS , NOTES, OR OTHER EVIDENCES OF OBLIG ATION ON THE TERMS , 7
804	804	CONDITIONS, AND LIMITATIONS CONT AINED IN THIS SUBTIT LE. 8
805	805
806	806	9–302. 9
807	807
808	808	(A) EXCEPT AS PROVIDED IN § 9–306(B) OF THIS SUBTITLE , WITHOUT 10
809	809	LIMITING THE POWER O F THE RAIL AUTHORITY TO ISSUE AD DITIONAL REVENUE 11
810	810	BONDS UNDER THE PR OVISIONS OF LAW THAT AUTHORIZE THE ISSUAN CE OF 12
811	811	REVENUE BONDS OF PRI OR ISSUES, THE RAIL AUTHORITY FROM TIME T O TIME MAY 13
812	812	ISSUE ITS REVENUE BO NDS TO FINANCE THE C OST OF ANY ONE OR MO RE OR 14
813	813	COMBINATION OF RAILROAD FACILITIES PROJECTS. 15
814	814
815	815	(B) AS TO REVENUE BONDS O F ANY ISSUE, THE RAIL AUTHORITY MAY 16
816	816	DETERMINE: 17
817	817
818	818	(1) THE DATE OR DATES OF ISSUE; 18
819	819
820	820	(2) THE DATE OR DATES AND AMOUNT OR AMOUNTS OF MATURITY, 19
821	821	WHICH NEED NOT BE IN EQUAL PRINCIPAL AMOU NTS OR CONSECUTIVE A NNUAL 20
822	822	INSTALLMENTS , BUT A BOND MAY NOT BE ISSUED TO MATURE LATER THAN 40 YEARS 21
823	823	AFTER THE DATE OF IT S ISSUE; 22
824	824
825	825	(3) THE RATE OR RATES OF INTEREST PAYABLE ON THE BONDS, OR 23
826	826	THE MANNER OF DETERM INING THE RATE OR RA TES OF INTEREST , AND THE DATE 24
827	827	OR DATES OF PAYMENT OF INTEREST; 25
828	828
829	829	(4) THE TENO R, FORM OR FORMS , DENOMINATION OR 26
830	830	DENOMINATIONS , MANNER OF EXECUTION , AND PLACE OR PLACES OF PAYMENT OF 27
831	831	THE PRINCIPAL OF AND INTEREST ON THE BOND S, WHICH MAY BE AT ANY BANK OR 28
832	832	TRUST COMPANY WITHIN OR OUTSIDE THE STATE; 29
833	833	HOUSE BILL 1324 19
834	834
835	835
836	836	(5) WHETHER THE BONDS ARE TO BE ISSUED IN COUPON OR 1
837	837	REGISTERED FORM OR B OTH AND WHETHER PROV ISION IS TO BE MADE FOR THE 2
838	838	REGISTRATION OF THE PRINCIPAL ONLY OF CO UPON BONDS , FOR THE 3
839	839	RECONVERSION OF FULL Y REGISTERED BONDS I NTO COUPON FORM , AND FOR THE 4
840	840	REPLACEMENT OF BONDS THAT ARE MUTILATED , LOST, OR DESTROYED ; 5
841	841
842	842	(6) WHETHER ALL OR ANY PA RT OF THE BONDS ARE REDEEMABLE 6
843	843	BEFORE MATURITY AND , IF SO, THE TERMS , CONDITIONS, AND PRICES OF 7
844	844	REDEMPTION ; AND 8
845	845
846	846	(7) ANY OTHER MATTER RELA TING TO THE FORM , TERMS, 9
847	847	CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF THE BONDS. 10
848	848
849	849	9–303. 11
850	850
851	851	(A) (1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE SHALL BE 12
852	852	EXECUTED ON BEHALF O F THE RAIL AUTHORITY BY THE MANU AL SIGNATURE OF AT 13
853	853	LEAST ONE AUTHORIZED INDIVIDUAL. 14
854	854
855	855	(2) OTHER SIGNATURES ON T HE BONDS MAY BE EITH ER MANUAL OR 15
856	856	FACSIMILE. 16
857	857
858	858	(B) IF AN INDIVIDUAL WHOS E MANUAL OR FACSIMIL E SIGNATURE APPEARS 17
859	859	ON ANY BOND OR COUPO N ISSUED UNDER THIS SUBTITLE CEASES TO S ERVE IN AN 18
860	860	AUTHORIZED CAPACITY BEFORE THE DELIVERY OF THE BOND , THE SIGNATURE 19
861	861	NEVERTHELESS IS AS V ALID AND SUFFICIENT FOR ALL P URPOSES AS IF THE 20
862	862	INDIVIDUAL HAD REMAI NED IN THAT CAPACITY UNTIL DELIVERY OF TH E BOND. 21
863	863
864	864	9–304. 22
865	865
866	866	NOTWITHSTANDING ANY O THER PROVISION OF LA W OR ANY RECITALS IN THE 23
867	867	INSTRUMENTS , THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 24
868	868	OBLIGATION ISSUED UN DER THIS SUBTITLE ARE INVESTMEN T SECURITIES UNDER 25
869	869	THE LAWS OF TH E STATE. 26
870	870
871	871	9–305. 27
872	872
873	873	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 28
874	874	ISSUED UNDER THIS SU BTITLE AND THEIR ISS UANCE AND SALE ARE E XEMPT FROM 29
875	875	THE PROVISIONS OF §§ 8–206 AND 8–208 OF THE STATE FINANCE AND 30
876	876	PROCUREMENT ARTICLE, AND THE RAIL AUTHORITY MAY SELL TH EM AT EITHER 31
877	877	PUBLIC OR PRIVATE SA LE IN THE MANNER AND FOR THE PRICE THAT I T 32
878	878	DETERMINES . 33 20 HOUSE BILL 1324
879	879
880	880
881	881
882	882	9–306. 1
883	883
884	884	(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, REVENUE 2
885	885	BONDS MAY BE ISSUED BY THE RAIL AUTHORITY: 3
886	886
887	887	(1) WITHOUT OBTAINING THE CONSENT OF ANY INSTR UMENTALITY, 4
888	888	AGENCY, OR UNIT OF THE STATE; AND 5
889	889
890	890	(2) WITHOUT ANY PROCEEDIN GS OR THE HAPPENING OF ANY 6
891	891	CONDITIONS OR THINGS OTHER THAN THOSE SPE CIFICALLY REQUIRED B Y THIS 7
892	892	SUBTITLE. 8
893	893
894	894	(B) (1) (I) SUBJECT TO SUBPARAGRA PH (III) OF THIS PARAGRAPH , 9
895	895	REVENUE BONDS SECURE D BY FARE REVENUE MAY BE ISSUE D IN ANY AMOUNT . 10
896	896
897	897	(II) ON OR BEFORE APRIL 1, 2024, THE RAIL AUTHORITY 11
898	898	SHALL SUBMIT, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 12
899	899	ARTICLE, A REPORT TO THE GENERAL ASSEMBLY THAT INCLUDES: 13
900	900
901	901	1. A RECOMMENDATION ON TH E MAXIMUM AGGREGATE 14
902	902	AMOUNT OF REVENUE BO NDS THAT MAY BE OUTS TANDING AND UNPAID I N A FISCAL 15
903	903	YEAR; AND 16
904	904
905	905	2. WHETHER THE MAXIMUM A GGREGATE AMOUNT 17
906	906	DETERMINED UNDER ITEM 1 OF THIS SUBPAR AGRAPH SHOULD BE ESTABLISHED BY 18
907	907	LAW OR REGULATION . 19
908	908
909	909	(III) THE MAXIMUM AGGREGATE AMOUNT OF REVENUE BO NDS 20
910	910	THAT MAY BE OUTSTAND ING AND UNPAID UNDER SUBPARAGRAPH (I) OF THIS 21
911	911	PARAGRAPH SHALL BE R EDUCED BY THE AMOUNT OF: 22
912	912
913	913	1. ANY LOAN EXTENDED TO THE STATE UNDER THE 23
914	914	FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT; 24
915	915	AND 25
916	916
917	917	2. ANY LINE OF CREDIT EX TENDED TO THE STATE 26
918	918	UNDER THE FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND 27
919	919	INNOVATION ACT, TO THE EXTENT THE STATE DRAWS ON THE LI NE OF CREDIT. 28
920	920
921	921	(2) EXCEPT AS OTHERWISE P ROVIDED IN THIS SECT ION AND § 9–205 29
922	922	OF THIS TITLE, WITHOUT THE APPROVAL OF THE GENERAL ASSEMBLY, THE RAIL 30
923	923	AUTHORITY MAY ISSUE B ONDS TO REFINANCE AL L OR ANY PART OF THE COST OF A 31 HOUSE BILL 1324 21
924	924
925	925
926	926	PASSENGER RAIL OR TR ANSIT PROJECT FOR WHICH THE RAIL AUTHORITY 1
927	927	PREVIOUSLY ISSUED BO NDS AUTHORIZED UNDER THIS SUBTITLE. 2
928	928
929	929	9–307. 3
930	930
931	931	(A) SUBJECT TO THE PROVIS IONS OF §§ 9–306(B) AND 9–320 OF THIS 4
932	932	SUBTITLE, IF BY REASON OF INCR EASED CONSTRUCTION C OSTS, ERROR IN 5
933	933	ESTIMATES, OR OTHERWISE , THE PROCEEDS OF THE REVENUE BONDS OF ANY ISSUE 6
934	934	ARE LESS THAN THE AM OUNT REQUIRED FOR TH E PURPOSE FOR WHICH THE BONDS 7
935	935	ARE AUTHORIZED , ADDITIONAL REVENUE B ONDS MAY BE ISSUED I N A SIMILAR 8
936	936	MANNER TO PROVIDE TH E AMOUNT OF THE DEFI CIENCY. 9
937	937
938	938	(B) (1) THE ADDITIONAL BONDS SHALL BE DEEMED TO B E OF THE SAME 10
939	939	ISSUE AND SHALL BE E NTITLED TO PAYMENT F ROM THE SAME FUND , WITHOUT 11
940	940	PREFERENCE OR PRIORI TY, AS THE BONDS FIRST I SSUED. 12
941	941
942	942	(2) IF THE PROCEEDS OF TH E ADDITIONAL BONDS E XCEED THE 13
943	943	AMOUNT REQUIRED , THE EXCESS SHALL BE DEPOSITED TO THE CREDIT OF ANY 14
944	944	RESERVE FUND FOR THE BONDS OR, IF SO PROVIDED IN TH E TRUST AGREEMENT 15
945	945	SECURING THE BONDS , MAY BE APPLIED TO TH E COST OF ANY ADDITI ONAL 16
946	946	PROJECT. 17
947	947
948	948	9–308. 18
949	949
950	950	(A) THE RAIL AUTHORITY FROM TIME T O TIME MAY ISSUE ITS REVENUE 19
951	951	REFUNDING BONDS FOR: 20
952	952
953	953	(1) REFUNDING ANY BONDS I SSUED UNDER THIS SUB TITLE OR ANY 21
954	954	REVENUE BONDS OF PRI OR ISSUES, INCLUDING THE PAYMEN T OF ANY REDEMPTION 22
955	955	PREMIUM ON THE BONDS AND ANY INTEREST ACC RUED OR TO ACCRUE TO THE DATE 23
956	956	OF REDEMPTION OF THE BONDS; 24
957	957
958	958	(2) CONSTRUCTING IMPROVEMENTS OR EXTE NSIONS TO OR 25
959	959	ENLARGEMENTS OF ANY RAILROAD FACILITIES PROJECT ; AND 26
960	960
961	961	(3) PAYING ALL OR ANY PAR T OF THE COST OF ANY ADDITIONAL 27
962	962	RAILROAD FACILITIES PROJECT . 28
963	963
964	964	(B) THE ISSUANCE OF REVEN UE REFUNDING BONDS , THE DETAILS OF 29
965	965	THEIR ISSUANCE , THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 30
966	966	OBLIGATIONS OF THE RAIL AUTHORITY WITH RESPEC T TO THEM ARE GOVERN ED BY 31
967	967	THE PROVISIONS OF TH IS SUBTITLE RELATING TO REVENUE BOND S, INSOFAR AS 32
968	968	THOSE PROVISIONS MAY BE APPLICABLE . 33 22 HOUSE BILL 1324
969	969
970	970
971	971
972	972	9–309. 1
973	973
974	974	BEFORE THE PREPARATIO N OF DEFINITIVE BOND S, THE RAIL AUTHORITY 2
975	975	MAY ISSUE ITS INTERI M CERTIFICATES OR TE MPORARY BONDS , WITH OR WITHOUT 3
976	976	COUPONS, EXCHANGEABLE FOR DEF INITIVE BONDS WHEN T HE DEFINITIVE BONDS 4
977	977	HAVE BEEN EXECUTED A ND ARE AVAILABLE FOR DELIVERY. 5
978	978
979	979	9–310. 6
980	980
981	981	(A) THE RAIL AUTHORITY MAY ISSUE I TS BOND ANTICIPATION NOTES, 7
982	982	PAYABLE TO THE BEARE R OR REGISTERED HOLD ER OF THE NOTES , OUT OF THE 8
983	983	FIRST PROCEEDS OF TH E NEXT SALE OF BONDS ISSUED UNDER THIS SUBTITLE. 9
984	984
985	985	(B) THE RESOLUTION AUTHOR IZING THE ISSUANCE O F BOND ANTICIPATION 10
986	986	NOTES MAY PROVIDE FO R THE ISSUANCE OF TH ESE NOTES IN SERIES , AS FUNDS ARE 11
987	987	REQUIRED, AND FOR THE RENEWAL OF THESE NOTES AT MA TURITY, WITH OR 12
988	988	WITHOUT RESALE . 13
989	989
990	990	(C) THE ISSUANCE OF BOND ANTICIPATION NO TES, THE DETAILS OF THEIR 14
991	991	ISSUANCE, THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 15
992	992	OBLIGATIONS OF THE RAIL AUTHORITY WITH RESPEC T TO THEM ARE GOVERN ED BY 16
993	993	THE PROVISIONS OF TH IS SUBTITLE RELATING TO THE ISSUANCE OF T HE BONDS IN 17
994	994	ANTICIPATION OF THE SALE OF WHICH THE NO TES ARE ISSUED, INSOFAR AS THOSE 18
995	995	PROVISIONS MAY BE AP PLICABLE. 19
996	996
997	997	9–311. 20
998	998
999	999	(A) (1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE MAY BE 21
1000	1000	SECURED BY A TRUST A GREEMENT BETWEEN THE RAIL AUTHORITY AND A 22
1001	1001	CORPORATE TRUSTEE THAT MAY BE ANY TRUST COMP ANY OR BANK HAVING T RUST 23
1002	1002	POWERS WITHIN OR OUTSIDE THE STATE. 24
1003	1003
1004	1004	(2) THE TRUST AGREEMENT M AY PLEDGE OR ASSIGN ALL OR ANY 25
1005	1005	PART OF THE REVENUES OF THE RAIL AUTHORITY OR OF ANY RAILROAD FACILITIES 26
1006	1006	PROJECT, BUT MAY NOT MORTGAGE ANY PART OF ANY RAILROAD FACILITIES 27
1007	1007	PROJECT. 28
1008	1008
1009	1009	(B) ANY TRUST AGREEMENT O R BOND AUTHORIZING R ESOLUTION MAY : 29
1010	1010
1011	1011	(1) CONTAIN ANY PROVISION S FOR THE PROTECTION AND 30
1012	1012	ENFORCEMENT OF THE R IGHTS AND REMEDIES O F BONDHOLDERS AS ARE 31
1013	1013	CONSIDERED REASONABL E AND PROPER , INCLUDING COVENANTS SETTING FORTH 32 HOUSE BILL 1324 23
1014	1014
1015	1015
1016	1016	THE DUTIES OF THE RAIL AUTHORITY AS TO THE F INANCING OR DEVELOPM ENT OF 1
1017	1017	ANY RAILROAD FACILITIES PROJECT , THE EXTENSION , ENLARGEMENT , 2
1018	1018	IMPROVEMENT , MAINTENANCE , OPERATION, REPAIR, AND INSURANCE OF THE 3
1019	1019	PROJECT, AND THE CUSTODY , SAFEGUARDING , AND APPLICATION OF M ONEY; 4
1020	1020
1021	1021	(2) PROVIDE FOR THE EMPLO YMENT OF CONSULTING ENGINEERS IN 5
1022	1022	CONNECTION WITH THE CONSTRUCTION OR OPER ATION OF ANY RAILROAD 6
1023	1023	FACILITIES PROJECT ; 7
1024	1024
1025	1025	(3) SET FORTH THE RIGHTS AND REMEDIES OF THE BONDHOLDERS 8
1026	1026	AND OF THE TRUSTEE ; 9
1027	1027
1028	1028	(4) RESTRICT THE INDIVIDU AL RIGHT OF ACTION B Y BONDHOLDERS ; 10
1029	1029	AND 11
1030	1030
1031	1031	(5) CONTAIN ANY OTHER PRO VISIONS THAT THE RAIL AUTHORITY 12
1032	1032	CONSIDERS REASONABLE AND PROPER FOR THE S ECURITY OF THE BONDH OLDERS, 13
1033	1033	INCLUDING: 14
1034	1034
1035	1035	(I) COVENANTS TO RESTRICT OR PROHIBIT THE 15
1036	1036	CONSTRUCTION OR OPER ATION OF COMPETING RAILROAD FACILITIES; AND 16
1037	1037
1038	1038	(II) COVENANTS RELATING TO THE ISSUANCE OF ADDI TIONAL 17
1039	1039	PARITY BONDS ON STAT ED CONDITIONS CONSIS TENT WITH THE REQUIR EMENTS OF 18
1040	1040	THIS SUBTITLE. 19
1041	1041
1042	1042	(C) ALL EXPENSES INCURRED IN CARRYING OUT THE TRUST AGREEMENT 20
1043	1043	MAY BE TREATED AS A PART OF THE COST OF THE OPERATION OF THE RAILROAD 21
1044	1044	FACILITIES PROJECT I N CONNECTION WITH WH ICH THE BONDS HAVE B EEN ISSUED. 22
1045	1045
1046	1046	(D) THE PROCEEDS OF THE S ALE OF BONDS SHALL B E PAID TO THE 23
1047	1047	TRUSTEE UNDER THE TR UST AGREEMENT SECURI NG THE BONDS AND SHA LL BE 24
1048	1048	DISBURSED IN THE MAN NER AND UNDER THE RE STRICTIONS, IF ANY, PROVIDED IN 25
1049	1049	THE TRUST AGREEMENT . 26
1050	1050
1051	1051	(E) ANY BANK OR TRUST COM PANY INCORPORATED UN DER THE LAWS OF 27
1052	1052	THE STATE THAT ACTS AS DEPOSITARY OF THE PR OCEEDS OF THE BONDS OR OF 28
1053	1053	REVENUES MAY FURNISH ANY INDEMNIFYING BON DS OR PLEDGE ANY SEC URITIES 29
1054	1054	THAT THE RAIL AUTHORITY REQUIRES . 30
1055	1055
1056	1056	9–312. 31
1057	1057
1058	1058	NOTWITHSTANDING ANY O THER PROVISION OF LA W, IF THE RAIL AUTHORITY 32 24 HOUSE BILL 1324
1059	1059
1060	1060
1061	1061	IS OPERATING A RAILR OAD FACILITIES PROJECT , THE RAIL AUTHORITY SHALL FIX , 1
1062	1062	REVISE, CHARGE, AND COLLECT RENTALS , RATES, FEES, FARES, AND OTHER 2
1063	1063	CHARGES FOR ITS USE OR FOR ITS SERVICES CONSISTENT WITH THE PROVISIONS OF 3
1064	1064	§§ 7–208, 7–505, AND 7–506 OF THIS ARTICLE AS THOSE PROVISIONS APPLY TO THE 4
1065	1065	ADMINISTRATION . 5
1066	1066
1067	1067	9–313. 6
1068	1068
1069	1069	(A) (1) ALL RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D 7
1070	1070	REVENUES DERIVED FRO M ANY RAILROAD FACILITIES PROJECT S HALL BE SET 8
1071	1071	ASIDE IN A FUND KNOW N AS THE RAIL AUTHORITY FUND, EXCEPT TO THE EXTENT 9
1072	1072	THAT THEY ARE PLEDGE D UNDER AN APPLICABL E TRUST AGREEMENT TO SECURE 10
1073	1073	EITHER: 11
1074	1074
1075	1075	(I) REVENUE BONDS ISSUED UNDER THIS SUBTITLE IF THE 12
1076	1076	TRUST AGREEMENT OR B OND AUTHORIZING RESO LUTION EXPRESSLY PRO VIDES 13
1077	1077	THAT THIS SECTION DO ES NOT APPLY TO THOS E BONDS; OR 14
1078	1078
1079	1079	(II) REVENUE BONDS OF PRIO R ISSUES. 15
1080	1080
1081	1081	(2) THE RAIL AUTHORITY FUND SHALL BE PLEDGED TO AND 16
1082	1082	CHARGED WITH THE PAY MENT OF: 17
1083	1083
1084	1084	(I) THE INTEREST ON BONDS ISSUED UNDER THIS SU BTITLE AS 18
1085	1085	IT FALLS DUE; 19
1086	1086
1087	1087	(II) THE PRINCIPAL OF THE BONDS AS IT FALL S DUE; 20
1088	1088
1089	1089	(III) THE NECESSARY CHARGES OF PAYING AGENTS FOR PAYING 21
1090	1090	PRINCIPAL AND INTERE ST; AND 22
1091	1091
1092	1092	(IV) THE REDEMPTION PRICE OR PURCHASE PRICE OF BONDS 23
1093	1093	RETIRED BY CALL OR P URCHASE AS PROVIDED IN THE BOND AUTHORIZ ING 24
1094	1094	RESOLUTION OR TRUST AGREEMENT . 25
1095	1095
1096	1096	(B) (1) THE PLEDGE IS VALID A ND BINDING FROM THE TIME IT IS MADE. 26
1097	1097
1098	1098	(2) RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D 27
1099	1099	REVENUES OR OTHER MO NEY SO PLEDGED AND L ATER RECEIVED BY THE RAIL 28
1100	1100	AUTHORITY IMMEDIATELY SHALL BE SUBJECT TO THE LIEN OF THE PLEDGE 29
1101	1101	WITHOUT PHYSICAL DEL IVERY OR ANY FURTHER ACT. 30
1102	1102
1103	1103	(3) THE LIEN OF THE PLEDG E IS VALID AND BINDI NG AS AGAINST ALL 31 HOUSE BILL 1324 25
1104	1104
1105	1105
1106	1106	PARTIES HAVING ANY C LAIMS OF ANY KIND IN TORT, CONTRACT, OR OTHERWISE 1
1107	1107	AGAINST THE RAIL AUTHORITY, WHETHER OR NOT THESE PARTIES HAVE NOTICE OF 2
1108	1108	THE PLEDGE. 3
1109	1109
1110	1110	(4) NOTWITHSTANDING ANY L AW TO THE CONTRARY , NEITHER THE 4
1111	1111	RESOLUTION NOR ANY T RUST AGREEMENT BY WH ICH A PLEDGE IS CREA TED NEED 5
1112	1112	BE FILED OR RECORDED OTHER THAN IN THE RE CORDS OF THE RAIL AUTHORITY. 6
1113	1113
1114	1114	(C) THE USE AND DISPOSITI ON OF MONEY TO THE C REDIT OF THE RAIL 7
1115	1115	AUTHORITY FUND IS SUBJECT TO TH E PROVISION OF THE A PPLICABLE BOND 8
1116	1116	AUTHORIZING RESOLUTI ON OR TRUST AGREEMEN T. 9
1117	1117
1118	1118	9–314. 10
1119	1119
1120	1120	WITHOUT IN ANY WAY LI MITING OR RESTRICTIN G ITS EFFECT OR 11
1121	1121	APPLICATION, THIS SUBTITLE IS INT ENDED TO AUTHORIZE T HE RAIL AUTHORITY 12
1122	1122	TO FINANCE ANY ONE O R MORE OR ANY COMBIN ATION OF RAILROAD FACILITIES 13
1123	1123	PROJECTS BY ANY ONE OR MORE OR COMBINATI ON OF ISSUES OR SER IES OF BONDS 14
1124	1124	SECURED BY THE PLEDG E OF THE NET OR GROS S OR ANY COMBINATION OF THE NET 15
1125	1125	OR GROSS RENTALS , RATES, FARES, FEES, AND OTHER CHARGES AN D REVENUES 16
1126	1126	DERIVED FROM ANY RAILROAD FACILITIES PROJECT O R COMBINATION OF 17
1127	1127	PROJECTS DESIGNATED BY ANY BOND AUTHORI ZING RESOLUTION OR T RUST 18
1128	1128	AGREEMENT SECURING T HE BONDS. 19
1129	1129
1130	1130	9–315. 20
1131	1131
1132	1132	ALL MONEY THAT IS REC EIVED BY THE RAIL AUTHORITY AS PROCEEDS FROM 21
1133	1133	THE SALE OF REVENUE BONDS, NOTES, OR OTHER EVIDENCES O F OBLIGATION 22
1134	1134	UNDER THIS SUBTITLE AND BY WAY OF RENTAL S, RATES, FARES, FEES, AND OTHER 23
1135	1135	CHARGES AND REVENUES DERIVED FROM ANY RAILROAD FACILITIES PROJECT O R 24
1136	1136	COMBINATION OF PROJE CTS AND THAT IS DESI GNATED BY ANY AUTHOR IZING 25
1137	1137	RESOLUTION OR TRUST AGREEMENT AS SECURIT Y FOR THE BONDS , NOTES, OR 26
1138	1138	OTHER EVIDENCES OF O BLIGATION SHALL BE DEEMED TO BE TRUST F UNDS TO BE 27
1139	1139	HELD AND APPLIED ONL Y AS PROVIDED IN THI S SUBTITLE. 28
1140	1140
1141	1141	9–316. 29
1142	1142
1143	1143	EXCEPT TO THE EXTENT RESTRICTED BY THE TR UST AGREEMENT , THE 30
1144	1144	TRUSTEE OR ANY HOLDE R OF REVENUE BONDS I SSUED UNDER THIS SUB TITLE OR 31
1145	1145	OF ANY OF THE COUPON S APPERTAINING TO THE BONDS MAY : 32
1146	1146
1147	1147	(1) BRING A SUIT , AN ACTION, A MANDAMUS , OR ANY OTHER 33
1148	1148	PROCEEDING AT LAW OR IN EQUITY TO PROTECT AND ENFORCE ANY RIGH T UNDER 34 26 HOUSE BILL 1324
1149	1149
1150	1150
1151	1151	THE LAWS OF TH E STATE OR UNDER THE BO ND AUTHORIZING RESOL UTION OR 1
1152	1152	TRUST AGREEMENT ; AND 2
1153	1153
1154	1154	(2) ENFORCE AND COMP EL THE PERFORMANCE O F ALL DUTIES 3
1155	1155	REQUIRED BY THIS SUB TITLE OR BY THE TRUS T AGREEMENT TO BE PE RFORMED BY 4
1156	1156	THE RAIL AUTHORITY OR BY ANY O F ITS OFFICERS , INCLUDING THE FIXING , 5
1157	1157	CHARGING, AND COLLECTING OF RE NTALS, RATES, FARES, FEES, AND OTHER 6
1158	1158	CHARGES AND REVEN UES. 7
1159	1159
1160	1160	9–317. 8
1161	1161
1162	1162	(A) ALL PUBLIC OFFICERS A ND PUBLIC AGENCIES O F THE STATE AND ITS 9
1163	1163	POLITICAL SUBDIVISIO NS, ALL BANKS, TRUST COMPANIES , SAVINGS AND LOAN 10
1164	1164	ASSOCIATIONS, INVESTMENT COMPANIES , AND OTHERS CARRYING ON A BANKING 11
1165	1165	BUSINESS, ALL INSURANCE COMPAN IES, INSURANCE ASSOCIATIO NS, AND OTHERS 12
1166	1166	CARRYING ON AN INSUR ANCE BUSINESS , ALL PERSONAL REPRESE NTATIVES, 13
1167	1167	GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIE S, AND ALL OTHER PERSON S MAY 14
1168	1168	LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL 15
1169	1169	OR BELONGING TO THEM , IN REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 16
1170	1170	OBLIGATION ISS UED UNDER THIS SUBTI TLE. 17
1171	1171
1172	1172	(B) THESE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION MAY 18
1173	1173	LEGALLY AND PROPERLY BE DEPOSITED WITH AN D RECEIVED BY ANY STATE OR 19
1174	1174	MUNICIPAL OFFICER OR ANY AGENCY OR POLITI CAL SUBDIVISION OF T HE STATE 20
1175	1175	FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS O R OTHER OBLIGATIONS OF 21
1176	1176	THE STATE IS AUTHORIZED B Y LAW. 22
1177	1177
1178	1178	9–318. 23
1179	1179
1180	1180	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 24
1181	1181	ISSUED UNDER THIS SU BTITLE, THEIR TRANSFER , THE INTEREST PAYABLE ON 25
1182	1182	THEM, AND ANY INCOME DERIV ED FROM THEM , INCLUDING ANY PROFIT REALIZED 26
1183	1183	IN THEIR SALE OR EXC HANGE, SHALL BE EXEMPT AT A LL TIMES FROM EVERY KIND 27
1184	1184	AND NATURE OF TAXATI ON BY TH E STATE OR BY ANY OF IT S POLITICAL 28
1185	1185	SUBDIVISIONS, OR PUBLIC AGENCIES O F ANY KIND. 29
1186	1186
1187	1187	9–319. 30
1188	1188
1189	1189	(A) THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OB LIGATION 31
1190	1190	ISSUED UNDER THIS SU BTITLE ARE NOT AND M AY NOT BE CONSIDERED TO 32
1191	1191	CONSTITUTE A DEBT OR A PLEDGE OF THE FAIT H AND CREDIT OF THE STATE OF 33
1192	1192	MARYLAND, BUT SHALL BE PAYABLE ONLY FROM THE FUNDS FROM OR REVENUES 34
1193	1193	PROVIDED BY THIS SUB TITLE FOR THAT PURPOSE . 35 HOUSE BILL 1324 27
1194	1194
1195	1195
1196	1196
1197	1197	(B) ALL REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 1
1198	1198	ISSUED UNDER THIS SU BTITLE SHALL CONTAIN A STATEMENT ON THEIR FACE TO 2
1199	1199	THE EFFECT THAT : 3
1200	1200
1201	1201	(1) THE STATE IS NOT OBLIGATE D TO PAY THE PRINCIP AL OF OR THE 4
1202	1202	INTEREST ON THEM EX CEPT FROM REVENUES ; AND 5
1203	1203
1204	1204	(2) NEITHER THE FAITH AND CREDIT NOR THE TAXIN G POWER OF 6
1205	1205	THE STATE IS PLEDGED TO T HE PAYMENT OF THE PR INCIPAL OF OR THE IN TEREST 7
1206	1206	ON THEM. 8
1207	1207
1208	1208	9–320. 9
1209	1209
1210	1210	IF THE RAIL AUTHORITY INTENDS TO PLEDGE ANY FUTURE FE DERAL AID 10
1211	1211	FROM ANY SOURCE TO SUPPORT REPAYMENT OF ANY DEBT INSTRUMENT ISSUED 11
1212	1212	UNDER THIS SUBTITLE : 12
1213	1213
1214	1214	(1) THE AGGREGATE PRINCIP AL AMOUNT OF DEBT IS SUED UNDER 13
1215	1215	THIS SUBTITLE OR TITLE 3, SUBTITLE 6 OF THIS ARTICLE THAT IS SECURED BY A 14
1216	1216	PLEDGE OF FUTURE FED ERAL AID MAY NOT EXC EED $750,000,000; 15
1217	1217
1218	1218	(2) THE DATE OF MATURITY MAY NOT BE LATER THA N 12 YEARS 16
1219	1219	AFTER THE DATE OF IS SUE; 17
1220	1220
1221	1221	(3) NOTWITHSTANDING § 3–215(D) OF THIS ARTICLE , IF FUTURE 18
1222	1222	FEDERAL AID IS INSUF FICIENT TO PAY THE P RINCIPAL OF AND INTE REST ON THE 19
1223	1223	BONDS ISSUED UNDER T HIS SUBTITLE W HEN DUE, THE TAX LEVIED UNDER § 3–215 20
1224	1224	OF THIS ARTICLE , TO THE EXTENT THE PR OCEEDS OF SUCH TAX A RE NOT 21
1225	1225	NECESSARY TO PROVIDE THE SINKING FUND REQ UIRED UNDER § 3–215(C) OF THIS 22
1226	1226	ARTICLE, IS IRREVOCABLY PLEDG ED TO THE PAYMENT OF THE PRINCIPAL OF AND 23
1227	1227	INTEREST ON THE BONDS ISSUED UND ER THIS SUBTITLE AS THEY BECOME DUE AND 24
1228	1228	PAYABLE; 25
1229	1229
1230	1230	(4) THE LIEN OF THE PLEDG E UNDER ITEM (3) OF THIS SECTION 26
1231	1231	SHALL AT ALL TIMES B E SUBORDINATE TO THE LIEN OF THE PLEDGE O F SUCH TAX 27
1232	1232	UNDER § 3–215(D) OF THIS ARTICLE TO T HE PAYMENT OF PR INCIPAL OF AND 28
1233	1233	INTEREST ON CONSOLID ATED TRANSPORTATION BONDS; AND 29
1234	1234
1235	1235	(5) NO PART OF THE TAX LE VIED UNDER § 3–215 OF THIS ARTICLE 30
1236	1236	MAY BE REPEALED , DIMINISHED, OR APPLIED TO ANY OT HER PURPOSE UNTIL : 31
1237	1237
1238	1238	(I) THE BONDS ISSUED UNDE R THIS SUBTITLE AND INTEREST 32 28 HOUSE BILL 1324
1239	1239
1240	1240
1241	1241	ON THEM HAVE BECOME D UE AND FULLY PAID ; OR 1
1242	1242
1243	1243	(II) ADEQUATE AND COMPLETE PROVISION FOR PAYMEN T OF 2
1244	1244	THE PRINCIPAL AND IN TEREST HAS BEEN MADE . 3
1245	1245
1246	1246	9–321. 4
1247	1247
1248	1248	(A) THE RAIL AUTHORITY MAY ISSUE B OND ANTICIPATION NOT ES SECURED 5
1249	1249	BY A PLEDGE OF A LIN E OF CREDIT EXTENDED TO THE STATE UNDER THE FEDER AL 6
1250	1250	TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT. 7
1251	1251
1252	1252	(B) NOTES ISSUED UNDER TH IS SECTION SHALL HAV E A MATURITY DATE OF 8
1253	1253	UP TO 3 YEARS AFTER THE DATE OF ISSUE. 9
1254	1254
1255	1255	(C) A PLEDGE OF A LINE OF CREDIT AS AUTHORIZED UNDER THIS SECTION 10
1256	1256	DOES NOT CONSTITUTE THE PLEDGE OF FUTURE FEDERAL REVENUES , AND NOTES 11
1257	1257	ISSUED UNDER THIS SE CTION ARE NOT SUBJEC T TO § 3–601(D) OF THIS ARTICLE OR 12
1258	1258	§ 9–320 OF THIS SUBTITLE . 13
1259	1259
1260	1260	SUBTITLE 4. MISCELLANEOUS PROVISIONS. 14
1261	1261
1262	1262	9–401. 15
1263	1263
1264	1264	IF THE RAIL AUTHORITY CONSIDE RS IT NECESSARY OR D ESIRABLE TO 16
1265	1265	ENSURE THE PROPER OPERATION AND MAINTENANCE OF A NY RAILROAD FACILITIES 17
1266	1266	PROJECT, IT MAY DESIGNATE , ESTABLISH, LIMIT, AND CONTROL THE ENTR ANCES 18
1267	1267	AND EXITS OF THE PRO JECT AND MAY PROHIBI T ENTRANCE OR EXIT F ROM ANY 19
1268	1268	UNDESIGNATED P OINT. 20
1269	1269
1270	1270	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 21
1271	1271	1, 2022. 22