Maryland 2023 Regular Session

Maryland House Bill HB74 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 EXISTING LA W.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb0074
6	6
7	7	HOUSE BILL 74
8	8	R2 3lr0521
9	9	HB 1324/22 – APP & ENT (PRE–FILED)
10	10	By: Delegate Korman
11	11	Requested: October 11, 2022
12	12	Introduced and read first time: January 11, 2023
13	13	Assigned to: Appropriations and Environment and Transportation
14	14
15	15	A BILL ENTITLED
16	16
17	17	AN ACT concerning 1
18	18
19	19	Transportation – Maryland Rail Authority – Establishment 2
20	20	(Maryland Rail Investment Act of 2023) 3
21	21
22	22	FOR the purpose of establishing the Maryland Rail Authority and the powers and duties 4
23	23	that the Rail Authority, acting on behalf of the Department of Transportation, has 5
24	24	with respect to the supervision, financing, construction, operation, maintenance, and 6
25	25	repair of railroad facilities projects; making the Executive Director of the Rail 7
26	26	Authority a member of the Maryland Transportation Authority; prohibiting the 8
27	27	Transportation Authority from passing a budget plan that exceeds a certain amount; 9
28	28	requiring the Transportation Authority to obtain the consent of the Rail Authority 10
29	29	before issuing certain bonds; requiring the Transportation Authority to determine 11
30	30	the optimal tolling rate for certain transportation facilities projects and to set certain 12
31	31	tolling rates; requiring the Transportation Authority Fund to be charged with the 13
32	32	payment of the cost to maintain the transportation facilities projects in the State; 14
33	33	establishing the Rail Authority Fund; requiring certain funds and revenues to be 15
34	34	transferred from the Transportation Authority Fund to the Rail Authority Fund; 16
35	35	requiring the Rail Authority, in collaboration with the Transportation Authority, to 17
36	36	contract with a qualified entity to conduct a study of the State’s toll facilities and 18
37	37	related impacts of pollution; requiring the Transportation Authority to hold public 19
38	38	hearings and seek public comment on proposed toll rate adjustments that achieve 20
39	39	near optimal tolling; and generally relating to the establishment of the Maryland 21
40	40	Rail Authority. 22
41	41
42	42	BY repealing and reenacting, with amendments, 23
43	43	Article – Transportation 24
44	44	Section 4–101, 4–202, 4–208(b)(1), 4–301, 4–306, 4–312(a)(2), 4–313, and 7–101(j), 25
45	45	(l), and (n) 26
46	46	Annotated Code of Maryland 27
47	47	(2020 Replacement Volume and 2022 Supplement) 28
48	48	2 HOUSE BILL 74
49	49
50	50
51	51	BY repealing and reenacting, without amendments, 1
52	52	Article – Transportation 2
53	53	Section 4–201 and 4–208(a) 3
54	54	Annotated Code of Maryland 4
55	55	(2020 Replacement Volume and 2022 Supplement) 5
56	56
57	57	BY adding to 6
58	58	Article – Transportation 7
59	59	Section 4–205.1; and 9–101 through 9–401 to be under the new title “Title 9. 8
60	60	Railroads” 9
61	61	Annotated Code of Maryland 10
62	62	(2020 Replacement Volume and 2022 Supplement) 11
63	63
64	64	BY repealing and reenacting, with amendments, 12
65	65	Article – Transportation 13
66	66	Section 4–314 14
67	67	Annotated Code of Maryland 15
68	68	(2020 Replacement Volume and 2022 Supplement) 16
69	69	(As enacted by Chapter 941 of the Acts of the General Assembly of 1978, as amended 17
70	70	by Chapter 29 of the Acts of the General Assembly of 2001, as amended by 18
71	71	Chapter 45 of the Acts of the General Assembly of 2014) 19
72	72
73	73	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 20
74	74	That the Laws of Maryland read as follows: 21
75	75
76	76	Article – Transportation 22
77	77
78	78	4–101. 23
79	79
80	80	(a) In this title the following words have the meanings indicated. 24
81	81
82	82	(b) “Authority” means the Maryland Transportation Authority. 25
83	83
84	84	(c) “Cost”, as applied to any transportation facilities project, includes the cost of 26
85	85	and all expenses incident to the construction, reconstruction, acquisition, improvement, 27
86	86	extension, alteration, modernization, planning, maintenance, and repair of the project, 28
87	87	including the cost and expenses of: 29
88	88
89	89	(1) All property acquired in connection with it; 30
90	90
91	91	(2) Financial, architectural, consulting, engineering, and legal services; 31
92	92
93	93	(3) Plans, specifications, surveys, estimates, feasibility reports, and direct 32
94	94	and indirect labor, material, equipment, and administrative expenses; and 33
95	95
96	96	(4) Financing the project, including financing charges and interest before, 34
97	97	during, and for 1 year after completion of construction. 35 HOUSE BILL 74 3
98	98
99	99
100	100
101	101	(D) “NEAR OPTIMAL TOLLING ” MEANS A TOLLING RATE THAT PROVIDES 1
102	102	95% OR MORE OF THE MAXIM UM REVENUE POSSIBLE BASED ON A TRANSPO RTATION 2
103	103	FACILITIES PROJECT ’S OPTIMAL TOLLING . 3
104	104
105	105	(E) “OPTIMAL TOLLING ” MEANS A TOLLING RATE FOR A TRANSPORTATION 4
106	106	FACILITIES PROJECT T HAT MAXIMIZES REVENU E, AS DETERMINED BY THE 5
107	107	AUTHORITY. 6
108	108
109	109	[(d)] (F) “Outstanding and unpaid” does not include: 7
110	110
111	111	(1) Bonds purchased and held in sinking funds by or for the Authority; or 8
112	112
113	113	(2) If the money for their payment or redemption has been provided: 9
114	114
115	115	(i) Matured bonds not presented for payment; or 10
116	116
117	117	(ii) Bonds called for redemption but not presented for redemption. 11
118	118
119	119	(G) “RAIL AUTHORITY” MEANS THE MARYLAND RAIL AUTHORITY. 12
120	120
121	121	[(e)] (H) “Refunding” means the retirement and cancellation of bonds, including 13
122	122	revenue bonds of prior issues, after their acquisition by or for the Authority, whether before, 14
123	123	at, or after maturity, either in exchange for other bonds or by payment, purchase, or 15
124	124	redemption with the proceeds of the sale of other bonds. 16
125	125
126	126	[(f)] (I) “Resolution”, as used with respect to the Authority, means a resolution 17
127	127	adopted by the affirmative vote of a majority of the appointed members of the Authority 18
128	128	and concurred in by the Chairman. 19
129	129
130	130	[(g)] (J) “Revenue bonds of prior issues” means: 20
131	131
132	132	(1) “State of Maryland Bridge and Tunnel Revenue Bonds” dated as of 21
133	133	October 1, 1954; 22
134	134
135	135	(2) “State of Maryland Northeastern Expressway Revenue Bonds” dated as 23
136	136	of January 1, 1962; 24
137	137
138	138	(3) “State of Maryland Bridge and Tunnel Revenue Bonds”: 25
139	139
140	140	(i) “(Series 1968)” dated as of October 1, 1968; and 26
141	141
142	142	(ii) “(Series 1975)” dated as of July 1, 1975; and 27
143	143
144	144	(4) Any other revenue bonds issued under the same provisions of law that 28
145	145	authorized the issuance of the bonds listed in this subsection. 29 4 HOUSE BILL 74
146	146
147	147
148	148
149	149	[(h)] (K) “Transportation facilities project” includes: 1
150	150
151	151	(1) The Susquehanna River Bridge, the Harry W. Nice/Thomas “Mac” 2
152	152	Middleton Potomac River Bridge, the William Preston Lane, Jr. Memorial Chesapeake Bay 3
153	153	Bridge and parallel Chesapeake Bay Bridge, the Baltimore Harbor Tunnel, the Fort 4
154	154	McHenry Tunnel, the Francis Scott Key Bridge, and the John F. Kennedy Memorial 5
155	155	Highway, together with their appurtenant causeways, approaches, interchanges, entrance 6
156	156	plazas, toll stations, and service facilities; 7
157	157
158	158	(2) A vehicle parking facility located in a priority funding area as defined 8
159	159	in § 5–7B–02 of the State Finance and Procurement Article; 9
160	160
161	161	(3) Any other project for transportation facilities that the Authority 10
162	162	authorizes to be acquired or constructed; and 11
163	163
164	164	(4) Any additions, improvements, or enlargements to any of these projects, 12
165	165	whenever authorized. 13
166	166
167	167	[(i)] (L) “Transportation facility” has the meaning stated in § 3–101 of this 14
168	168	article. 15
169	169
170	170	[(j)] (M) “Vehicle parking facility” means a controlled entrance and exit 16
171	171	building, structure, surface lot, and other facility for parking vehicles, for which fees or 17
172	172	charges are established for the use of the facility. 18
173	173
174	174	4–201. 19
175	175
176	176	There is a Maryland Transportation Authority. 20
177	177
178	178	4–202. 21
179	179
180	180	(a) The Secretary of Transportation is the Chairman of the Authority. 22
181	181
182	182	(b) (1) In addition to the Chairman, the Authority consists of [eight]: 23
183	183
184	184	(I) EIGHT members appointed by the Governor with the advice and 24
185	185	consent of the Senate; AND 25
186	186
187	187	(II) THE EXECUTIVE DIRECTOR OF THE RAIL AUTHORITY, WHO 26
188	188	SERVES AS AN EX OFFI CIO MEMBER . 27
189	189
190	190	(2) The appointed members of the Authority may not be employees of the 28
191	191	Executive Branch of the State government. 29
192	192
193	193	(3) Of the appointed members: 30 HOUSE BILL 74 5
194	194
195	195
196	196
197	197	(i) One shall have expertise in structural engineering; 1
198	198
199	199	(ii) One shall have expertise in transportation planning; 2
200	200
201	201	(iii) One shall have expertise in land use planning; and 3
202	202
203	203	(iv) One shall have expertise in finance. 4
204	204
205	205	(4) The appointed members of the Authority shall reflect the racial, gender, 5
206	206	and geographic diversity of the population of the State. 6
207	207
208	208	(c) (1) Each appointed member serves for a term of 4 years and until a 7
209	209	successor is appointed and qualifies. 8
210	210
211	211	(2) The terms of the appointed members are staggered as required by the 9
212	212	terms provided for members of the Authority on January 1, 2007. 10
213	213
214	214	(3) An appointed member may not serve more than three consecutive 11
215	215	terms. 12
216	216
217	217	(4) A member appointed to fill a vacancy in an unexpired term serves only 13
218	218	for the remainder of that term. 14
219	219
220	220	(d) [A] AN APPOINTED member of the Authority is entitled to: 15
221	221
222	222	(1) The compensation provided in the State budget; and 16
223	223
224	224	(2) Reimbursement for expenses, in accordance with the Standard State 17
225	225	Travel Regulations of the Department of Budget and Management. 18
226	226
227	227	4–205.1. 19
228	228
229	229	THE AUTHORITY MAY NOT PAS S AN OPERATING BUDGE T OR A CAPITAL 20
230	230	IMPROVEMENT PLAN THA T EXCEEDS $2,800,000,000. 21
231	231
232	232	4–208. 22
233	233
234	234	(a) (1) There is a Maryland Transportation Authority Police Force. 23
235	235
236	236	(2) Subject to subsection (b) of this section, a Maryland Transportation 24
237	237	Authority police officer has all the powers granted to a peace officer and a police officer of 25
238	238	this State. 26
239	239
240	240	(b) (1) A Maryland Transportation Authority police officer may exercise the 27
241	241	powers described in subsection (a)(2) of this section on property owned, leased, or operated 28
242	242	by or under the control of the Maryland Transportation Authority, Maryland Aviation 29 6 HOUSE BILL 74
243	243
244	244
245	245	Administration, MARYLAND RAIL AUTHORITY, and Maryland Port Administration. 1
246	246
247	247	4–301. 2
248	248
249	249	By one or more resolutions, the Authority, AFTER OBTAINING THE CONSENT OF 3
250	250	THE RAIL AUTHORITY, may: 4
251	251
252	252	(1) Finance the cost of transportation facilities projects; 5
253	253
254	254	(2) Borrow money from time to time for that purpose; and 6
255	255
256	256	(3) Evidence the borrowing by the issuance and sale of revenue bonds, 7
257	257	notes, or other evidences of obligation on the terms, conditions, and limitations contained 8
258	258	in this subtitle. 9
259	259
260	260	4–306. 10
261	261
262	262	(a) Except as provided in subsection (b) of this section, revenue bonds may be 11
263	263	issued by the Authority: 12
264	264
265	265	(1) Without obtaining the consent of any instrumentality, agency, or unit 13
266	266	of this State; and 14
267	267
268	268	(2) Without any proceedings or the happening of any conditions or things 15
269	269	other than those specifically required by this subtitle. 16
270	270
271	271	(b) (1) THE AUTHORITY SHALL OBTAI N THE CONSENT OF THE RAIL 17
272	272	AUTHORITY BEFORE ISSU ING REVENUE BONDS . 18
273	273
274	274	(2) (i) Subject to subparagraph (ii) of this paragraph, revenue bonds 19
275	275	secured by toll revenue may be issued in any amount as long as the aggregate outstanding 20
276	276	and unpaid principal balance of the revenue bonds secured by toll revenue and revenue 21
277	277	bonds of prior issues does not exceed $3,000,000,000 or, in fiscal years 2015 through 2020, 22
278	278	$2,325,000,000, on June 30 of any year. 23
279	279
280	280	(ii) The maximum aggregate amount of revenue bonds that may be 24
281	281	outstanding and unpaid under subparagraph (i) of this paragraph shall be reduced by the 25
282	282	amount of: 26
283	283
284	284	1. Any loan extended to the State under the federal 27
285	285	Transportation Infrastructure Finance and Innovation Act; and 28
286	286
287	287	2. Any line of credit extended to the State under the federal 29
288	288	Transportation Infrastructure Finance and Innovation Act, to the extent the State draws 30
289	289	on the line of credit. 31
290	290	HOUSE BILL 74 7
291	291
292	292
293	293	[(2)] (3) Except as otherwise provided in this section and § 4–205 of this 1
294	294	title, without the approval of the General Assembly, the Authority, AFTER OBTAINING 2
295	295	THE CONSENT OF THE RAIL AUTHORITY, may issue bonds to refinance all or any part of 3
296	296	the cost of a transportation [facility] FACILITIES project for which the Authority previously 4
297	297	issued bonds authorized under this subtitle. 5
298	298
299	299	4–312. 6
300	300
301	301	(a) (2) (I) As to all or any part of any transportation facilities project, the 7
302	302	Authority may: 8
303	303
304	304	[(i)] 1. Fix, revise, charge, and collect rentals, rates, fees, tolls, 9
305	305	and other charges and revenues for its use or for its services; and 10
306	306
307	307	[(ii)] 2. Contract with any person who desires its use for any 11
308	308	purpose and fix the terms, conditions, rentals, rates, fees, tolls, or other charges or revenues 12
309	309	for this use. 13
310	310
311	311	(II) 1. EXCEPT AS PROVIDED IN SUBSU BPARAGRAPH 2 OF 14
312	312	THIS SUBPARAGRAPH , AS TO ALL OR ANY PAR T OF ANY TRANSPORTAT ION 15
313	313	FACILITIES PROJECT I N WHICH THE AUTHORITY CHARGES TOL LS, THE AUTHORITY 16
314	314	SHALL: 17
315	315
316	316	A. DETERMINE THE OPTIMAL TOLLING RATE FOR THE 18
317	317	TRANSPORTATION FACIL ITIES PROJECT; AND 19
318	318
319	319	B. SET TOLLING RATES THA T ACHIEVE NEAR OPTIM AL 20
320	320	TOLLING. 21
321	321
322	322	2. A. THIS SUBSUBPARAGRAPH DOES NOT APPLY TO 22
323	323	THE I–495 AND I–270 PUBLIC–PRIVATE PARTNERSHIP. 23
324	324
325	325	B. THE AUTHORITY MAY FIX COM MUTER DISCOUNT 24
326	326	RATES. 25
327	327
328	328	4–313. 26
329	329
330	330	(a) (1) All rentals, rates, fees, tolls, and other charges and revenues derived 27
331	331	from any transportation facilities project shall be set aside in a fund known as the 28
332	332	“Transportation Authority Fund”, except to the extent that they are pledged under an 29
333	333	applicable trust agreement to secure either: 30
334	334
335	335	(i) Revenue bonds issued under this subtitle if the trust agreement 31
336	336	or bond authorizing resolution expressly provides that this section does not apply to those 32
337	337	bonds; or 33 8 HOUSE BILL 74
338	338
339	339
340	340
341	341	(ii) Revenue bonds of prior issues. 1
342	342
343	343	(2) The Transportation Authority Fund shall be pledged to and charged 2
344	344	with the payment of: 3
345	345
346	346	(i) The interest on bonds issued under this subtitle as it falls due; 4
347	347
348	348	(ii) The principal of the bonds as it falls due; 5
349	349
350	350	(iii) The necessary charges of paying agents for paying principal and 6
351	351	interest; [and] 7
352	352
353	353	(iv) The redemption price or purchase price of bonds retired by call 8
354	354	or purchase as provided in the bond authorizing resolution or trust agreement; AND 9
355	355
356	356	(V) THE COST TO MAINTAIN THE TRANSPORTATION F ACILITIES 10
357	357	PROJECTS IN THE STATE. 11
358	358
359	359	(b) (1) The pledge is valid and binding from the time it is made. 12
360	360
361	361	(2) Rentals, rates, fees, tolls, and other charges and revenues or other 13
362	362	money so pledged and later received by the Authority immediately shall be subject to the 14
363	363	lien of the pledge without physical delivery or any further act. 15
364	364
365	365	(3) The lien of the pledge is valid and binding as against all parties having 16
366	366	any claims of any kind in tort, contract, or otherwise against the Authority, whether or not 17
367	367	these parties have notice of the pledge. 18
368	368
369	369	(4) Notwithstanding any law to the contrary, neither the resolution nor any 19
370	370	trust agreement by which a pledge is created need be filed or recorded other than in the 20
371	371	records of the Authority. 21
372	372
373	373	(c) (1) Any amount set aside in the Transportation Authority Fund that is not 22
374	374	needed to provide for the payment of the items specified in subsections (a)(2) and (b) of this 23
375	375	section [may] SHALL be transferred, upon the recommendation of the Secretary and after 24
376	376	the approval of the Board of Public Works, to the [Transportation Trust] RAIL 25
377	377	AUTHORITY Fund to be used as appropriated by the General Assembly unless prohibited 26
378	378	by any applicable resolution or trust agreement. 27
379	379
380	380	(2) The use and disposition of money to the credit of the Transportation 28
381	381	Authority Fund is subject to the provision of the applicable bond authorizing resolution or 29
382	382	trust agreement. 30
383	383
384	384	4–314. 31
385	385	HOUSE BILL 74 9
386	386
387	387
388	388	(a) Without in any way limiting or restricting its effect or application, this subtitle 1
389	389	is intended to authorize the Authority to finance any one or more or any combination of 2
390	390	transportation facilities projects by any one or more or combination of issues or series of 3
391	391	bonds secured by the pledge of the net or gross or any combination of the net or gross 4
392	392	rentals, rates, fees, tolls, and other charges and revenues derived from any transportation 5
393	393	facilities project or combination of projects designated by any bond authorizing resolution 6
394	394	or trust agreement securing the bonds. 7
395	395
396	396	(b) However, all funds collected from rentals, rates, fees, tolls, and other charges 8
397	397	and revenues which are not needed to meet the costs which they are required to meet under 9
398	398	§ 4–312 of this subtitle or any trust agreement and are not needed to meet obligations of 10
399	399	the Transportation Authority Fund, may be used in the discretion of the Secretary to 11
400	400	provide adequate and complete payment of all principal and interest on all bonds issued in 12
401	401	connection with the John F. Kennedy Memorial Highway and any project constructed under 13
402	402	the provisions of Section 3 (Bridge, Tunnel, and Motorway Revenue Bonds) of Chapter 608, 14
403	403	of the Acts of the General Assembly of 1976. All such remaining funds thereafter remaining 15
404	404	[may] SHALL be transferred[, upon the recommendation of the Secretary and after the 16
405	405	approval of the Board of Public Works,] to the [Transportation Trust] RAIL AUTHORITY 17
406	406	Fund and may be used for any purpose to which funds in the [Transportation Trust] RAIL 18
407	407	AUTHORITY Fund may be applied. 19
408	408
409	409	7–101. 20
410	410
411	411	(j) [(1)] “Railroad facility” means any facility used in providing railroad 21
412	412	services, and includes any one or more or combination of: 22
413	413
414	414	[(i)] (1) Switches, spurs, tracks, structures, terminals, yards, real 23
415	415	property, and other facilities useful or designed for use in connection with the 24
416	416	transportation of persons or goods by rail; and 25
417	417
418	418	[(ii)] (2) All other appurtenances, including locomotives, cars, 26
419	419	vehicles, and other instrumentalities of shipment or carriage, useful or designed for use in 27
420	420	connection with the transportation of persons or goods by rail. 28
421	421
422	422	[(2) “Railroad facility” does not include any transit facility.] 29
423	423
424	424	(l) “Transit facility” includes any one or more or combination of tracks, 30
425	425	rights–of–way, bridges, tunnels, subways, rolling stock, stations, terminals, ports, parking 31
426	426	areas, equipment, fixtures, buildings, structures, other real or personal property, and 32
427	427	services incidental to or useful or designed for use in connection with the rendering of 33
428	428	transit service by any means, including rail, bus, motor vehicle, or other mode of 34
429	429	transportation[, but does not include any railroad facility]. 35
430	430
431	431	(n) (1) “Transit service” means the transportation of persons and their 36
432	432	packages and baggage and of newspapers, express, and mail in regular route, special, or 37
433	433	charter service by means of transit facilities between points within the District. 38 10 HOUSE BILL 74
434	434
435	435
436	436
437	437	(2) “Transit service” does not include any[: 1
438	438
439	439	(i) Vanpool] VANPOOL operation[; or 2
440	440
441	441	(ii) Railroad service]. 3
442	442
443	443	TITLE 9. RAILROADS. 4
444	444
445	445	SUBTITLE 1. DEFINITIONS. 5
446	446
447	447	9–101. 6
448	448
449	449	(A) IN THIS TITLE THE FOL LOWING WORDS HAVE TH E MEANINGS 7
450	450	INDICATED. 8
451	451
452	452	(B) “ADMINISTRATION ” MEANS THE MARYLAND TRANSIT 9
453	453	ADMINISTRATION . 10
454	454
455	455	(C) “COST”, AS APPLIED TO ANY RA ILROAD FACILITIES PR OJECT, INCLUDES 11
456	456	THE COST OF AND ALL EXPENSES INCIDENT TO THE CONSTRUCTION , 12
457	457	RECONSTRUCTION , ACQUISITION, IMPROVEMENT , EXTENSION, ALTERATION, 13
458	458	MODERNIZATION , PLANNING, MAINTENANCE , AND REPAIR OF THE PR OJECT, 14
459	459	INCLUDING THE COST A ND EXPENSES OF : 15
460	460
461	461	(1) ALL PROPERTY ACQUIRED IN CONNECTION WITH T HE PROJECT; 16
462	462
463	463	(2) FINANCIAL, ARCHITECTURAL , CONSULTING, ENGINEERING , AND 17
464	464	LEGAL SERVICES ; 18
465	465
466	466	(3) PLANS, SPECIFICATIONS , SURVEYS, ESTIMATES, FEASIBILITY 19
467	467	REPORTS, AND DIRECT AND INDIR ECT LABOR , MATERIAL, EQUIPMENT, AND 20
468	468	ADMINISTRATIVE EXPEN SES; AND 21
469	469
470	470	(4) FINANCING THE PROJECT , INCLUDING FINANCING CHARGES AND 22
471	471	INTEREST BEFORE , DURING, AND FOR 1 YEAR AFTER COMPLETIO N OF 23
472	472	CONSTRUCTION . 24
473	473
474	474	(D) “RAIL AUTHORITY” MEANS THE MARYLAND RAIL AUTHORITY. 25
475	475
476	476	(E) “RAILROAD FACILITIES P ROJECT” INCLUDES: 26
477	477
478	478	(1) (I) THE BRUNSWICK, CAMDEN, OR PENN LINES OF THE 27
479	479	MARYLAND AREA RAIL COMMUTER (MARC) SERVICE; 28 HOUSE BILL 74 11
480	480
481	481
482	482
483	483	(II) EXTENDING MARC SERVICE; 1
484	484
485	485	(III) THE RED LINE; AND 2
486	486
487	487	(IV) THE SOUTHERN MARYLAND RAPID TRANSIT SYSTEM; AND 3
488	488
489	489	(2) ANY ADDITIONS, IMPROVEMENTS , OR ENLARGEMENTS TO A NY OF 4
490	490	THE PROJECTS LISTED UNDER ITEM (1) OF THIS SUBSECTION , WHENEVER 5
491	491	AUTHORIZED . 6
492	492
493	493	(F) “RED LINE” MEANS A RAIL TRANSIT FACILITY USING LIGHT RAIL 7
494	494	TRANSIT OR HEAVY RAI L TRANSIT IDENTIFIED BY THE ADMINISTRATION AS AN 8
495	495	OPTION FOR PUBLIC TR ANSPORTATION IN THE EAST–WEST CORRIDOR STUDY 9
496	496	INCLUDED IN THE CENTRAL MARYLAND REGIONAL TRANSIT PLAN. 10
497	497
498	498	(G) “TRANSPORTATION AUTHORITY” MEANS THE MARYLAND 11
499	499	TRANSPORTATION AUTHORITY. 12
500	500
501	501	SUBTITLE 2. ORGANIZATION AND POWERS AND DUTIES. 13
502	502
503	503	9–201. 14
504	504
505	505	THERE IS A MARYLAND RAIL AUTHORITY. 15
506	506
507	507	9–202. 16
508	508
509	509	(A) (1) THE SECRETARY IS THE CHAI R OF THE RAIL AUTHORITY. 17
510	510
511	511	(2) THE SECRETARY SHALL DESIG NATE AN EXECUTIVE DIRECTOR 18
512	512	OF THE RAIL AUTHORITY. 19
513	513
514	514	(B) (1) IN ADDITION TO THE CH AIR, THE RAIL AUTHORITY CONSISTS OF 20
515	515	THE FOLLOWING MEMBER S: 21
516	516
517	517	(I) 1. ONE MEMBER WITH A BACKGROUND IN TRANSI T, 22
518	518	APPOINTED BY THE PRESIDENT OF THE SENATE; AND 23
519	519
520	520	2. ONE MEMBER WITH A BAC KGROUND IN TRANSIT , 24
521	521	APPOINTED BY THE SPEAKER OF THE HOUSE; AND 25
522	522
523	523	(II) AS EX OFFICIO MEMBERS : 26
524	524	12 HOUSE BILL 74
525	525
526	526
527	527	1. THE MARYLAND TRANSIT ADMINISTRATOR ; 1
528	528
529	529	2. THE GENERAL MANAGER OF THE WASHINGTON 2
530	530	METROPOLITAN AREA TRANSIT AUTHORITY, OR THE GENERAL MANAG ER’S 3
531	531	DESIGNEE; 4
532	532
533	533	3. THE CEO OF THE NATIONAL RAILROAD PASSENGER 5
534	534	CORPORATION , OR THE CEO’S DESIGNEE; 6
535	535
536	536	4. THE EXECUTIVE DIRECTOR OF THE 7
537	537	TRANSPORTATION AUTHORITY; 8
538	538
539	539	5. THE STATE TREASURER, OR THE STATE 9
540	540	TREASURER’S DESIGNEE; AND 10
541	541
542	542	6. THE EXECUTIVE DIRECTOR OF THE RAIL 11
543	543	AUTHORITY. 12
544	544
545	545	(2) THE MEMBERS APPOINTED BY THE PRESIDENT OF THE SENATE 13
546	546	AND THE SPEAKER OF THE HOUSE SHALL: 14
547	547
548	548	(I) REFLECT THE GEOGRAPHI C DIVERSITY OF THE STATE, TO 15
549	549	THE EXTENT PRACTICAB LE; AND 16
550	550
551	551	(II) HAVE A BACKGROUND IN TRANSIT, RAIL, OR 17
552	552	TRANSPORTATION PROJE CT FINANCE. 18
553	553
554	554	(C) (1) THE TERM OF AN APPOIN TED MEMBER IS 4 YEARS. 19
555	555
556	556	(2) AN APPOINTED MEMBER M AY NOT SERVE MORE TH AN THREE 20
557	557	CONSECUTIVE TERMS . 21
558	558
559	559	(3) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE UNTIL 22
560	560	A SUCCESSOR IS APPOI NTED AND QUALIFIES . 23
561	561
562	562	(4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES 24
563	563	ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND 25
564	564	QUALIFIES. 26
565	565
566	566	(D) AN APPOINTED MEMBER OF T HE RAIL AUTHORITY IS ENTITLED TO: 27
567	567
568	568	(1) THE COMPENSATION PROV IDED IN THE STATE BUDGET ; AND 28
569	569	HOUSE BILL 74 13
570	570
571	571
572	572	(2) REIMBURSEMENT FOR EXP ENSES, UNDER THE STANDARD STATE 1
573	573	TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 2
574	574
575	575	(E) (1) THE STATE ETHICS COMMISSION SHALL PROVIDE A TRAINING 3
576	576	COURSE FOR RAIL AUTHORITY MEMBERS ON STATE AND LOCAL ETHIC S LAWS, 4
577	577	REGULATIONS , AND POLICIES, INCLUDING: 5
578	578
579	579	(I) GENERAL ETHICS REQUIR EMENTS; 6
580	580
581	581	(II) FINANCIAL DISCLOSURES ; 7
582	582
583	583	(III) CONFLICTS OF INTEREST ; AND 8
584	584
585	585	(IV) ANY OTHER AREA THE STATE ETHICS COMMISSION 9
586	586	CONSIDERS APPROPRIAT E. 10
587	587
588	588	(2) WITHIN 6 MONTHS AFTER BEING A PPOINTED TO THE RAIL 11
589	589	AUTHORITY, A MEMBER SHALL : 12
590	590
591	591	(I) FILE A FINANCIAL DISC LOSURE STATEMENT ; AND 13
592	592
593	593	(II) COMPLETE THE TRAINING COURSE. 14
594	594
595	595	(F) THE RAIL AUTHORITY IS SUBJECT TO THE OPEN MEETINGS ACT 15
596	596	UNDER TITLE 3 OF THE GENERAL PROVISIONS ARTICLE. 16
597	597
598	598	9–203. 17
599	599
600	600	(A) THE RAIL AUTHORITY IS ENTITLED TO THE STAFF PROVIDE D IN THE 18
601	601	STATE BUDGET . 19
602	602
603	603	(B) THE SECRETARY SHALL PROVI DE THE RAIL AUTHORITY WITH THE 20
604	604	PERSONNEL O F THE DEPARTMENT THAT THE SECRETARY CONSIDERS N ECESSARY 21
605	605	FOR PERFORMANCE OF T HE MAINTENANCE AND O THER FUNCTIONS REQUI RED OF 22
606	606	THE RAIL AUTHORITY TO MEET ITS OBLIGATIONS WITH RES PECT TO ITS RAILROAD 23
607	607	FACILITIES PROJECTS . 24
608	608
609	609	9–204. 25
610	610
611	611	(A) (1) ACTING ON BEHALF OF T HE DEPARTMENT , THE RAIL AUTHORITY 26
612	612	HAS THOSE POWERS AND DUTIES RELATING TO T HE SUPERVISION , FINANCING, 27
613	613	CONSTRUCTION , OPERATION, MAINTENANCE , AND REPAIR OF RAILRO AD FACILITIES 28
614	614	PROJECTS AS ARE GRAN TED TO IT BY THIS TITLE. 29 14 HOUSE BILL 74
615	615
616	616
617	617
618	618	(2) THE RAIL AUTHORITY MAY : 1
619	619
620	620	(I) DELEGATE PROJECT OPER ATIONS, MAINTENANCE , AND 2
621	621	REPAIR TO THE ADMINISTRATION ; AND 3
622	622
623	623	(II) USE FARE REVENUE TO P ROVIDE THE ADMINISTRATION 4
624	624	WITH PAYMENTS FOR PR OJECT OPERATIONS, MAINTENANCE , AND REPAIR. 5
625	625
626	626	(B) THE RAIL AUTHORITY HAS GENERAL SUPERVISION OF THE F OLLOWING 6
627	627	RAILROAD FACILITIES PROJECTS: 7
628	628
629	629	(1) EXTENDING MARYLAND AREA RAIL COMMUTER (MARC) 8
630	630	SERVICE, INCLUDING EXTENDING RAIL SERVICE TO: 9
631	631
632	632	(I) NEWARK, DELAWARE; 10
633	633
634	634	(II) NORTHERN VIRGINIA; AND 11
635	635
636	636	(III) WESTERN MARYLAND; 12
637	637
638	638	(2) MAKING IMPROVEMENTS T O THE BRUNSWICK, CAMDEN, OR 13
639	639	PENN LINES OF THE MARC SERVICE; 14
640	640
641	641	(3) PLANNING, DESIGNING, ENGINEERING , CONSTRUCTING , 15
642	642	OPERATING, AND MAINTAINING THE SOUTHERN MARYLAND RAPID TRANSIT 16
643	643	SYSTEM; AND 17
644	644
645	645	(4) PLANNING, DESIGNING, ENGINEERING , CONSTRUCTING , 18
646	646	OPERATING, AND MAINTAINING THE RED LINE. 19
647	647
648	648	(C) THE RAIL AUTHORITY SHALL FINAN CE, CONSTRUCT, OPERATE, 20
649	649	REPAIR, AND MAINTAIN IN GOOD ORDER THE RAILROAD F ACILITIES PROJECTS 21
650	650	LISTED IN THIS SECTI ON. 22
651	651
652	652	(D) THE RAIL AUTHORITY SHALL, TO THE EXTENT PRACTI CABLE, ADHERE 23
653	653	TO THE TRANSIT PLANS PREPARED UNDER TITLE 7, SUBTITLE 3 OF THIS ARTICLE. 24
654	654
655	655	9–205. 25
656	656
657	657	(A) SUBJECT TO § 9–306 OF THIS TITLE AND IN ADDITION TO THE POWE RS 26
658	658	OTHERWISE SPECIFICAL LY GRANTED BY LAW , THE RAIL AUTHORITY HAS THE 27
659	659	POWERS DESCRIBED IN THIS SECTION. 28 HOUSE BILL 74 15
660	660
661	661
662	662
663	663	(B) THE RAIL AUTHORITY MAY ACQUIRE , HOLD, AND DISPOSE OF 1
664	664	PROPERTY IN THE EXER CISE OF ITS POWERS A ND PERFORMANCE OF IT S DUTIES. 2
665	665
666	666	(C) (1) SUBJECT TO THE LIMITA TIONS DESCRIBED IN P ARAGRAPH (2) OF 3
667	667	THIS SUBSECTION , THE RAIL AUTHORITY MAY MAKE AN Y CONTRACTS AND 4
668	668	AGREEMENTS NECESSARY OR INCIDENTAL TO THE EXERCISE OF ITS POWE RS AND 5
669	669	PERFORMANCE OF ITS D UTIES. 6
670	670
671	671	(2) NOT LESS THAN 45 DAYS BEFORE ENTERING INTO ANY CONTRACT 7
672	672	OR AGREEMENT TO ACQU IRE OR CONSTRUCT A R EVENUE–PRODUCING PASSENGER 8
673	673	RAIL OR TRANSIT PROJ ECT, THE RAIL AUTHORITY SHALL PROVI DE, IN 9
674	674	ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, TO THE 10
675	675	SENATE BUDGET AND TAXATION COMMITTEE, THE HOUSE WAYS AND MEANS 11
676	676	COMMITTEE, AND THE HOUSE APPROPRIATIONS COMMITTEE, FOR REVIEW AND 12
677	677	COMMENT, AND TO THE DEPARTMENT OF LEGISLATIVE SERVICES A DESCRIPTIO N 13
678	678	OF THE PROPOSED PROJ ECT, A SUMMARY OF THE CON TRACT OR AGREEMENT , AND 14
679	679	A FINANCING PLAN THA T DETAILS: 15
680	680
681	681	(I) THE ESTIMATED ANNUAL REVENUE FROM THE ISS UANCE OF 16
682	682	BONDS TO FINANCE T HE PROJECT; AND 17
683	683
684	684	(II) THE ESTIMATED IMPACT OF THE ISSUANCE OF B ONDS TO 18
685	685	FINANCE THE PROJECT ON THE BONDING CAPAC ITY OF THE RAIL AUTHORITY. 19
686	686
687	687	(D) (1) (I) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , THE 20
688	688	RAIL AUTHORITY MAY EMPLOY AND FIX THE COMPENSA TION OF ATTORNEYS , 21
689	689	CONSULTING ENGINEERS , ACCOUNTANTS , CONSTRUCTION AND FIN ANCIAL 22
690	690	EXPERTS, SUPERINTENDENTS , MANAGERS, AND ANY OTHER AGENTS AND 23
691	691	EMPLOYEES THAT IT CO NSIDERS NECESSARY TO EXERCISE ITS POWERS AND 24
692	692	PERFORM ITS DUTIES . 25
693	693
694	694	(II) THE COMPENSATION ESTA BLISHED BY THE RAIL 26
695	695	AUTHORITY FOR EXECUTI VE MANAGEMENT POSITI ONS SHALL BE CONSIST ENT WITH 27
696	696	THE COMPENSATION OF COMPARABLE POSITIONS IN THE DEPARTMENT . 28
697	697
698	698	(III) THE COMPENSATION ESTA BLISHED BY THE RAIL 29
699	699	AUTHORITY SHALL BE RE PORTED TO THE GENERAL ASSEMBLY EACH Y EAR AS PART 30
700	700	OF THE RAIL AUTHORITY’S PRESENTATION OF IT S BUDGET. 31
701	701
702	702	(2) THE EXPENSE OF EMPLOY ING THESE PERSONS MA Y BE PAID ONLY 32
703	703	FROM REVENUES OR FRO M THE PROCEEDS OF RE VENUE BONDS ISSUED B Y THE 33
704	704	RAIL AUTHORITY. 34 16 HOUSE BILL 74
705	705
706	706
707	707
708	708	(E) THE RAIL AUTHORITY MAY APPLY F OR AND RECE IVE GRANTS FROM 1
709	709	ANY FEDERAL AGENCY F OR THE PLANNING , CONSTRUCTION , OPERATION, OR 2
710	710	FINANCING OF ANY PAS SENGER RAIL OR TRANS IT PROJECT AND MAY R ECEIVE AID 3
711	711	OR CONTRIBUTIONS OF MONEY, PROPERTY, LABOR, OR OTHER THINGS OF V ALUE 4
712	712	FROM ANY SOURCE , TO BE HELD, USED, AND APPLIED FOR THE PURPOSES FOR 5
713	713	WHICH THE GRANTS , AID, AND CONTRIBUTIONS AR E MADE. 6
714	714
715	715	(F) THE RAIL AUTHORITY MAY ADOPT R ULES AND REGULATIONS TO CARRY 7
716	716	OUT THE PROVISIONS O F THIS TITLE. 8
717	717
718	718	(G) THE RAIL AUTHORITY MAY DO ANYT HING ELSE NECESSARY OR 9
719	719	CONVENIENT TO CARRY OUT THE POWERS GRANTED IN THIS TITL E. 10
720	720
721	721	9–206. 11
722	722
723	723	SUBJECT TO TITLE 12 OF THE REAL PROPERTY ARTICLE AND CHAPTER 608 12
724	724	OF THE ACTS OF THE GENERAL ASSEMBLY OF 1976, THE RAIL AUTHORITY MAY 13
725	725	CONDEMN PROPERTY FOR ANY RAILROAD FACILIT IES PROJECT AUTHORIZ ED TO BE 14
726	726	FINANCED WITH REVENU E BONDS OF PRIOR ISS UES. 15
727	727
728	728	9–207. 16
729	729
730	730	EXCEPT FOR WATER AND SEWER CHARGES IMPOSE D BY THE STATE OR ANY OF 17
731	731	ITS AGENCIES OR POLI TICAL SUBDIVISIONS , THE RAIL AUTHORITY, ITS ACTIVITIES, 18
732	732	AND THE PROPERTY IT OWNS OR CONTROLS ARE EXEMPT FROM ALL TAXES, 19
733	733	ASSESSMENTS , AND CHARGES , WHETHER FEDERAL , STATE, OR LOCAL, NOW OR 20
734	734	SUBSEQUENTLY LEVIED OR IMPOSED. 21
735	735
736	736	9–208. 22
737	737
738	738	THE RAIL AUTHORITY MAY CONTRAC T WITH THE ADMINISTRATION TO 23
739	739	AUTHORIZE TRANSPORTATION AUTHORITY POLICE OFFI CERS TO EXERCISE THE 24
740	740	POWERS DESCRIBED UND ER § 4–208 OF THIS ARTICLE ON P ROPERTY OWNED , 25
741	741	LEASED, OR OPERATED BY OR UN DER THE CONTROL OF T HE RAIL AUTHORITY. 26
742	742
743	743	9–209. 27
744	744
745	745	(A) ON OR BEFORE SEPTEMBER 1 EACH YEAR, THE RAIL AUTHORITY, IN 28
746	746	COLLABORATION WITH T HE TRANSPORTATION AUTHORITY, SHALL DEVELOP AND , 29
747	747	SUBJECT TO APPROVAL OF THE TRANSPORTATION AUTHORITY, ADOPT A 6–YEAR 30
748	748	FINANCIAL FORECAST F OR THE OPERATIONS OF THE RAIL AUTHORITY. 31
749	749	HOUSE BILL 74 17
750	750
751	751
752	752	(B) IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, 1
753	753	THE RAIL AUTHORITY SHALL SUBMI T TO THE GENERAL ASSEMBLY: 2
754	754
755	755	(1) A DRAFT OF THE FINANCI AL FORECAST ON SUBMI SSION OF THE 3
756	756	BUDGET BILL TO THE P RESIDING OFFICERS OF THE GENERAL ASSEMBLY; AND 4
757	757
758	758	(2) THE FINANCIAL FORECAS T AS APPROVED BY THE RAIL 5
759	759	AUTHORITY ON OR BEFOR E SEPTEMBER 1 EACH YEAR. 6
760	760
761	761	(C) THE FINANCIAL FORECAS T SHALL INCLUDE THE FOLLOWING 7
762	762	COMPONENTS : 8
763	763
764	764	(1) A SCHEDULE OF OPERATIN G EXPENSES; 9
765	765
766	766	(2) A SCHEDULE OF REVENUES , INCLUDING CONCESSION S INCOME, 10
767	767	INVESTMENT INCOME , OTHER INCOME , AND TRANSFERS FROM T HE DEPARTMENT ; 11
768	768
769	769	(3) A SCHEDULE OF PLANNED BOND ISSUANCES , INCLUDING A 12
770	770	DETAILED SUMMARY OF BONDS ISSUED TO FUND THE CAPITAL PROGRAM AND 13
771	771	BONDS ISSUED TO FUND CAPITALIZED INTEREST; 14
772	772
773	773	(4) A SCHEDULE OF DEBT SER VICE IN EACH FISCAL YEAR FOR EACH 15
774	774	BOND ISSUANCE OF ALL DEBT ISSUED BY THE RAIL AUTHORITY, INCLUDING DEBT 16
775	775	SERVICE ESTIMATES OF PLANNED BOND ISSUANC ES; AND 17
776	776
777	777	(5) A SUMMARY SCHEDULE FOR THE RAIL AUTHORITY THAT 18
778	778	INCLUDES: 19
779	779
780	780	(I) THE TOTAL CASH BALANC E; 20
781	781
782	782	(II) THE AMOUNT OF THE CAS H BALANCE THAT IS 21
783	783	ENCUMBERED ; 22
784	784
785	785	(III) THE ANNUAL CASH SURPL US OR DEFICIT; 23
786	786
787	787	(IV) REVENUES; 24
788	788
789	789	(V) TRANSFERS TO THE DEPARTMENT FROM THE RAIL 25
790	790	AUTHORITY; 26
791	791
792	792	(VI) TRANSFERS TO THE RAIL AUTHORITY FROM THE 27
793	793	DEPARTMENT ; 28
794	794	18 HOUSE BILL 74
795	795
796	796
797	797	(VII) BOND SALES; 1
798	798
799	799	(VIII) EXPENDITURES FOR DEBT SERVICE; 2
800	800
801	801	(IX) OPERATING EXPENSES ; 3
802	802
803	803	(X) CAPITAL EXPENSES ; 4
804	804
805	805	(XI) MAINTENANCE AND OPERA TIONS EXPENSE RESERV E 5
806	806	ACCOUNTS; 6
807	807
808	808	(XII) FORECASTED BOND INTER EST RATES; 7
809	809
810	810	(XIII) TOTAL BONDS OUTSTANDI NG; AND 8
811	811
812	812	(XIV) FINANCIAL COVERAGE RA TIOS, INCLUDING THE RATIO OF 9
813	813	TOTAL CASH TO FARE R EVENUES, THE DEBT SERVICE COV ERAGE RATIO, AND THE 10
814	814	RATE COVENANT COMPLI ANCE RATIO. 11
815	815
816	816	(D) THE FINANCIAL FORECAS T SHALL INCLUDE , FOR EACH OF TH E 12
817	817	COMPONENTS SPECIFIED IN SUBSECTION (C) OF THIS SECTION: 13
818	818
819	819	(1) ACTUAL INFORMATION FO R THE LAST FULL FISC AL YEAR; AND 14
820	820
821	821	(2) FORECASTS OF THE INFO RMATION FOR EACH OF THE 6 15
822	822	SUBSEQUENT FISCAL YE ARS, INCLUDING THE CURREN T FISCAL YEAR, THE FISCAL 16
823	823	YEAR FOR THE PROPOSED BUDGET , AND THE NEXT 4 SUBSEQUENT FISCAL YE ARS. 17
824	824
825	825	9–210. 18
826	826
827	827	(A) THE RAIL AUTHORITY SHALL EMPLO Y A GENERAL COUNSEL WHO 19
828	828	SERVES AT THE PLEASU RE OF THE SECRETARY. 20
829	829
830	830	(B) THE GENERAL COUNSEL I S ENTITLED TO THE CO MPENSATION 21
831	831	DETERMINED BY THE EXECUTIVE DIRECTOR OF THE RAIL AUTHORITY. 22
832	832
833	833	9–211. 23
834	834
835	835	(A) THE RAIL AUTHORITY SHALL MAKE PUBLICLY AVAILABLE O N ITS 24
836	836	WEBSITE: 25
837	837
838	838	(1) EACH OPEN MEETING AGE NDA: 26
839	839	HOUSE BILL 74 19
840	840
841	841
842	842	(I) AT LEAST 48 HOURS IN ADVANCE OF EACH MEETING ; OR 1
843	843
844	844	(II) IF THE MEETING IS BEI NG HELD DUE TO AN EMERGENCY , A 2
845	845	NATURAL DISASTER , OR ANY OTHER UNANTIC IPATED SITUATION , AS FAR IN 3
846	846	ADVANCE OF THE MEETI NG AS PRACTICABLE ; 4
847	847
848	848	(2) MEETING MINUTES FROM THE PORTIONS OF A ME ETING THAT 5
849	849	WERE HELD IN OPEN SE SSION, NOT MORE THAN 2 BUSINESS DAYS AFTER THE 6
850	850	MINUTES ARE APPROVED; 7
851	851
852	852	(3) LIVE VIDEO STREAMING OF EACH OPEN MEETING OF THE RAIL 8
853	853	AUTHORITY THAT IS HEL D AT: 9
854	854
855	855	(I) THE HEADQUARTERS OF T HE RAIL AUTHORITY; OR 10
856	856
857	857	(II) ANY OTHER LOCATION WH ERE THE RAIL AUTHORITY HELD 11
858	858	AT LEAST 10 MEETINGS DURING THE IMMEDIATELY PRECEDING CALENDAR Y EAR; 12
859	859	AND 13
860	860
861	861	(4) A COMPLETE AND UNEDITE D ARCHIVED VIDEO REC ORDING OF 14
862	862	EACH OPEN MEETING FO R WHICH LIVE VIDEO S TREAMING WAS MADE AV AILABLE 15
863	863	UNDER ITEM (3) OF THIS SUBSECTION F OR A MINIMUM OF 5 YEARS AFTER THE DATE 16
864	864	OF THE MEETING . 17
865	865
866	866	(B) THE DEPARTMENT OF INFORMATION TECHNOLOGY SHALL PROV IDE TO 18
867	867	THE RAIL AUTHORITY THE TECHNIC AL STAFF, SUPPORT, AND EQUIPMENT 19
868	868	NECESSARY TO LIVESTR EAM THE OPEN MEETING S OF THE RAIL AUTHORITY. 20
869	869
870	870	SUBTITLE 3. FINANCING OF PROJECTS. 21
871	871
872	872	9–301. 22
873	873
874	874	BY ONE OR MORE RESOLU TIONS, THE RAIL AUTHORITY MAY : 23
875	875
876	876	(1) FINANCE THE COST OF R AILROAD FACILITIES P ROJECTS; 24
877	877
878	878	(2) BORROW MONEY FROM TIM E TO TIME FOR THAT P URPOSE; AND 25
879	879
880	880	(3) EVIDENCE THE BORROWIN G BY THE ISSUANCE AN D SALE OF 26
881	881	REVENUE BONDS , NOTES, OR OTHER EVIDENCES O F OBLIGATION ON THE TERMS, 27
882	882	CONDITIONS, AND LIMITATIONS CONT AINED IN THIS SUBTIT LE. 28
883	883
884	884	9–302. 29 20 HOUSE BILL 74
885	885
886	886
887	887
888	888	(A) EXCEPT AS PROVIDED IN § 9–306(B) OF THIS SUBTITLE , WITHOUT 1
889	889	LIMITING THE POWER O F THE RAIL AUTHORITY TO ISSUE AD DITIONAL REVENUE 2
890	890	BONDS UNDER THE PROV ISIONS OF LAW THAT AUTHORIZE THE ISSUAN CE OF 3
891	891	REVENUE BONDS OF PRI OR ISSUES, THE RAIL AUTHORITY FROM TIME T O TIME MAY 4
892	892	ISSUE ITS REVENUE BO NDS TO FINANCE THE C OST OF ANY ONE OR MO RE OR 5
893	893	COMBINATION OF RAILR OAD FACILITIES PROJE CTS. 6
894	894
895	895	(B) AS TO REVENUE BONDS O F ANY ISSUE, THE RAIL AUTHORITY MAY 7
896	896	DETERMINE: 8
897	897
898	898	(1) THE DATE OR DATES OF ISSUE; 9
899	899
900	900	(2) THE DATE OR DATES AND AMOUNT OR AMOUNTS OF MATURITY, 10
901	901	WHICH NEED NOT BE IN EQUAL PRINCIPAL AMOU NTS OR CONSECUTIVE A NNUAL 11
902	902	INSTALLMENTS , BUT A BOND MAY NOT B E ISSUED TO MATURE L ATER THAN 40 YEARS 12
903	903	AFTER THE DATE OF IT S ISSUE; 13
904	904
905	905	(3) THE RATE OR RATES OF INTEREST PAYABLE ON THE BONDS, OR 14
906	906	THE MANNER OF DETERM INING THE RATE OR RA TES OF INTEREST , AND THE DATE 15
907	907	OR DATES OF PAYMENT OF INTEREST; 16
908	908
909	909	(4) THE TENOR , FORM OR FORMS , DENOMINATION OR 17
910	910	DENOMINATIONS, MANNER OF EXECUTION , AND PLACE OR PLACES OF PAYMENT OF 18
911	911	THE PRINCIPAL OF AND INTEREST ON THE BOND S, WHICH MAY BE AT ANY BANK OR 19
912	912	TRUST COMPANY WITHIN OR OUTSIDE THE STATE; 20
913	913
914	914	(5) WHETHER THE BONDS ARE TO BE ISSUED IN COUP ON OR 21
915	915	REGISTERED FORM OR B OTH AND WHETHER PROVISIO N IS TO BE MADE FOR THE 22
916	916	REGISTRATION OF THE PRINCIPAL ONLY OF CO UPON BONDS , FOR THE 23
917	917	RECONVERSION OF FULL Y REGISTERED BONDS I NTO COUPON FORM , AND FOR THE 24
918	918	REPLACEMENT OF BONDS THAT ARE MUTILATED , LOST, OR DESTROYED ; 25
919	919
920	920	(6) WHETHER ALL OR ANY PART OF THE BOND S ARE REDEEMABLE 26
921	921	BEFORE MATURITY AND , IF SO, THE TERMS , CONDITIONS, AND PRICES OF 27
922	922	REDEMPTION ; AND 28
923	923
924	924	(7) ANY OTHER MATTER RELA TING TO THE FORM , TERMS, 29
925	925	CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF THE BONDS. 30
926	926
927	927	9–303. 31
928	928
929	929	(A) (1) REVENUE BON DS ISSUED UNDER THIS SUBTITLE SHALL BE 32 HOUSE BILL 74 21
930	930
931	931
932	932	EXECUTED ON BEHALF O F THE RAIL AUTHORITY BY THE MANU AL SIGNATURE OF AT 1
933	933	LEAST ONE AUTHORIZED INDIVIDUAL. 2
934	934
935	935	(2) OTHER SIGNATURES ON T HE BONDS MAY BE EITH ER MANUAL OR 3
936	936	FACSIMILE. 4
937	937
938	938	(B) IF AN INDIVIDUAL WHOS E MANUAL OR FACSIMILE SIGNATURE APPEARS 5
939	939	ON ANY BOND OR COUPO N ISSUED UNDER THIS SUBTITLE CEASES TO S ERVE IN AN 6
940	940	AUTHORIZED CAPACITY BEFORE THE DELIVERY OF THE BOND , THE SIGNATURE 7
941	941	NEVERTHELESS IS AS V ALID AND SUFFICIENT FOR ALL PURPOSES AS IF THE 8
942	942	INDIVIDUAL HAD REMAI NED IN THAT CAPACITY UNT IL DELIVERY OF THE B OND. 9
943	943
944	944	9–304. 10
945	945
946	946	NOTWITHSTANDING ANY O THER PROVISION OF LA W OR ANY RECITALS IN THE 11
947	947	INSTRUMENTS , THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 12
948	948	OBLIGATION ISSUED UN DER THIS SUBTITLE AR E INVESTMENT SECURIT IES UNDER 13
949	949	THE LAWS OF THE STATE. 14
950	950
951	951	9–305. 15
952	952
953	953	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 16
954	954	ISSUED UNDER THIS SU BTITLE AND THEIR ISS UANCE AND SALE ARE E XEMPT FROM 17
955	955	THE PROVISIONS OF §§ 8–206 AND 8–208 OF THE STATE FINANCE AND 18
956	956	PROCUREMENT ARTICLE, AND THE RAIL AUTHORITY MAY SELL TH EM AT EITHER 19
957	957	PUBLIC OR PRIVATE SA LE IN THE MANNER AND FOR THE PRICE THAT I T 20
958	958	DETERMINES . 21
959	959
960	960	9–306. 22
961	961
962	962	(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, REVENUE 23
963	963	BONDS MAY BE ISSUED BY THE RAIL AUTHORITY: 24
964	964
965	965	(1) WITHOUT OBTAINING T HE CONSENT OF ANY IN STRUMENTALITY , 25
966	966	AGENCY, OR UNIT OF THE STATE; AND 26
967	967
968	968	(2) WITHOUT ANY PROCEEDIN GS OR THE HAPPENING OF ANY 27
969	969	CONDITIONS OR THINGS OTHER THAN THOSE SPE CIFICALLY REQUIRED B Y THIS 28
970	970	SUBTITLE. 29
971	971
972	972	(B) (1) (I) SUBJECT TO SUBPARAGRA PH (III) OF THIS PARAGRAPH, 30
973	973	REVENUE BONDS SECURE D BY FARE REVENUE MA Y BE ISSUED IN ANY A MOUNT. 31
974	974	22 HOUSE BILL 74
975	975
976	976
977	977	(II) ON OR BEFORE APRIL 1, 2024, THE RAIL AUTHORITY 1
978	978	SHALL SUBMIT , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 2
979	979	ARTICLE, A REPORT TO THE GENERAL ASSEMBLY THAT INCLUDE S: 3
980	980
981	981	1. A RECOMMENDATION ON TH E MAXIMUM AGGREGATE 4
982	982	AMOUNT OF REVENUE BO NDS THAT MAY BE OUTS TANDING AND UNPAID I N A FISCAL 5
983	983	YEAR; AND 6
984	984
985	985	2. WHETHER THE MAXIMUM A GGREGATE AMOUNT 7
986	986	DETERMINED UNDER ITE M 1 OF THIS SUBPARAGRAPH SHOULD BE ESTABLISHE D BY 8
987	987	LAW OR REGULATION. 9
988	988
989	989	(III) THE MAXIMUM AGGREGATE AMOUNT OF REVENUE BO NDS 10
990	990	THAT MAY BE OUTSTAND ING AND UNPAID UNDER SUBPARAGRAPH (I) OF THIS 11
991	991	PARAGRAPH SHALL BE R EDUCED BY THE AMOUNT OF: 12
992	992
993	993	1. ANY LOAN EXTENDED TO THE STATE UNDER THE 13
994	994	FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT; 14
995	995	AND 15
996	996
997	997	2. ANY LINE OF CREDIT EX TENDED TO THE STATE 16
998	998	UNDER THE FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND 17
999	999	INNOVATION ACT, TO THE EXTENT THE STATE DRAWS ON THE LI NE OF CREDIT. 18
1000	1000
1001	1001	(2) EXCEPT AS OTHERWISE P ROVIDED IN THIS SECTION AND § 9–205 19
1002	1002	OF THIS TITLE, WITHOUT THE APPROVAL OF THE GENERAL ASSEMBLY, THE RAIL 20
1003	1003	AUTHORITY MAY ISSUE B ONDS TO REFINANCE AL L OR ANY PART OF THE COST OF A 21
1004	1004	PASSENGER RAIL OR TR ANSIT PROJECT FOR WH ICH THE RAIL AUTHORITY 22
1005	1005	PREVIOUSLY ISSUED BONDS AUTHORIZED UND ER THIS SUBTITLE. 23
1006	1006
1007	1007	9–307. 24
1008	1008
1009	1009	(A) SUBJECT TO THE PROVIS IONS OF §§ 9–306(B) AND 9–320 OF THIS 25
1010	1010	SUBTITLE, IF BY REASON OF INCR EASED CONSTRUCTION C OSTS, ERROR IN 26
1011	1011	ESTIMATES, OR OTHERWISE , THE PROCEEDS OF THE REVENUE BONDS OF ANY ISSUE 27
1012	1012	ARE LESS THAN THE AMOUNT REQU IRED FOR THE PURPOSE FOR WHICH THE BONDS 28
1013	1013	ARE AUTHORIZED , ADDITIONAL REVENUE B ONDS MAY BE ISSUED I N A SIMILAR 29
1014	1014	MANNER TO PROVIDE TH E AMOUNT OF THE DEFI CIENCY. 30
1015	1015
1016	1016	(B) (1) THE ADDITIONAL BONDS SHALL BE DEEMED TO B E OF THE SAME 31
1017	1017	ISSUE AND SHALL BE E NTITLED TO PAYMENT F ROM THE SAME FUND , WITHOUT 32
1018	1018	PREFERENCE OR PRIORI TY, AS THE BONDS FIRST I SSUED. 33
1019	1019	HOUSE BILL 74 23
1020	1020
1021	1021
1022	1022	(2) IF THE PROCEEDS OF TH E ADDITIONAL BONDS E XCEED THE 1
1023	1023	AMOUNT REQUIRED , THE EXCESS SHALL BE DEPOSIT ED TO THE CREDIT OF ANY 2
1024	1024	RESERVE FUND FOR THE BONDS OR, IF SO PROVIDED IN TH E TRUST AGREEMENT 3
1025	1025	SECURING THE BONDS , MAY BE APPLIED TO TH E COST OF ANY ADDITI ONAL 4
1026	1026	PROJECT. 5
1027	1027
1028	1028	9–308. 6
1029	1029
1030	1030	(A) THE RAIL AUTHORITY FROM TIME T O TIME MAY ISSUE ITS REVENUE 7
1031	1031	REFUNDING BONDS FOR : 8
1032	1032
1033	1033	(1) REFUNDING ANY BONDS I SSUED UNDER THIS SUB TITLE OR ANY 9
1034	1034	REVENUE BONDS OF PRI OR ISSUES, INCLUDING THE PAYMEN T OF ANY REDEMPTION 10
1035	1035	PREMIUM ON THE BONDS AND ANY INTEREST ACC RUED OR TO ACCRUE TO THE DATE 11
1036	1036	OF REDEMPTION OF THE BONDS; 12
1037	1037
1038	1038	(2) CONSTRUCTING IMPROVEM ENTS OR EXTENSIONS T O OR 13
1039	1039	ENLARGEMENTS OF ANY RAILROAD FACILITIES PROJECT; AND 14
1040	1040
1041	1041	(3) PAYING ALL OR ANY PAR T OF THE COST OF ANY ADDITIONAL 15
1042	1042	RAILROAD FACILITIES PROJECT. 16
1043	1043
1044	1044	(B) THE ISSUANCE OF REVEN UE REFUNDING BONDS , THE DETAILS OF 17
1045	1045	THEIR ISSUANCE , THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 18
1046	1046	OBLIGATIONS OF THE RAIL AUTHORITY WITH RESPEC T TO THEM ARE GOVERN ED BY 19
1047	1047	THE PROVISIONS OF TH IS SUBTITLE RELATING TO REVENUE BONDS , INSOFAR AS 20
1048	1048	THOSE PROVISIONS MAY BE APPLICABLE . 21
1049	1049
1050	1050	9–309. 22
1051	1051
1052	1052	BEFORE THE PREPARATIO N OF DEFINITIVE BOND S, THE RAIL AUTHORITY 23
1053	1053	MAY ISSUE ITS INTERI M CERTIFICATES OR TE MPORARY BONDS , WITH OR WITHOUT 24
1054	1054	COUPONS, EXCHANGEABLE FOR DEF INITIVE BONDS WHEN T HE DEFINITIVE BONDS 25
1055	1055	HAVE BEEN EXECUTED A ND ARE AVAILABLE FOR DELIVERY. 26
1056	1056
1057	1057	9–310. 27
1058	1058
1059	1059	(A) THE RAIL AUTHORITY MAY ISSUE I TS BOND ANTICIPATION NOTES, 28
1060	1060	PAYABLE TO THE BEARE R OR REGISTERED HOLD ER OF THE NOTES , OUT OF THE 29
1061	1061	FIRST PROCEEDS OF TH E NEXT SALE OF BONDS ISSUED UNDER THIS SU BTITLE. 30
1062	1062
1063	1063	(B) THE RESOLUTION AUTHOR IZING THE ISSUANCE OF BOND ANTICI PATION 31
1064	1064	NOTES MAY PROVIDE FO R THE ISSUANCE OF TH ESE NOTES IN SERIES , AS FUNDS ARE 32 24 HOUSE BILL 74
1065	1065
1066	1066
1067	1067	REQUIRED, AND FOR THE RENEWAL OF THESE NOTES AT MA TURITY, WITH OR 1
1068	1068	WITHOUT RESALE . 2
1069	1069
1070	1070	(C) THE ISSUANCE OF BOND ANTICIPATION NOTES , THE DETAILS OF THEIR 3
1071	1071	ISSUANCE, THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 4
1072	1072	OBLIGATIONS OF THE RAIL AUTHORITY WITH RESPEC T TO THEM ARE GOVERN ED BY 5
1073	1073	THE PROVISIONS OF TH IS SUBTITLE RELATING TO THE ISSUANCE OF T HE BONDS IN 6
1074	1074	ANTICIPATION OF THE SALE OF WHICH THE NO TES ARE ISSUED, INSOFAR AS THOSE 7
1075	1075	PROVISIONS MAY BE AP PLICABLE. 8
1076	1076
1077	1077	9–311. 9
1078	1078
1079	1079	(A) (1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE MAY BE 10
1080	1080	SECURED BY A TRUST A GREEMENT BETWEEN THE RAIL AUTHORITY AND A 11
1081	1081	CORPORATE TRUSTEE TH AT MAY BE ANY TRUST COMPANY OR BANK HAVI NG TRUST 12
1082	1082	POWERS WITHIN OR OUTSIDE TH E STATE. 13
1083	1083
1084	1084	(2) THE TRUST AGREEMENT M AY PLEDGE OR ASSIGN ALL OR ANY 14
1085	1085	PART OF THE REVENUES OF THE RAIL AUTHORITY OR OF ANY R AILROAD FACILITIES 15
1086	1086	PROJECT, BUT MAY NOT MORTGAGE ANY PART OF ANY RAIL ROAD FACILITIES 16
1087	1087	PROJECT. 17
1088	1088
1089	1089	(B) ANY TRUST AGR EEMENT OR BOND AUTHO RIZING RESOLUTION MA Y: 18
1090	1090
1091	1091	(1) CONTAIN ANY PROVISION S FOR THE PROTECTION AND 19
1092	1092	ENFORCEMENT OF THE R IGHTS AND REMEDIES O F BONDHOLDERS AS ARE 20
1093	1093	CONSIDERED REASONABL E AND PROPER , INCLUDING COVENANTS SETTING FORTH 21
1094	1094	THE DUTIES OF THE RAIL AUTHORITY AS TO THE FINANCIN G OR DEVELOPMENT OF 22
1095	1095	ANY RAILROAD FACILIT IES PROJECT , THE EXTENSION , ENLARGEMENT , 23
1096	1096	IMPROVEMENT , MAINTENANCE , OPERATION, REPAIR, AND INSURANCE OF THE 24
1097	1097	PROJECT, AND THE CUSTODY , SAFEGUARDING , AND APPLICATION OF M ONEY; 25
1098	1098
1099	1099	(2) PROVIDE FOR THE EMPLOYMENT OF CONSUL TING ENGINEERS IN 26
1100	1100	CONNECTION WITH THE CONSTRUCTION OR OPER ATION OF ANY RAILROA D 27
1101	1101	FACILITIES PROJECT ; 28
1102	1102
1103	1103	(3) SET FORTH THE RIGHTS AND REMEDIES OF THE BONDHOLDERS 29
1104	1104	AND OF THE TRUSTEE ; 30
1105	1105
1106	1106	(4) RESTRICT THE INDIVIDU AL RIGHT OF ACTION B Y BONDHOLDERS; 31
1107	1107	AND 32
1108	1108
1109	1109	(5) CONTAIN ANY OTHER PRO VISIONS THAT THE RAIL AUTHORITY 33 HOUSE BILL 74 25
1110	1110
1111	1111
1112	1112	CONSIDERS REASONABLE AND PROPER FOR THE S ECURITY OF THE BONDH OLDERS, 1
1113	1113	INCLUDING: 2
1114	1114
1115	1115	(I) COVENANTS TO RESTRICT OR PROHIBIT THE 3
1116	1116	CONSTRUCTION OR OPER ATION OF COMPETING R AILROAD FACILITIES ; AND 4
1117	1117
1118	1118	(II) COVENANTS RELATING TO THE ISSUANCE OF ADDI TIONAL 5
1119	1119	PARITY BONDS ON STAT ED CONDITIONS CONSIS TENT WITH THE REQUIR EMENTS OF 6
1120	1120	THIS SUBTITLE. 7
1121	1121
1122	1122	(C) ALL EXPENSES INCURRED IN CARRYING OUT THE TRUST AGREEMENT 8
1123	1123	MAY BE TREATED AS A PART OF THE COST OF THE OPERATION OF THE RAI LROAD 9
1124	1124	FACILITIES PROJECT I N CONNECTION WITH WH ICH THE BONDS HAVE B EEN ISSUED. 10
1125	1125
1126	1126	(D) THE PROCEEDS OF THE S ALE OF BONDS SHALL B E PAID TO THE 11
1127	1127	TRUSTEE UNDER THE TR UST AGREEMENT SECURI NG THE BONDS AND SHA LL BE 12
1128	1128	DISBURSED IN THE MAN NER AND UND ER THE RESTRICTIONS , IF ANY, PROVIDED IN 13
1129	1129	THE TRUST AGREEMENT . 14
1130	1130
1131	1131	(E) ANY BANK OR TRUST COM PANY INCORPORATED UN DER THE LAWS OF 15
1132	1132	THE STATE THAT ACTS AS DE POSITARY OF THE PROC EEDS OF THE BONDS OR OF 16
1133	1133	REVENUES MAY FURNISH ANY INDEMNIFYING BON DS OR PLEDGE ANY SEC URITIES 17
1134	1134	THAT THE RAIL AUTHORITY REQUIRES . 18
1135	1135
1136	1136	9–312. 19
1137	1137
1138	1138	NOTWITHSTANDING ANY O THER PROVISION OF LA W, IF THE RAIL AUTHORITY 20
1139	1139	IS OPERATING A RAILR OAD FACILITIES PROJE CT, THE RAIL AUTHORITY SHALL FIX , 21
1140	1140	REVISE, CHARGE, AND COLLECT RENTALS , RATES, FEES, FARES, AND OTHE R 22
1141	1141	CHARGES FOR ITS USE OR FOR ITS SERVICES CONSISTENT WITH THE PROVISIONS OF 23
1142	1142	§§ 7–208, 7–505, AND 7–506 OF THIS ARTICLE AS T HOSE PROVISIONS APPL Y TO THE 24
1143	1143	ADMINISTRATION . 25
1144	1144
1145	1145	9–313. 26
1146	1146
1147	1147	(A) (1) ALL RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D 27
1148	1148	REVENUES DERIV ED FROM ANY RAILROAD FACILITIES PROJECT S HALL BE SET 28
1149	1149	ASIDE IN A FUND KNOW N AS THE RAIL AUTHORITY FUND, EXCEPT TO THE EXTENT 29
1150	1150	THAT THEY ARE PLEDGE D UNDER AN APPLICABL E TRUST AGREEMENT TO SECURE 30
1151	1151	EITHER: 31
1152	1152
1153	1153	(I) REVENUE BONDS ISSUED UNDER THIS SUBTITLE IF THE 32
1154	1154	TRUST AGREEMENT OR B OND AUTHORIZING RESO LUTION EXPRESSLY PRO VIDES 33 26 HOUSE BILL 74
1155	1155
1156	1156
1157	1157	THAT THIS SECTION DO ES NOT APPLY TO THOS E BONDS; OR 1
1158	1158
1159	1159	(II) REVENUE BONDS OF PRIO R ISSUES. 2
1160	1160
1161	1161	(2) THE RAIL AUTHORITY FUND CONSISTS OF : 3
1162	1162
1163	1163	(I) THE REVENUES FROM THE TRANSFER OF FUNDS UN DER §§ 4
1164	1164	4–313 AND 4–314 OF THIS ARTICLE; 5
1165	1165
1166	1166	(II) SUBJECT TO PARAGRAPH (1) OF THIS SUBSECTION , THE 6
1167	1167	RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D REVENUES DERIVED 7
1168	1168	FROM ANY RAILROAD FA CILITIES PROJECT , EXCEPT TO THE EXTENT THAT THEY ARE 8
1169	1169	PLEDGED UNDER AN AP PLICABLE TRUST AGREE MENT; AND 9
1170	1170
1171	1171	(III) MONEY APPROPRIATED IN THE STATE BUDGET TO THE 10
1172	1172	RAIL AUTHORITY FUND. 11
1173	1173
1174	1174	(3) MONEY DISTRIBUTED TO THE RAIL AUTHORITY FUND SHALL BE 12
1175	1175	USED ONLY FOR THE RA ILROAD FACILITIES PR OJECTS LISTED UNDER § 9–204 OF 13
1176	1176	THIS TITLE. 14
1177	1177
1178	1178	(4) THE RAIL AUTHORITY FUND SHALL BE PLEDGED TO AND 15
1179	1179	CHARGED WITH THE PAY MENT OF: 16
1180	1180
1181	1181	(I) THE INTEREST ON BONDS ISSUED UNDER THIS SU BTITLE AS 17
1182	1182	IT FALLS DUE; 18
1183	1183
1184	1184	(II) THE PRINCIPAL OF THE BONDS AS IT FALLS DU E; 19
1185	1185
1186	1186	(III) THE NECESSARY CHARGES OF PAYING AGENTS FOR PAYING 20
1187	1187	PRINCIPAL AND INTERE ST; AND 21
1188	1188
1189	1189	(IV) THE REDEMPTION PRICE OR PURCHASE PRICE OF BONDS 22
1190	1190	RETIRED BY CALL OR P URCHASE AS PROVIDED IN THE BOND AUTHORIZ ING 23
1191	1191	RESOLUTION OR TRUST AGREEMENT . 24
1192	1192
1193	1193	(B) (1) THE PLEDGE IS VALID A ND BINDING FROM THE TIME IT IS MADE. 25
1194	1194
1195	1195	(2) RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D 26
1196	1196	REVENUES OR OTHER MO NEY SO PLEDGED AND L ATER RECEIVED BY THE RAIL 27
1197	1197	AUTHORITY IMMEDIATELY SHALL BE SUBJECT TO THE LIEN OF THE PLED GE 28
1198	1198	WITHOUT PHYSICAL DEL IVERY OR ANY FURTHER ACT. 29
1199	1199	HOUSE BILL 74 27
1200	1200
1201	1201
1202	1202	(3) THE LIEN OF THE PLEDGE IS VALI D AND BINDING AS AGA INST ALL 1
1203	1203	PARTIES HAVING ANY C LAIMS OF ANY KIND IN TORT, CONTRACT, OR OTHERWISE 2
1204	1204	AGAINST THE RAIL AUTHORITY, WHETHER OR NOT THESE PARTIES HAVE NOTICE OF 3
1205	1205	THE PLEDGE. 4
1206	1206
1207	1207	(4) NOTWITHSTANDING ANY L AW TO THE CONTRARY , NEITHER THE 5
1208	1208	RESOLUTION NOR ANY T RUST AGREEMENT BY WH ICH A PLEDGE IS CREA TED NEED 6
1209	1209	BE FILED OR RECORDED OTHER THAN IN THE RE CORDS OF THE RAIL AUTHORITY. 7
1210	1210
1211	1211	(C) THE USE AND DISPOSITI ON OF MONEY TO THE C REDIT OF THE RAIL 8
1212	1212	AUTHORITY FUND IS SUBJECT TO TH E PROVISION OF THE APPLICABLE BOND 9
1213	1213	AUTHORIZING RESOLUTI ON OR TRUST AGREEMEN T. 10
1214	1214
1215	1215	9–314. 11
1216	1216
1217	1217	WITHOUT IN ANY WAY LI MITING OR RESTRICTIN G ITS EFFECT OR 12
1218	1218	APPLICATION, THIS SUBTITLE IS INT ENDED TO AUTHORIZE T HE RAIL AUTHORITY 13
1219	1219	TO FINANCE ANY ONE O R MORE OR ANY COMBIN ATION OF RAILROAD FACILITIES 14
1220	1220	PROJECTS BY ANY ONE OR MORE OR COMBINATI ON OF ISSUES OR SERI ES OF BONDS 15
1221	1221	SECURED BY THE PLEDG E OF THE NET OR GROS S OR ANY COMBINATION OF THE NET 16
1222	1222	OR GROSS RENTALS , RATES, FARES, FEES, AND OTHER CHARGES AN D REVENUES 17
1223	1223	DERIVED FROM ANY RAI LROAD FACILITIES PROJEC T OR COMBINATION OF 18
1224	1224	PROJECTS DESIGNATED BY ANY BOND AUTHORIZ ING RESOLUTION OR TR UST 19
1225	1225	AGREEMENT SECURING T HE BONDS. 20
1226	1226
1227	1227	9–315. 21
1228	1228
1229	1229	ALL MONEY THAT IS REC EIVED BY THE RAIL AUTHORITY AS PROCEEDS FROM 22
1230	1230	THE SALE OF REVENUE BONDS, NOTES, OR OTHER EVI DENCES OF OBLIGATION 23
1231	1231	UNDER THIS SUBTITLE AND BY WAY OF RENTAL S, RATES, FARES, FEES, AND OTHER 24
1232	1232	CHARGES AND REVENUES DERIVED FROM ANY RAI LROAD FACILITIES PRO JECT OR 25
1233	1233	COMBINATION OF PROJE CTS AND THAT IS DESI GNATED BY ANY AUTHOR IZING 26
1234	1234	RESOLUTION OR TRUST AGREEME NT AS SECURITY FOR T HE BONDS, NOTES, OR 27
1235	1235	OTHER EVIDENCES OF O BLIGATION SHALL BE D EEMED TO BE TRUST FU NDS TO BE 28
1236	1236	HELD AND APPLIED ONL Y AS PROVIDED IN THI S SUBTITLE. 29
1237	1237
1238	1238	9–316. 30
1239	1239
1240	1240	EXCEPT TO THE EXTENT RESTRICTED BY THE TR UST AGREEMENT , THE 31
1241	1241	TRUSTEE OR ANY HOLDE R OF REVENUE BONDS ISSUED UNDER THIS SUBTITLE OR 32
1242	1242	OF ANY OF THE COUPON S APPERTAINING TO TH E BONDS MAY: 33
1243	1243
1244	1244	(1) BRING A SUIT , AN ACTION, A MANDAMUS , OR ANY OTHER 34 28 HOUSE BILL 74
1245	1245
1246	1246
1247	1247	PROCEEDING AT LAW OR IN EQUITY TO PROTECT AND ENFORCE ANY RIGH T UNDER 1
1248	1248	THE LAWS OF THE STATE OR UNDER THE BOND AUTHORIZING RESOLUTION OR 2
1249	1249	TRUST AGREEMENT ; AND 3
1250	1250
1251	1251	(2) ENFORCE AND COMPEL TH E PERFORMANCE OF ALL DUTIES 4
1252	1252	REQUIRED BY THIS SUB TITLE OR BY THE TRUS T AGREEMENT TO BE PE RFORMED BY 5
1253	1253	THE RAIL AUTHORITY OR BY ANY O F ITS OFFICERS , INCLUDING THE FIXING , 6
1254	1254	CHARGING, AND COLLECTING OF RE NTALS, RATES, FARES, FEES, AND OTHER 7
1255	1255	CHARGES AND REVENUES . 8
1256	1256
1257	1257	9–317. 9
1258	1258
1259	1259	(A) ALL PUBLIC OFFICERS A ND PUBLIC AGENCIES O F THE STATE AND ITS 10
1260	1260	POLITICAL SUBDIVISIO NS, ALL BANKS, TRUST COMPANIES , SAVINGS AND LOAN 11
1261	1261	ASSOCIATIONS, INVESTMENT COM PANIES, AND OTHERS CARRYING ON A BANKING 12
1262	1262	BUSINESS, ALL INSURANCE COMPAN IES, INSURANCE ASSOCIATIO NS, AND OTHERS 13
1263	1263	CARRYING ON AN INSUR ANCE BUSINESS , ALL PERSONAL REPRESE NTATIVES, 14
1264	1264	GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIE S, AND ALL OTHER PERSON S MAY 15
1265	1265	LEGALLY AN D PROPERLY INVEST FU NDS, INCLUDING CAPITAL IN THEIR CONTROL 16
1266	1266	OR BELONGING TO THEM , IN REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 17
1267	1267	OBLIGATION ISSUED UN DER THIS SUBTITLE . 18
1268	1268
1269	1269	(B) THESE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION MAY 19
1270	1270	LEGALLY AND PROPERLY BE DEPOSITED WITH AND RECEIVED BY ANY STATE OR 20
1271	1271	MUNICIPAL OFFICER OR ANY AGENCY OR POLITI CAL SUBDIVISION OF T HE STATE 21
1272	1272	FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLIG ATIONS OF 22
1273	1273	THE STATE IS AUTHORIZED B Y LAW. 23
1274	1274
1275	1275	9–318. 24
1276	1276
1277	1277	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES O F OBLIGATION 25
1278	1278	ISSUED UNDER THIS SU BTITLE, THEIR TRANSFER , THE INTEREST PAYABLE ON 26
1279	1279	THEM, AND ANY INCOME DERIV ED FROM THEM , INCLUDING ANY PROFIT REALIZED 27
1280	1280	IN THEIR SALE OR EXC HANGE, SHALL BE EXEMPT AT A LL TIMES FROM EVERY KIND 28
1281	1281	AND NATURE OF TAXATION BY THE STATE OR BY ANY OF IT S POLITICAL 29
1282	1282	SUBDIVISIONS, OR PUBLIC AGENCIES O F ANY KIND. 30
1283	1283
1284	1284	9–319. 31
1285	1285
1286	1286	(A) THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 32
1287	1287	ISSUED UNDER THIS SU BTITLE ARE NOT AND M AY NOT BE CONSIDERED TO 33
1288	1288	CONSTITUTE A DEBT OR A PLEDGE OF THE FAIT H AND CREDIT OF THE STATE OF 34
1289	1289	MARYLAND, BUT SHALL BE PAYABLE ONLY FROM THE FUNDS FROM OR REV ENUES 35 HOUSE BILL 74 29
1290	1290
1291	1291
1292	1292	PROVIDED BY THIS SUB TITLE FOR THAT PURPO SE. 1
1293	1293
1294	1294	(B) ALL REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 2
1295	1295	ISSUED UNDER THIS SU BTITLE SHALL CONTAIN A STATEMENT ON THEIR FACE TO 3
1296	1296	THE EFFECT THAT : 4
1297	1297
1298	1298	(1) THE STATE IS NOT OBLIGATE D TO PAY THE PRINCIP AL OF OR THE 5
1299	1299	INTEREST ON THEM EXC EPT FROM REVENUES ; AND 6
1300	1300
1301	1301	(2) NEITHER THE FAITH AND CREDIT NOR THE TAXIN G POWER OF 7
1302	1302	THE STATE IS PLEDGED TO T HE PAYMENT OF THE PR INCIPAL OF OR THE IN TEREST 8
1303	1303	ON THEM. 9
1304	1304
1305	1305	9–320. 10
1306	1306
1307	1307	IF THE RAIL AUTHORITY INTENDS TO PLEDGE ANY FUTURE FEDERAL AID 11
1308	1308	FROM ANY SOURCE TO S UPPORT REPAYMENT OF ANY DEBT INSTRUMENT ISSUED 12
1309	1309	UNDER THIS SUBTITLE : 13
1310	1310
1311	1311	(1) THE AGGREGATE PRINCIP AL AMOUNT OF DEBT IS SUED UNDER 14
1312	1312	THIS SUBTITLE OR TITLE 3, SUBTITLE 6 OF THIS ARTICLE THAT IS SECURED BY A 15
1313	1313	PLEDGE OF FUTURE FED ERAL AID MAY NOT EXCEE D $750,000,000; 16
1314	1314
1315	1315	(2) THE DATE OF MATURITY MAY NOT BE LATER THA N 12 YEARS 17
1316	1316	AFTER THE DATE OF IS SUE; 18
1317	1317
1318	1318	(3) NOTWITHSTANDING § 3–215(D) OF THIS ARTICLE , IF FUTURE 19
1319	1319	FEDERAL AID IS INSUF FICIENT TO PAY THE P RINCIPAL OF AND INTE REST ON THE 20
1320	1320	BONDS ISSUED UNDER THIS SUBTITLE WHEN DUE , THE TAX LEVIED UNDER § 3–215 21
1321	1321	OF THIS ARTICLE , TO THE EXTENT THE PR OCEEDS OF SUCH TAX A RE NOT 22
1322	1322	NECESSARY TO PROVIDE THE SINKING FUND REQ UIRED UNDER § 3–215(C) OF THIS 23
1323	1323	ARTICLE, IS IRREVOCABLY PLEDG ED TO THE PAYMENT OF THE PRINCIPAL OF AND 24
1324	1324	INTEREST ON THE BOND S ISSUED UNDER THIS SUBTITLE AS THEY BEC OME DUE AND 25
1325	1325	PAYABLE; 26
1326	1326
1327	1327	(4) THE LIEN OF THE PLEDG E UNDER ITEM (3) OF THIS SECTION 27
1328	1328	SHALL AT ALL TIMES B E SUBORDINATE TO THE LIEN OF THE PLEDGE O F SUCH TAX 28
1329	1329	UNDER § 3–215(D) OF THIS ARTICLE TO THE PA YMENT OF PRINCIPAL O F AND 29
1330	1330	INTEREST ON CONSOLID ATED TRANSPORTATION BONDS; AND 30
1331	1331
1332	1332	(5) NO PART OF THE TAX LE VIED UNDER § 3–215 OF THIS ARTICLE 31
1333	1333	MAY BE REPEALED , DIMINISHED, OR APPLIED TO ANY OT HER PURPOSE UNTIL : 32
1334	1334	30 HOUSE BILL 74
1335	1335
1336	1336
1337	1337	(I) THE BONDS ISSUED UND ER THIS SUBTITLE AND INTEREST 1
1338	1338	ON THEM HAVE BECOME DUE AND FULLY PAID ; OR 2
1339	1339
1340	1340	(II) ADEQUATE AND COMPLETE PROVISION FOR PAYMEN T OF 3
1341	1341	THE PRINCIPAL AND IN TEREST HAS BEEN MADE . 4
1342	1342
1343	1343	9–321. 5
1344	1344
1345	1345	(A) THE RAIL AUTHORITY MAY ISSUE B OND ANTICIPATION NOT ES SECURED 6
1346	1346	BY A PLEDGE OF A LINE OF CREDIT EXTENDED TO T HE STATE UNDER THE FEDER AL 7
1347	1347	TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT. 8
1348	1348
1349	1349	(B) NOTES ISSUED UNDER TH IS SECTION SHALL HAV E A MATURITY DATE OF 9
1350	1350	UP TO 3 YEARS AFTER THE DATE OF ISSUE. 10
1351	1351
1352	1352	(C) A PLEDGE OF A LINE OF CREDIT AS AUTHORI ZED UNDER THIS SECTI ON 11
1353	1353	DOES NOT CONSTITUTE THE PLEDGE OF FUTURE FEDERAL REVENUES , AND NOTES 12
1354	1354	ISSUED UNDER THIS SE CTION ARE NOT SUBJEC T TO § 3–601(D) OF THIS ARTICLE OR 13
1355	1355	§ 9–320 OF THIS SUBTITLE . 14
1356	1356
1357	1357	SUBTITLE 4. MISCELLANEOUS PROVISIONS. 15
1358	1358
1359	1359	9–401. 16
1360	1360
1361	1361	IF THE RAIL AUTHORITY CONSIDERS I T NECESSARY OR DESIR ABLE TO 17
1362	1362	ENSURE THE PROPER OP ERATION AND MAINTENA NCE OF ANY RAILROAD FACILITIES 18
1363	1363	PROJECT, IT MAY DESIGNATE , ESTABLISH, LIMIT, AND CONTROL THE ENTR ANCES 19
1364	1364	AND EXITS OF THE PRO JECT AND MAY PROHIBI T ENTRANCE OR EXIT FROM AN Y 20
1365	1365	UNDESIGNATED POINT . 21
1366	1366
1367	1367	SECTION 2. AND BE IT FURTHER ENACTED, That: 22
1368	1368
1369	1369	(a) The Maryland Rail Authority, in collaboration with the Maryland 23
1370	1370	Transportation Authority, shall contract with a consultant, institution, agency, private 24
1371	1371	contractor, or any other qualified person with expertise in environmental and occupational 25
1372	1372	health to conduct a study of the State’s toll facilities and related impacts of pollution. 26
1373	1373
1374	1374	(b) The study shall: 27
1375	1375
1376	1376	(1) identify the amount of pollution within 5 miles of each toll facility, 28
1377	1377	including the levels of: 29
1378	1378
1379	1379	(i) carbon monoxide; 30
1380	1380	HOUSE BILL 74 31
1381	1381
1382	1382
1383	1383	(ii) nitrous oxide; 1
1384	1384
1385	1385	(iii) particulate matter (pm) 2.5; and 2
1386	1386
1387	1387	(iv) sulfur dioxide; 3
1388	1388
1389	1389	(2) map the prevalence of any health issues within 5 miles of each toll 4
1390	1390	facility that are related to the presence of the pollutants listed under item (1) of this 5
1391	1391	subsection; and 6
1392	1392
1393	1393	(3) identify the communities in the State that are most affected by the 7
1394	1394	presence of the pollutants listed under item (1) of this subsection. 8
1395	1395
1396	1396	(c) The Maryland Rail Authority shall ensure that on or before June 30, 2024, the 9
1397	1397	entity contracted to conduct the study submits, in accordance with § 2–1257 of the State 10
1398	1398	Government Article, a report of its findings and recommendations to: 11
1399	1399
1400	1400	(1) the Department of Transportation; 12
1401	1401
1402	1402	(2) the House Environment and Transportation Committee; 13
1403	1403
1404	1404	(3) the House Appropriations Committee; 14
1405	1405
1406	1406	(4) the Senate Finance Committee; and 15
1407	1407
1408	1408	(5) the Senate Budget and Taxation Committee. 16
1409	1409
1410	1410	SECTION 3. AND BE IT FURTHER ENACTED, That on or before December 1, 17
1411	1411	2023, the Maryland Transportation Authority shall hold public hearings and seek public 18
1412	1412	comment on proposed toll rate adjustments that achieve near optimal tolling. 19
1413	1413
1414	1414	SECTION 4. AND BE IT FURTHER ENACTED, That: 20
1415	1415
1416	1416	(a) On or before July 1, 2023, the Secretary of Transportation shall request a 21
1417	1417	determination letter from the Attorney General on whether implementing Section 1 of this 22
1418	1418	Act would violate existing bond covenants and trust agreements for State toll facilities. 23
1419	1419
1420	1420	(b) (1) Within 5 days after receiving the determination letter requested under 24
1421	1421	subsection (a) of this section from the Attorney General, the members of the Maryland 25
1422	1422	Transportation Authority shall hold a majority vote on whether implementing Section 1 of 26
1423	1423	this Act would violate existing bond covenants and trust agreements for State toll facilities. 27
1424	1424
1425	1425	(2) Within 5 days after holding the vote required under paragraph (1) of 28
1426	1426	this subsection, the Secretary shall forward the result of the vote to the Department of 29
1427	1427	Legislative Services, Miller Senate Office Building, 11 Bladen Street, Annapolis, Maryland 30
1428	1428	21401. 31
1429	1429	32 HOUSE BILL 74
1430	1430
1431	1431
1432	1432	SECTION 5. AND BE IT FURTHER ENACTED, That: 1
1433	1433
1434	1434	(a) Sections 1 through 3 of this Act are contingent on the receipt by the Secretary 2
1435	1435	of Transportation of the result of a favorable vote of the members of the Maryland 3
1436	1436	Transportation Authority requested under Section 4 of this Act, confirming that 4
1437	1437	implementing Section 1 of this Act would not violate existing bond covenants or trust 5
1438	1438	agreements for State toll facilities. 6
1439	1439
1440	1440	(b) If the result of a favorable vote requested under Section 4 of this Act is received 7
1441	1441	on or before October 1, 2023, Sections 1 through 3 of this Act shall take effect on the date 8
1442	1442	that notice of the result of the vote is received by the Department of Legislative Services in 9
1443	1443	accordance with Section 4 of this Act. 10
1444	1444
1445	1445	(c) If the Secretary of Transportation does not receive the result of a favorable 11
1446	1446	vote under Section 4 of this Act on or before October 1, 2023, Sections 1 through 3 of this 12
1447	1447	Act, with no further action required by the General Assembly, shall be null and void. 13
1448	1448
1449	1449	(d) If the members of the Transportation Authority determine through a majority 14
1450	1450	vote that implementing Section 1 of this Act would violate existing bond covenants or trust 15
1451	1451	agreements for State toll facilities, the Transportation Authority, within 30 days after the 16
1452	1452	vote, shall submit a report on the basis of the determination and any amendments to the 17
1453	1453	bond covenants or trust agreements that would be necessary to implement this Act to: 18
1454	1454
1455	1455	(1) the Department of Transportation; 19
1456	1456
1457	1457	(2) the House Environment and Transportation Committee; 20
1458	1458
1459	1459	(3) the House Appropriations Committee; 21
1460	1460
1461	1461	(4) the Senate Finance Committee; and 22
1462	1462
1463	1463	(5) the Senate Budget and Taxation Committee. 23
1464	1464
1465	1465	SECTION 6. AND BE IT FURTHER ENACTED, That , subject to the provisions of 24
1466	1466	Section 5 of this Act, this Act shall take effect June 1, 2023. 25
1467	1467