| 1 | 1 | | |
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| 2 | 2 | | |
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| 3 | 3 | | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. |
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| 4 | 4 | | [Brackets] indicate matter deleted from existing law. |
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| 5 | 5 | | *hb0105* |
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| 6 | 6 | | |
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| 7 | 7 | | HOUSE BILL 105 |
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| 8 | 8 | | R2 5lr1419 |
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| 9 | 9 | | (PRE–FILED) |
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| 10 | 10 | | By: Delegate Edelson |
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| 11 | 11 | | Requested: October 28, 2024 |
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| 12 | 12 | | Introduced and read first time: January 8, 2025 |
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| 13 | 13 | | Assigned to: Appropriations |
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| 14 | 14 | | |
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| 15 | 15 | | A BILL ENTITLED |
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| 16 | 16 | | |
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| 17 | 17 | | AN ACT concerning 1 |
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| 18 | 18 | | |
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| 19 | 19 | | Department of Transportation – Grant Anticipation Revenue Vehicle Bonds – 2 |
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| 20 | 20 | | Light Rail Replacement Vehicles 3 |
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| 21 | 21 | | |
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| 22 | 22 | | FOR the purpose of authorizing the Department of Transportation to use proceeds from the 4 |
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| 23 | 23 | | issuance of certain debt that is secured by future federal aid for replacing light rail 5 |
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| 24 | 24 | | transit vehicles and costs related to the replacement of the vehicles; and generally 6 |
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| 25 | 25 | | relating to the use of proceeds from debt that is secured by future federal aid. 7 |
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| 26 | 26 | | |
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| 27 | 27 | | BY repealing and reenacting, without amendments, 8 |
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| 28 | 28 | | Article – Transportation 9 |
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| 29 | 29 | | Section 3–601(a) 10 |
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| 30 | 30 | | Annotated Code of Maryland 11 |
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| 31 | 31 | | (2020 Replacement Volume and 2024 Supplement) 12 |
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| 32 | 32 | | |
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| 33 | 33 | | BY repealing and reenacting, with amendments, 13 |
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| 34 | 34 | | Article – Transportation 14 |
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| 35 | 35 | | Section 3–601(d) 15 |
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| 36 | 36 | | Annotated Code of Maryland 16 |
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| 37 | 37 | | (2020 Replacement Volume and 2024 Supplement) 17 |
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| 38 | 38 | | |
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| 39 | 39 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18 |
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| 40 | 40 | | That the Laws of Maryland read as follows: 19 |
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| 41 | 41 | | |
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| 42 | 42 | | Article – Transportation 20 |
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| 43 | 43 | | |
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| 44 | 44 | | 3–601. 21 |
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| 45 | 45 | | |
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| 46 | 46 | | (a) In order to utilize to the greatest extent possible the benefits of available 22 |
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| 47 | 47 | | financial resources relating to transportation purposes, including federal grants, loans, 23 |
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| 48 | 48 | | transportation facility revenue sources, and other programs, the Department from time to 24 2 HOUSE BILL 105 |
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| 49 | 49 | | |
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| 50 | 50 | | |
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| 51 | 51 | | time may issue its bonds and otherwise borrow funds, as provided in this subtitle, to finance 1 |
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| 52 | 52 | | the costs of transportation facilities. 2 |
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| 53 | 53 | | |
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| 54 | 54 | | (d) If the Department intends to pledge any future federal aid from any source to 3 |
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| 55 | 55 | | support repayment of bonds issued under this subtitle: 4 |
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| 56 | 56 | | |
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| 57 | 57 | | (1) The aggregate outstanding and unpaid principal amount of debt issued 5 |
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| 58 | 58 | | under this subtitle or Title 4, Subtitle 3 of this article that is secured by a pledge of future 6 |
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| 59 | 59 | | federal aid may not exceed $1,000,000,000 as of June 30 of any fiscal year, provided that 7 |
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| 60 | 60 | | the proceeds may be used only for: 8 |
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| 61 | 61 | | |
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| 62 | 62 | | (i) Designing and constructing the Baltimore Red Line; 9 |
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| 63 | 63 | | |
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| 64 | 64 | | (ii) Procuring zero–emission buses consistent with § 7–406 of [the 10 |
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| 65 | 65 | | Transportation Article] THIS ARTICLE and constructing related infrastructure, including 11 |
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| 66 | 66 | | bus maintenance facilities; 12 |
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| 67 | 67 | | |
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| 68 | 68 | | (iii) Developing and constructing the Southern Maryland Rapid 13 |
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| 69 | 69 | | Transit Corridor; 14 |
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| 70 | 70 | | |
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| 71 | 71 | | (iv) Designing and constructing improvements to the Maryland 15 |
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| 72 | 72 | | Route 2 and Route 4 corridor, including the Thomas Johnson Bridge; 16 |
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| 73 | 73 | | |
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| 74 | 74 | | (v) Designing and constructing improvements to the Maryland 17 |
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| 75 | 75 | | Route 90 corridor; [or] 18 |
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| 76 | 76 | | |
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| 77 | 77 | | (vi) REPLACING LIGHT RAIL TRANSIT VEHICLES AND COSTS 19 |
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| 78 | 78 | | RELATED TO THE REPLA CEMENT OF THE VEHICL ES; OR 20 |
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| 79 | 79 | | |
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| 80 | 80 | | (VII) Designing and constructing improvements to the Interstate 81 21 |
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| 81 | 81 | | corridor; 22 |
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| 82 | 82 | | |
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| 83 | 83 | | (2) The date of maturity may not be later than 15 years after the date of 23 |
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| 84 | 84 | | issue; and 24 |
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| 85 | 85 | | |
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| 86 | 86 | | (3) No part of the tax levied under § 3–215 of this title may be repealed, 25 |
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| 87 | 87 | | diminished, or applied to any other purpose until: 26 |
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| 88 | 88 | | |
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| 89 | 89 | | (i) The bonds issued under this subtitle and interest on them have 27 |
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| 90 | 90 | | become due and fully paid; or 28 |
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| 91 | 91 | | |
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| 92 | 92 | | (ii) Adequate and complete provision for payment of the principal 29 |
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| 93 | 93 | | and interest has been made. 30 |
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| 94 | 94 | | |
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| 95 | 95 | | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 31 |
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| 96 | 96 | | 1, 2025. 32 |
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