Maryland 2025 Regular Session

Maryland Senate Bill SB401 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	sb0401
6	6
7	7	SENATE BILL 401
8	8	R2 5lr2154
9	9	CF 5lr1146
10	10	By: Senator McCray
11	11	Introduced and read first time: January 20, 2025
12	12	Assigned to: Budget and Taxation and Finance
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Transportation – Maryland Area Rail Commuter Rail Authority – Establishment 2
19	19	(MARC Rail Authority Act of 2025) 3
20	20
21	21	FOR the purpose of establishing the Maryland Area Rail Commuter (MARC) Rail Authority 4
22	22	and the powers and duties of the MARC Rail Authority, acting on behalf of the 5
23	23	Department of Transportation, with respect to the supervision, construction, 6
24	24	operation, maintenance, and repair of MARC railroad facilities projects; authorizing, 7
25	25	subject to certain limitations, the MARC Rail Authority to issue certain revenue 8
26	26	bonds to finance the cost of certain MARC railroad facilities projects; establishing 9
27	27	the MARC Rail Authority Fund; requiring certain funds and revenues to be 10
28	28	deposited in the Fund; and generally relating to the establishment of the Maryland 11
29	29	Area Rail Commuter (MARC) Rail Authority. 12
30	30
31	31	BY adding to 13
32	32	Article – Transportation 14
33	33	Section 7–1301 through 7–1333 to be under the new subtitle “Subtitle 13. Maryland 15
34	34	Area Rail Commuter (MARC) Rail Authority” 16
35	35	Annotated Code of Maryland 17
36	36	(2020 Replacement Volume and 2024 Supplement) 18
37	37
38	38	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 19
39	39	That the Laws of Maryland read as follows: 20
40	40
41	41	Article – Transportation 21
42	42
43	43	SUBTITLE 13. MARYLAND AREA RAIL COMMUTER (MARC) RAIL AUTHORITY. 22
44	44
45	45	7–1301. 23
46	46
47	47	(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 24 2 SENATE BILL 401
48	48
49	49
50	50	INDICATED. 1
51	51
52	52	(B) “MARC” MEANS MARYLAND AREA RAIL COMMUTER RAIL SERVICE . 2
53	53
54	54	(C) “MARC RAILROAD FACILITIES PROJECT” INCLUDES: 3
55	55
56	56	(1) (I) THE BRUNSWICK, CAMDEN, OR PENN LINES OF THE 4
57	57	MARYLAND AREA RAIL COMMUTER (MARC) SERVICE; AND 5
58	58
59	59	(II) EXTENDING MARC SERVICE; AND 6
60	60
61	61	(2) ANY ADDITIONS, IMPROVEMENTS , OR ENLARGEMENTS TO A NY OF 7
62	62	THE PROJECTS LISTED UNDER ITEM (1) OF THIS SUBSECTION , WHENEVER 8
63	63	AUTHORIZED . 9
64	64
65	65	(D) “TRANSPORTATION AUTHORITY” MEANS THE MARYLAND 10
66	66	TRANSPORTATION AUTHORITY. 11
67	67
68	68	7–1302. 12
69	69
70	70	THERE IS A MARC RAIL AUTHORITY. 13
71	71
72	72	7–1303. 14
73	73
74	74	(A) (1) THE SECRETARY IS THE CHAI R OF THE MARC RAIL AUTHORITY. 15
75	75
76	76	(2) THE SECRETARY SHALL DESIG NATE AN EXECUTIVE DIRECTOR 16
77	77	OF THE MARC RAIL AUTHORITY. 17
78	78
79	79	(B) IN ADDITION TO THE CHAI R, THE MARC RAIL AUTHORITY CONSISTS 18
80	80	OF: 19
81	81
82	82	(1) THE FOLLOWING MEMBERS : 20
83	83
84	84	(I) ONE MEMBER WITH A BAC KGROUND IN RAIL TRAN SIT, 21
85	85	APPOINTED BY THE PRESIDENT OF THE SENATE; AND 22
86	86
87	87	(II) ONE MEMBER WITH A BAC KGROUND IN RAIL TRAN SIT, 23
88	88	APPOINTED B Y THE SPEAKER OF THE HOUSE; AND 24
89	89
90	90	(2) THE FOLLOWING NONVOTI NG MEMBERS : 25
91	91
92	92	(I) AS AN EX OFFICIO MEMB ER, THE EXECUTIVE DIRECTOR OF 26 SENATE BILL 401 3
93	93
94	94
95	95	THE MARC RAIL AUTHORITY; AND 1
96	96
97	97	(II) A MEMBER OF THE LABOR COMMUNITY THAT IS EM PLOYED 2
98	98	BY MARC, APPOINTED BY THE GOVERNOR IN CONSULTATION WITH TH E 3
99	99	COMMISSIONER OF LABOR AND INDUSTRY. 4
100	100
101	101	(C) (1) THE TERM OF AN APPOIN TED MEMBER IS 4 YEARS. 5
102	102
103	103	(2) AN APPOINTED MEMBER M AY NOT SERVE MORE TH AN THREE 6
104	104	CONSECUTIVE TERMS . 7
105	105
106	106	(3) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE UNTIL 8
107	107	A SUCCESSOR IS APPOINTED AND QUALIFIES. 9
108	108
109	109	(4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES 10
110	110	ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND 11
111	111	QUALIFIES. 12
112	112
113	113	(D) AN APPOINTED MEMBER O F THE MARC RAIL AUTHORITY IS ENTITLED 13
114	114	TO: 14
115	115
116	116	(1) THE COMPENSATION PROVI DED IN THE STATE BUDGET ; AND 15
117	117
118	118	(2) REIMBURSEMENT FOR EXP ENSES UNDER THE STANDARD STATE 16
119	119	TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 17
120	120
121	121	(E) THE MARC RAIL AUTHORITY IS SUBJECT TO THE OPEN MEETINGS 18
122	122	ACT UNDER TITLE 3 OF THE GENERAL PROVISIONS ARTICLE. 19
123	123
124	124	7–1304. 20
125	125
126	126	(A) THE MARC RAIL AUTHORITY IS ENTITLED TO THE STAFF PROVIDE D IN 21
127	127	THE STATE BUDGET . 22
128	128
129	129	(B) THE SECRETARY SHALL PROVI DE THE MARC RAIL AUTHORITY WITH 23
130	130	THE PERSONNEL OF THE DEPARTMENT THAT THE SECRETARY CONSIDERS 24
131	131	NECESSARY FOR PERF ORMANCE OF THE MAINT ENANCE AND OTHER FUN CTIONS 25
132	132	REQUIRED OF THE MARC RAIL AUTHORITY TO MEET ITS OBLIGATIONS WITH 26
133	133	RESPECT TO ITS MARC RAILROAD FACILITIES PROJECTS. 27
134	134
135	135	7–1305. 28
136	136
137	137	(A) (1) ACTING ON BEHALF OF T HE DEPARTMENT , THE MARC RAIL 29 4 SENATE BILL 401
138	138
139	139
140	140	AUTHORITY HAS THOSE POWERS AND DUTIES RE LATING TO THE SUPERV ISION, 1
141	141	FINANCING, CONSTRUCTION , OPERATION, MAINTENANCE , AND REPAIR OF MARC 2
142	142	RAILROAD FACILITIES PROJECTS AS ARE GRAN TED TO IT BY THIS SU BTITLE. 3
143	143
144	144	(2) THE MARC RAIL AUTHORITY MAY : 4
145	145
146	146	(I) DELEGATE PROJECT OPER ATIONS, MAINTENANCE , AND 5
147	147	REPAIR TO THE ADMINISTRATION ; AND 6
148	148
149	149	(II) USE FARE REVENUE TO P ROVIDE THE ADMINISTRATION 7
150	150	WITH PAYMENTS FOR PR OJECT OPERATIONS , MAINTENANCE , AND REPAIR. 8
151	151
152	152	(B) THE MARC RAIL AUTHORITY HAS GENERAL SUPERVISION OF MARC 9
153	153	RAILROAD FACILITIES PROJECTS. 10
154	154
155	155	(C) THE MARC RAIL AUTHORITY SHALL FINAN CE, CONSTRUCT, OPERATE, 11
156	156	REPAIR, AND MAINTAIN IN GOOD ORDER THE MARC RAILROAD FACILITIES . 12
157	157
158	158	(D) THE MARC RAIL AUTHORITY SHALL , TO THE EXTENT PRACTI CABLE, 13
159	159	ADHERE TO THE TRANSI T PLANS PREPARED UND ER SUBTITLE 3 OF THIS TITLE. 14
160	160
161	161	7–1306. 15
162	162
163	163	(A) THE MARC RAIL AUTHORITY MAY ACQUIRE , HOLD, AND DISPOSE OF 16
164	164	PROPERTY IN THE EXER CISE OF ITS POWERS A ND PERFORMANCE OF IT S DUTIES. 17
165	165
166	166	(B) THE MARC RAIL AUTHORITY MAY MAKE AN Y CONTRACTS AND 18
167	167	AGREEMENTS NECESSARY OR INCIDENTAL TO THE EXERCISE OF ITS POWER S AND 19
168	168	PERFORMANCE OF ITS D UTIES. 20
169	169
170	170	(C) THE MARC RAIL AUTHORITY MAY APPLY F OR AND RECEIVE GRANT S 21
171	171	FROM ANY FEDERAL AGE NCY FOR THE PLANNING , CONSTRUCTION , OPERATION, OR 22
172	172	FINANCING OF ANY PAS SENGER RAIL OR TRANS IT PROJECT AND MAY R ECEIVE AID 23
173	173	OR CONTRIBUTIONS OF MONEY, PROPERTY, LABOR, OR OTHER THINGS OF V ALUE 24
174	174	FROM ANY SOURCE , TO BE HELD, USED, AND APPLIED FOR THE PURPOSES FOR 25
175	175	WHICH THE GRANTS , AID, AND CONTRIBUTIONS AR E MADE. 26
176	176
177	177	(D) THE MARC RAIL AUTHORITY MAY ADOPT R ULES AND REGULATIONS TO 27
178	178	CARRY OUT THE PROVISIO NS OF THIS SUBTITLE . 28
179	179
180	180	(E) THE MARC RAIL AUTHORITY MAY DO ANYT HING ELSE NECESSARY OR 29
181	181	CONVENIENT TO CARRY OUT THE POWERS GRANT ED IN THIS SUBTITLE . 30
182	182	SENATE BILL 401 5
183	183
184	184
185	185	7–1307. 1
186	186
187	187	SUBJECT TO TITLE 12 OF THE REAL PROPERTY ARTICLE AND CHAPTER 608 2
188	188	OF THE ACTS OF THE GENERAL ASSEMBLY OF 1976, THE MARC RAIL AUTHORITY 3
189	189	MAY CONDEMN PROPERTY FOR ANY MARC RAILROAD FACILITIES PROJECT. 4
190	190
191	191	7–1308. 5
192	192
193	193	THE MARC RAIL AUTHORITY MAY CONTRAC T WITH THE ADMINISTRATION 6
194	194	TO AUTHORIZE ADMINISTRATION POLICE OFFICERS TO EXERCISE THE POWERS 7
195	195	DESCRIBED UNDER § 7–207 OF THIS TITLE ON PRO PERTY OWNED , LEASED, OR 8
196	196	OPERATED BY OR UNDER THE CONTROL OF THE MARC RAIL AUTHORITY. 9
197	197
198	198	7–1309. 10
199	199
200	200	(A) ON OR BEFORE SEPTEMBER 1 EACH YEAR , THE MARC RAIL 11
201	201	AUTHORITY, IN COLLABORATION WIT H THE TRANSPORTATION AUTHORITY, SHALL 12
202	202	DEVELOP AND , SUBJECT TO APPROVAL OF THE TRANSPORTATION AUTHORITY, 13
203	203	ADOPT A 6–YEAR FINANCIAL FOREC AST FOR THE OPERATIO NS OF THE MARC RAIL 14
204	204	AUTHORITY. 15
205	205
206	206	(B) IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, 16
207	207	THE MARC RAIL AUTHORITY SHALL SUBMIT TO THE GENERAL ASSEMBLY: 17
208	208
209	209	(1) A DRAFT OF THE FINANCI AL FORECAST ON SUBMI SSION OF THE 18
210	210	BUDGET BILL TO THE P RESIDING OFFICERS OF THE GENERAL ASSEMBLY; AND 19
211	211
212	212	(2) THE FINANCIAL FORECAS T AS APPROVED BY THE MARC RAIL 20
213	213	AUTHORITY ON OR BEFOR E SEPTEMBER 1 EACH YEAR. 21
214	214
215	215	(C) THE FINANCIAL FORECAS T SHALL INCLUDE THE FOLLOWING 22
216	216	COMPONENTS : 23
217	217
218	218	(1) A SCHEDULE OF OPERATIN G EXPENSES; 24
219	219
220	220	(2) A SCHEDULE OF REVENUES , INCLUDING CONCESSION S INCOME, 25
221	221	INVESTMENT INCOME , OTHER INCOME , AND TRANSFERS FROM T HE DEPARTMENT ; 26
222	222
223	223	(3) A SCHEDULE OF PLANNED BOND ISSUANCES , INCLUDING A 27
224	224	DETAILED SUMMARY OF BONDS ISSUED TO FUND THE CAPITAL PROGRAM AND 28
225	225	BONDS ISSUED TO FUND CAPITALIZED INTEREST ; 29
226	226
227	227	(4) A SCHEDULE OF DEBT SER VICE IN EACH FISCAL YEAR FOR EACH 30 6 SENATE BILL 401
228	228
229	229
230	230	BOND ISSUANCE OF ALL DEBT ISSUED BY THE MARC RAIL AUTHORITY, INCLUDING 1
231	231	DEBT SERVICE ESTIMAT ES OF PLANNED BOND I SSUANCES; AND 2
232	232
233	233	(5) A SUMMARY SCHEDULE FOR THE MARC RAIL AUTHORITY THAT 3
234	234	INCLUDES: 4
235	235
236	236	(I) THE TOTAL CASH BALANC E; 5
237	237
238	238	(II) THE AMOUNT OF THE CAS H BALANCE THAT IS 6
239	239	ENCUMBERED ; 7
240	240
241	241	(III) THE ANNUAL CASH SURPL US OR DEFICIT; 8
242	242
243	243	(IV) REVENUES; 9
244	244
245	245	(V) TRANSFERS TO THE DEPARTMENT FROM THE MARC RAIL 10
246	246	AUTHORITY; 11
247	247
248	248	(VI) TRANSFERS TO THE MARC RAIL AUTHORITY FROM THE 12
249	249	DEPARTMENT ; 13
250	250
251	251	(VII) BOND SALES; 14
252	252
253	253	(VIII) EXPENDITURES FOR DEBT SERVICE; 15
254	254
255	255	(IX) OPERATING EXPENSES ; 16
256	256
257	257	(X) CAPITAL EXPENSES ; 17
258	258
259	259	(XI) MAINTENANCE AND OPERA TIONS EXPENSE RESERV E 18
260	260	ACCOUNTS; 19
261	261
262	262	(XII) FORECASTED BOND INTER EST RATES; 20
263	263
264	264	(XIII) TOTAL BONDS OUTSTANDI NG; AND 21
265	265
266	266	(XIV) FINANCIAL COVERAGE RA TIOS, INCLUDING THE RATIO OF 22
267	267	TOTAL CASH TO FARE R EVENUES, THE DEBT SERVICE COV ERAGE RATIO, AND THE 23
268	268	RATE COVENANT COMPLI ANCE RATIO. 24
269	269
270	270	(D) THE FINANCIAL FORECAS T SHALL INCLUDE , FOR EACH OF THE 25
271	271	COMPONENTS SPECIFIED IN SUBSECTION (C) OF THIS SECTION: 26
272	272	SENATE BILL 401 7
273	273
274	274
275	275	(1) ACTUAL INFORMATION FO R THE LAST FULL FISCAL YEAR; AND 1
276	276
277	277	(2) FORECASTS OF THE INFO RMATION FOR EACH OF THE 6 2
278	278	SUBSEQUENT FISCAL YE ARS, INCLUDING THE CURREN T FISCAL YEAR, THE FISCAL 3
279	279	YEAR FOR THE PROPOSE D BUDGET, AND THE NEXT 4 SUBSEQUENT FISCAL YE ARS. 4
280	280
281	281	7–1310. 5
282	282
283	283	(A) THE MARC RAIL AUTHORITY SHALL EMPLO Y A GENERAL COUNSEL 6
284	284	WHO SERVES AT THE PL EASURE OF THE SECRETARY. 7
285	285
286	286	(B) THE GENERAL COUNSEL I S ENTITLED TO THE CO MPENSATION 8
287	287	DETERMINED BY THE EXECUTIVE DIRECTOR OF THE MARC RAIL AUTHORITY. 9
288	288
289	289	7–1311. 10
290	290
291	291	(A) THE MARC RAIL AUTHORITY SHALL MA KE PUBLICLY AVAILABL E ON 11
292	292	ITS WEBSITE: 12
293	293
294	294	(1) EACH OPEN MEETING AGE NDA: 13
295	295
296	296	(I) AT LEAST 48 HOURS IN ADVANCE OF EACH MEETING ; OR 14
297	297
298	298	(II) IF THE MEETING IS BEI NG HELD DUE TO AN EM ERGENCY, A 15
299	299	NATURAL DISASTER , OR ANY OTHER UNANTIC IPATED SITUATION , AS FAR IN 16
300	300	ADVANCE OF THE MEETIN G AS PRACTICABLE ; 17
301	301
302	302	(2) MEETING MINUTES FROM THE PORTIONS OF A ME ETING THAT 18
303	303	WERE HELD IN OPEN SE SSION, NOT MORE THAN 2 BUSINESS DAYS AFTER THE 19
304	304	MINUTES ARE APPROVED ; 20
305	305
306	306	(3) LIVE VIDEO STREAMING OF EACH OPEN MEETING OF THE MARC 21
307	307	RAIL AUTHORITY THAT IS HEL D AT: 22
308	308
309	309	(I) THE HEADQUARTERS OF T HE MARC RAIL AUTHORITY; OR 23
310	310
311	311	(II) ANY OTHER LOCATION WH ERE THE MARC RAIL 24
312	312	AUTHORITY HAS HELD AT LEAST 10 MEETINGS DURING THE IMMEDIATELY 25
313	313	PRECEDING CALENDAR Y EAR; AND 26
314	314
315	315	(4) A COMPLETE AND UNEDITE D ARCHIVED VIDEO RECORDI NG OF 27
316	316	EACH OPEN MEETING FO R WHICH LIVE VIDEO S TREAMING WAS MADE AV AILABLE 28
317	317	UNDER ITEM (3) OF THIS SUBSECTION F OR A MINIMUM OF 5 YEARS AFTER THE DATE 29 8 SENATE BILL 401
318	318
319	319
320	320	OF THE MEETING . 1
321	321
322	322	(B) THE DEPARTMENT OF INFORMATION TECHNOLOGY SHALL PROV IDE TO 2
323	323	THE MARC RAIL AUTHORITY THE TECHNIC AL STAFF, SUPPORT, AND EQUIPMENT 3
324	324	NECESSARY TO LIVESTR EAM THE OPEN MEETING S OF THE MARC RAIL AUTHORITY. 4
325	325
326	326	7–1312. 5
327	327
328	328	(A) ON AN ANNUAL BASIS , THE DEPARTMENT SHALL ALLO CATE TO THE 6
329	329	MARC RAIL AUTHORITY THE REVENUE NEEDED TO SUPPORT TH E MARC 7
330	330	OPERATING AND CAPITA L BUDGETS. 8
331	331
332	332	(B) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION , 9
333	333	MARC FARES AND ANY OTHER REVENUE FROM CHARGES IMPOSED FOR MARC 10
334	334	SERVICE MAY BE USED ONLY TO SUPPORT THE MARC RAIL AUTHORITY. 11
335	335
336	336	(2) TO THE EXTENT REQUIRE D UNDER FINANCING AGRE EMENTS 12
337	337	UNDER TITLE 4, SUBTITLE 3 OF THIS ARTICLE ENTE RED INTO ON OR BEFOR E 13
338	338	OCTOBER 1, 2025, MARC FARES AND ANY OTHER REVENUE FROM CHARGES 14
339	339	IMPOSED FOR MARC SERVICE SHALL CONTIN UE TO SUPPORT THOSE EXISTING 15
340	340	INSTRUMENTS AND OBLI GATIONS. 16
341	341
342	342	7–1313. 17
343	343
344	344	BY ONE OR MORE RESOLU TIONS, THE MARC RAIL AUTHORITY MAY : 18
345	345
346	346	(1) FINANCE THE COST OF MARC RAILROAD FACILITIES PROJECTS; 19
347	347
348	348	(2) BORROW MONEY FROM TIM E TO TIME FOR THAT P URPOSE; AND 20
349	349
350	350	(3) EVIDENCE THE BORROWIN G BY THE ISSUANCE AN D SALE OF 21
351	351	REVENUE BON DS, NOTES, OR OTHER EVIDENCES O F OBLIGATION ON THE TERMS, 22
352	352	CONDITIONS, AND LIMITATIONS CONT AINED IN THIS SUBTIT LE. 23
353	353
354	354	7–1314. 24
355	355
356	356	(A) EXCEPT AS PROVIDED IN § 7–1318(B) OF THIS SUBTITLE , WITHOUT 25
357	357	LIMITING THE POWER O F THE MARC RAIL AUTHORITY TO ISSUE AD DITIONAL 26
358	358	REVENUE BONDS UNDER THE PROVISIONS OF LA W THAT AUTHORIZE THE ISSUANCE 27
359	359	OF REVENUE BONDS OF PRIOR ISSUES, THE MARC RAIL AUTHORITY FROM TIME T O 28
360	360	TIME MAY ISSUE ITS R EVENUE BONDS TO FINA NCE THE COST OF ANY ONE OR MORE 29
361	361	OR COMBINATION OF MARC RAILROAD FACILITIES PROJECTS. 30
362	362	SENATE BILL 401 9
363	363
364	364
365	365	(B) AS TO REVENUE BONDS O F ANY ISSUE, THE MARC RAIL AUTHORITY 1
366	366	MAY DETERMINE : 2
367	367
368	368	(1) THE DATE OR DATES OF ISSUE; 3
369	369
370	370	(2) THE DATE OR DATES AND AMOUNT OR AMOUNTS OF MATURITY, 4
371	371	WHICH NEED NOT BE IN EQUAL PRINCIPAL AMOU NTS OR CONSECUTIVE A NNUAL 5
372	372	INSTALLMENTS, BUT A BOND MAY NOT B E ISSUED TO MATURE L ATER THAN 40 YEARS 6
373	373	AFTER THE DATE OF IT S ISSUE; 7
374	374
375	375	(3) THE RATE OR RATES OF INTEREST PAYABLE ON THE BONDS, OR 8
376	376	THE MANNER OF DETERM INING THE RATE OR RA TES OF INTEREST , AND THE DATE 9
377	377	OR DATES OF PAYMENT OF INTEREST; 10
378	378
379	379	(4) THE TENOR , FORM OR FORMS , DENOMINATION OR 11
380	380	DENOMINATIONS , MANNER OF EXECUTION , AND PLACE OR PLACES OF PAYMENT OF 12
381	381	THE PRINCIPAL OF AND INTEREST ON THE BOND S, WHICH MAY BE AT ANY BANK OR 13
382	382	TRUST COMPANY WITHIN OR OUTSIDE THE STATE; 14
383	383
384	384	(5) WHETHER T HE BONDS ARE TO BE I SSUED IN COUPON OR 15
385	385	REGISTERED FORM OR B OTH AND WHETHER PROV ISION IS TO BE MADE FOR THE 16
386	386	REGISTRATION OF THE PRINCIPAL ONLY OF CO UPON BONDS , FOR THE 17
387	387	RECONVERSION OF FULL Y REGISTERED BONDS I NTO COUPON FORM , AND FOR THE 18
388	388	REPLACEMENT OF BONDS THAT ARE MUTILATED , LOST, OR DESTROYED ; 19
389	389
390	390	(6) WHETHER ALL OR ANY PA RT OF THE BONDS ARE REDEEMABLE 20
391	391	BEFORE MATURITY AND , IF SO, THE TERMS , CONDITIONS, AND PRICES OF 21
392	392	REDEMPTION ; AND 22
393	393
394	394	(7) ANY OTHER MATTER RELA TING TO THE FORM , TERMS, 23
395	395	CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF THE BONDS. 24
396	396
397	397	(C) FORTY–FIVE DAYS BEFORE EAC H ISSUANCE OF BONDS UNDER THIS 25
398	398	SUBTITLE, THE DEPARTMENT SHALL REPO RT THE PROPOSED ISSU ANCE TO THE 26
399	399	LEGISLATIVE POLICY COMMITTEE FOR REVIEW AND COMMENT . 27
400	400
401	401	7–1315. 28
402	402
403	403	(A) (1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE SHALL BE 29
404	404	EXECUTED ON BEHALF O F THE MARC RAIL AUTHORITY BY THE MANU AL 30
405	405	SIGNATURE OF AT LEAS T ONE AUTHORIZED IND IVIDUAL. 31
406	406
407	407	(2) OTHER SIGNATURES ON T HE BONDS MAY BE EITH ER MANUAL OR 32 10 SENATE BILL 401
408	408
409	409
410	410	FACSIMILE. 1
411	411
412	412	(B) IF AN INDIVIDUAL WHOS E MANUAL OR FACSIMILE SIGNATURE APPEARS 2
413	413	ON ANY BOND OR COUPO N ISSUED UNDER THIS SUBTITLE CEASES TO S ERVE IN AN 3
414	414	AUTHORIZED CAPACITY BEFORE THE DELIVERY OF THE BOND , THE SIGNATURE 4
415	415	NEVERTHELESS IS AS V ALID AND SUFFICIENT FOR ALL PURPOSES AS IF THE 5
416	416	INDIVIDUAL HAD REMAI NED IN THAT CAPACITY UNT IL DELIVERY OF THE B OND. 6
417	417
418	418	7–1316. 7
419	419
420	420	NOTWITHSTANDING ANY O THER PROVISION OF LA W OR ANY RECITALS IN THE 8
421	421	INSTRUMENTS , THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 9
422	422	OBLIGATION ISSUED UN DER THIS SUBTITLE AR E INVESTMENT SECURIT IES UNDER 10
423	423	THE LAWS OF THE STATE. 11
424	424
425	425	7–1317. 12
426	426
427	427	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 13
428	428	ISSUED UNDER THIS SU BTITLE AND THEIR ISS UANCE AND SALE ARE E XEMPT FROM 14
429	429	THE PROVISIONS OF §§ 8–206 AND 8–208 OF THE STATE FINANCE AND 15
430	430	PROCUREMENT ARTICLE, AND THE MARC RAIL AUTHORITY MAY SELL TH EM AT 16
431	431	EITHER PUBLIC OR PRI VATE SALE IN THE MAN NER AND FOR THE PRIC E THAT IT 17
432	432	DETERMINES . 18
433	433
434	434	7–1318. 19
435	435
436	436	(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, REVENUE 20
437	437	BONDS MAY BE ISSUED BY THE MARC RAIL AUTHORITY: 21
438	438
439	439	(1) WITHOUT OBTAINING THE CONS ENT OF ANY INSTRUMEN TALITY, 22
440	440	AGENCY, OR UNIT OF THE STATE; AND 23
441	441
442	442	(2) WITHOUT ANY PROCEEDIN GS OR THE HAPPENING OF ANY 24
443	443	CONDITIONS OR THINGS OTHER THAN THOSE SPE CIFICALLY REQUIRED B Y THIS 25
444	444	SUBTITLE. 26
445	445
446	446	(B) (1) (I) REVENUE BONDS SECURED BY FARE REVENUE MAY BE 27
447	447	ISSUED IN ANY AMOUNT . 28
448	448
449	449	(II) ON OR BEFORE APRIL 1, 2026, THE MARC RAIL 29
450	450	AUTHORITY SHALL SUBMI T, IN ACCORDANCE WITH § 2–1257 OF THE STATE 30
451	451	GOVERNMENT ARTICLE, A REPORT TO THE GENERAL ASSEMBLY THAT INCLUDE S: 31
452	452	SENATE BILL 401 11
453	453
454	454
455	455	1. A RECOMMENDATION ON TH E MAXIMUM AGGREGATE 1
456	456	AMOUNT OF REVENUE BO NDS THAT MAY BE OUTS TANDING AND UNPAID I N A FISCAL 2
457	457	YEAR; AND 3
458	458
459	459	2. WHETHER THE MAXIMUM A GGREGATE AMOUNT 4
460	460	DETERMINED UNDER ITE M 1 OF THIS SUBPARAGRAPH SHOULD BE ESTABLISHE D BY 5
461	461	LAW OR REGULATION . 6
462	462
463	463	(III) THE RECOMMENDATION ON TH E MAXIMUM AGGREGATE 7
464	464	AMOUNT OF REVENUE BO NDS THAT MAY BE OUTS TANDING AND UNPAID U NDER 8
465	465	SUBPARAGRAPH (II) OF THIS PARAGRAPH SH ALL BE REDUCED BY TH E AMOUNT OF: 9
466	466
467	467	1. ANY LOAN EXTENDED TO THE STATE UNDER THE 10
468	468	FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT; 11
469	469	AND 12
470	470
471	471	2. ANY LINE OF CREDIT EX TENDED TO THE STATE 13
472	472	UNDER THE FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND 14
473	473	INNOVATION ACT, TO THE EXTENT THE STATE DRAWS ON THE LI NE OF CREDIT. 15
474	474
475	475	(2) EXCEPT AS OTHERWISE P ROVIDED IN THIS SECTION, WITHOUT 16
476	476	THE APPROVAL OF THE GENERAL ASSEMBLY, THE MARC RAIL AUTHORITY MAY 17
477	477	ISSUE BONDS TO REFIN ANCE ALL OR ANY PART OF THE COST OF A PAS SENGER RAIL 18
478	478	OR TRANSIT PROJECT F OR WHICH THE MARC RAIL AUTHORITY PREVIOUSLY 19
479	479	ISSUED BONDS AUTHORI ZED UNDER T HIS SUBTITLE. 20
480	480
481	481	7–1319. 21
482	482
483	483	(A) SUBJECT TO THE PROVIS IONS OF §§ 7–1318(B) AND 7–1332 OF THIS 22
484	484	SUBTITLE, IF BY REASON OF INCR EASED CONSTRUCTION C OSTS, ERROR IN 23
485	485	ESTIMATES, OR OTHERWISE , THE PROCEEDS OF THE REVENUE BONDS OF ANY ISSUE 24
486	486	ARE LESS THAN THE AM OUNT REQU IRED FOR THE PURPOSE FOR WHICH THE BONDS 25
487	487	ARE AUTHORIZED , ADDITIONAL REVENUE B ONDS MAY BE ISSUED I N A SIMILAR 26
488	488	MANNER TO PROVIDE TH E AMOUNT OF THE DEFI CIENCY. 27
489	489
490	490	(B) (1) THE ADDITIONAL BONDS SHALL BE DEEMED TO B E OF THE SAME 28
491	491	ISSUE AND SHALL BE E NTITLED TO PAY MENT FROM THE SAME F UND, WITHOUT 29
492	492	PREFERENCE OR PRIORI TY, AS THE BONDS FIRST I SSUED. 30
493	493
494	494	(2) IF THE PROCEEDS OF TH E ADDITIONAL BONDS E XCEED THE 31
495	495	AMOUNT REQUIRED , THE EXCESS SHALL BE DEPOSITED TO THE CRE DIT OF ANY 32
496	496	RESERVE FUND FOR THE BONDS OR, IF SO PROVIDED IN THE TRUST AGREEME NT 33
497	497	SECURING THE BONDS , MAY BE APPLIED TO TH E COST OF ANY ADDITI ONAL 34 12 SENATE BILL 401
498	498
499	499
500	500	PROJECT. 1
501	501
502	502	7–1320. 2
503	503
504	504	(A) THE MARC RAIL AUTHORITY FROM TIME T O TIME MAY ISSUE ITS 3
505	505	REVENUE REFUNDING BO NDS FOR: 4
506	506
507	507	(1) REFUNDING ANY BONDS I SSUED UNDER THIS SUB TITLE OR ANY 5
508	508	REVENUE BONDS OF PRI OR ISSUES, INCLUDING THE PAYMEN T OF ANY REDEMPTION 6
509	509	PREMIUM ON THE BONDS AND ANY INTEREST ACC RUED OR TO ACCRUE TO THE DATE 7
510	510	OF REDEMPTION OF THE BONDS; 8
511	511
512	512	(2) CONSTRUCTING IMPROVEM ENTS OR EXTENSIONS T O OR 9
513	513	ENLARGEMENTS OF ANY MARC RAILROAD FACILITIES PROJ ECT; AND 10
514	514
515	515	(3) PAYING ALL OR ANY PAR T OF THE COST OF ANY ADDITIONAL 11
516	516	MARC RAILROAD FACILITIES PROJECT. 12
517	517
518	518	(B) THE ISSUANCE OF REVEN UE REFUNDING BONDS , THE DETAILS OF 13
519	519	THEIR ISSUANCE , THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 14
520	520	OBLIGATIONS OF THE MARC RAIL AUTHORITY WITH RESPEC T TO THEM ARE 15
521	521	GOVERNED BY THE PROV ISIONS OF THIS SUBTI TLE RELATING TO REVE NUE BONDS, 16
522	522	INSOFAR AS THOSE PRO VISIONS MAY BE APPLI CABLE. 17
523	523
524	524	7–1321. 18
525	525
526	526	BEFORE THE PREPARATIO N OF DEFINITIVE BOND S, THE MARC RAIL 19
527	527	AUTHORITY MAY ISSUE I TS INTERIM CERTIFICA TES OR TEMPORARY BON DS, WITH 20
528	528	OR WITHOUT COUPONS , EXCHANGEABLE FOR DEF INITIVE BONDS WHEN T HE 21
529	529	DEFINITIVE BONDS HAV E BEEN EXECUTED AND ARE AVAILABLE FOR DE LIVERY. 22
530	530
531	531	7–1322. 23
532	532
533	533	(A) THE MARC RAIL AUTHORITY MAY ISSUE I TS BOND ANTICIPATION 24
534	534	NOTES, PAYABLE TO THE BEARE R OR REGISTERED HOLD ER OF THE NOTES , OUT OF 25
535	535	THE FIRST PROCEEDS O F THE NEXT SALE OF B ONDS ISSUED UNDER TH IS SUBTITLE. 26
536	536
537	537	(B) THE RESOLUTION AUTHOR IZING THE ISSUANCE O F BOND ANTICIPATION 27
538	538	NOTES MAY PROVIDE FO R THE ISSUANCE OF THESE NOTES IN SERIES, AS FUNDS ARE 28
539	539	REQUIRED, AND FOR THE RENEWAL OF THESE NOTES AT MA TURITY, WITH OR 29
540	540	WITHOUT RESALE . 30
541	541
542	542	(C) THE ISSUANCE OF BOND ANTICIPATION NOTES , THE DETAILS OF THEIR 31 SENATE BILL 401 13
543	543
544	544
545	545	ISSUANCE, THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 1
546	546	OBLIGATIONS OF THE MARC RAIL AUTHORITY WITH RESPEC T TO THEM ARE 2
547	547	GOVERNED BY THE PROV ISIONS OF THIS SUBTI TLE RELATING TO THE ISSUANCE OF 3
548	548	THE BONDS IN ANTICIP ATION OF THE SALE OF WHICH THE NOTES ARE ISSUED, 4
549	549	INSOFAR AS THOSE PRO VISIONS MAY BE APPLI CABLE. 5
550	550
551	551	7–1323. 6
552	552
553	553	(A) (1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE MAY BE 7
554	554	SECURED BY A TRUST A GREEMENT BETWEEN THE MARC RAIL AUTHORITY AND A 8
555	555	CORPORATE TRUSTEE TH AT MAY BE ANY TRUST COMPANY OR BANK HAVI NG TRUST 9
556	556	POWERS WITHIN OR OUT SIDE THE STATE. 10
557	557
558	558	(2) THE TRUST AGREEMENT MAY PLEDGE OR ASSIGN ALL OR ANY 11
559	559	PART OF THE REVENUES OF THE MARC RAIL AUTHORITY OR OF ANY MARC 12
560	560	RAILROAD FACILITIES PROJECT, BUT MAY NOT MORTGAGE ANY PART OF ANY MARC 13
561	561	RAILROAD FACILITIES PROJECT. 14
562	562
563	563	(B) ANY TRUST AGREEMENT O R BOND AUTHORIZING R ESOLUTION MAY: 15
564	564
565	565	(1) CONTAIN ANY PROVISION S FOR THE PROTECTION AND 16
566	566	ENFORCEMENT OF THE R IGHTS AND REMEDIES O F BONDHOLDERS AS ARE 17
567	567	CONSIDERED REASONABL E AND PROPER , INCLUDING COVENANTS SETTING FORTH 18
568	568	THE DUTIES OF THE MARC RAIL AUTHORITY AS TO THE F INANCING OR 19
569	569	DEVELOPMENT OF ANY MARC RAILROAD FACILITIES PROJECT, THE EXTENSION , 20
570	570	ENLARGEMENT , IMPROVEMENT , MAINTENANCE , OPERATION, REPAIR, AND 21
571	571	INSURANCE OF THE PRO JECT, AND THE CUSTODY , SAFEGUARDING , AND 22
572	572	APPLICATION OF MONEY ; 23
573	573
574	574	(2) PROVIDE FOR THE EMPLO YMENT OF CONSULT ING ENGINEERS IN 24
575	575	CONNECTION WITH THE CONSTRUCTION OR OPER ATION OF ANY MARC RAILROAD 25
576	576	FACILITIES PROJECT ; 26
577	577
578	578	(3) SET FORTH THE RIGHTS AND REMEDIES OF THE BONDHOLDERS 27
579	579	AND OF THE TRUSTEE ; 28
580	580
581	581	(4) RESTRICT THE INDIVIDU AL RIGHT OF ACTION B Y BONDHOLDERS ; 29
582	582	AND 30
583	583
584	584	(5) CONTAIN ANY OTHER PRO VISIONS THAT THE MARC RAIL 31
585	585	AUTHORITY CONSIDERS R EASONABLE AND PROPER FOR THE SECURITY OF THE 32
586	586	BONDHOLDERS , INCLUDING: 33
587	587	14 SENATE BILL 401
588	588
589	589
590	590	(I) COVENANTS TO RESTRICT OR PROHIBIT THE 1
591	591	CONSTRUCTION OR OPER ATION OF COMPETING MARC RAILROAD FACILITIES ; AND 2
592	592
593	593	(II) COVENANTS RELATING TO THE ISSUANCE OF ADDI TIONAL 3
594	594	PARITY BONDS ON STAT ED CONDITIONS CONSIS TENT WITH THE REQUIR EMENTS OF 4
595	595	THIS SUBTITLE. 5
596	596
597	597	(C) ALL EXPENSES INCURRED IN CARRYING OUT THE TRUST AGREEMENT 6
598	598	MAY BE TREATED AS A PART OF THE COST OF THE OPER ATION OF THE MARC 7
599	599	RAILROAD FACILITIES PROJECT IN CONNECTIO N WITH WHICH THE BON DS HAVE 8
600	600	BEEN ISSUED. 9
601	601
602	602	(D) THE PROCEEDS OF THE S ALE OF BONDS SHALL B E PAID TO THE 10
603	603	TRUSTEE UNDER THE TR UST AGREEMENT SECURI NG THE BONDS AND SHA LL BE 11
604	604	DISBURSED IN THE MAN NER AND UN DER THE RESTRICTIONS , IF ANY, PROVIDED IN 12
605	605	THE TRUST AGREEMENT . 13
606	606
607	607	(E) ANY BANK OR TRUST COM PANY INCORPORATED UN DER THE LAWS OF 14
608	608	THE STATE THAT ACTS AS DE POSITARY OF THE PROC EEDS OF THE BONDS OR OF 15
609	609	REVENUES MAY FURNISH ANY INDEMNIFYING BON DS OR PLEDGE ANY SEC URITIES 16
610	610	THAT THE MARC RAIL AUTHORITY REQUIRES . 17
611	611
612	612	7–1324. 18
613	613
614	614	NOTWITHSTANDING ANY O THER PROVISION OF LA W, IF THE MARC RAIL 19
615	615	AUTHORITY IS OPERATIN G A MARC RAILROAD FACILITIES PROJECT, THE MARC 20
616	616	RAIL AUTHORITY SHALL FIX , REVISE, CHARGE, AND COLLECT RENTALS , RATES, 21
617	617	FEES, FARES, AND OTHER CHARGES FO R ITS USE OR FOR ITS SERVICES CONSISTENT 22
618	618	WITH THE PROVISIONS OF §§ 7–208, 7–505, AND 7–506 OF THIS TITLE AS THO SE 23
619	619	PROVISIONS APPLY TO THE ADMINISTRATION . 24
620	620
621	621	7–1325. 25
622	622
623	623	(A) (1) ALL RENTALS, RATES, FARES, FEES, AND OTHER CHARGE S AND 26
624	624	REVENUES DERIVED FRO M ANY MARC RAILROAD FACILITIES PROJECT SHALL BE 27
625	625	SET ASIDE IN A FUND KNOWN AS THE MARC RAIL AUTHORITY FUND, EXCEPT TO 28
626	626	THE EXTENT THAT THEY ARE PLEDGED UNDER AN APPLICABLE TRUST AGR EEMENT 29
627	627	TO SECURE EITHER : 30
628	628
629	629	(I) REVENUE BONDS ISSU ED UNDER THIS SUBTIT LE IF THE 31
630	630	TRUST AGREEMENT OR B OND AUTHORIZING RESO LUTION EXPRESSLY PRO VIDES 32
631	631	THAT THIS SECTION DO ES NOT APPLY TO THOS E BONDS; OR 33
632	632	SENATE BILL 401 15
633	633
634	634
635	635	(II) REVENUE BONDS OF PRIO R ISSUES. 1
636	636
637	637	(2) THE MARC RAIL AUTHORITY FUND CONSISTS OF : 2
638	638
639	639	(I) SUBJECT TO PARAGRAPH (1) OF THIS SUBSECTION , THE 3
640	640	RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D REVENUES DERIVED 4
641	641	FROM ANY MARC RAILROAD FACILITIES PROJECT, EXCEPT TO THE EXTENT THAT 5
642	642	THEY ARE PLEDGED UND ER AN APPLICABLE TRU ST AGREEMENT ; AND 6
643	643
644	644	(II) MONEY APPROPRI ATED IN THE STATE BUDGET TO THE 7
645	645	MARC RAIL AUTHORITY FUND. 8
646	646
647	647	(3) MONEY DISTRIBUTED TO THE MARC RAIL AUTHORITY FUND 9
648	648	SHALL BE USED ONLY F OR THE MARC RAILROAD FACILITIES PROJECTS. 10
649	649
650	650	(4) THE MARC RAIL AUTHORITY FUND SHALL BE PLEDGED TO AND 11
651	651	CHARGED WITH THE P AYMENT OF: 12
652	652
653	653	(I) THE INTEREST ON BONDS ISSUED UNDER THIS SU BTITLE AS 13
654	654	IT FALLS DUE; 14
655	655
656	656	(II) THE PRINCIPAL OF THE BONDS AS IT FALLS DU E; 15
657	657
658	658	(III) THE NECESSARY CHARGES OF PAYING AGENTS FOR PAYING 16
659	659	PRINCIPAL AND INTERE ST; AND 17
660	660
661	661	(IV) THE REDEMPTION PRICE OR PURCHASE PRICE OF BONDS 18
662	662	RETIRED BY CALL OR P URCHASE AS PROVIDED IN THE BOND AUTHORIZ ING 19
663	663	RESOLUTION OR TRUST AGREEMENT . 20
664	664
665	665	(B) (1) THE PLEDGE IS VALID A ND BINDING FROM THE TIME IT IS MADE. 21
666	666
667	667	(2) RENTALS, RATES, FARES, FEES, AND OTHER CHARGES AN D 22
668	668	REVENUES OR OTHER MONEY SO PL EDGED AND LATER RECE IVED BY THE MARC 23
669	669	RAIL AUTHORITY IMMEDIATELY SHALL BE SUBJECT TO THE LIEN OF THE PLED GE 24
670	670	WITHOUT PHYSICAL DEL IVERY OR ANY FURTHER ACT. 25
671	671
672	672	(3) THE LIEN OF THE PLEDG E IS VALID AND BINDI NG AS AGAINST ALL 26
673	673	PARTIES HAVING A NY CLAIMS OF ANY KIN D IN TORT, CONTRACT, OR OTHERWISE 27
674	674	AGAINST THE MARC RAIL AUTHORITY, WHETHER OR NOT THESE PARTIES HAVE 28
675	675	NOTICE OF THE PLEDGE . 29
676	676
677	677	(4) NOTWITHSTANDING ANY L AW TO THE CONTRARY , NEITHER THE 30 16 SENATE BILL 401
678	678
679	679
680	680	RESOLUTION NOR ANY T RUST AGREEMENT BY WH ICH A PLEDGE IS CREATED NEED 1
681	681	BE FILED OR RECORDED OTHER THAN IN THE RE CORDS OF THE MARC RAIL 2
682	682	AUTHORITY. 3
683	683
684	684	(C) THE USE AND DISPOSITI ON OF MONEY TO THE C REDIT OF THE MARC 4
685	685	RAIL AUTHORITY FUND IS SUBJECT TO TH E PROVISION OF THE A PPLICABLE BOND 5
686	686	AUTHORIZING RESOLUTI ON OR TRUST AGREEMENT . 6
687	687
688	688	7–1326. 7
689	689
690	690	WITHOUT IN ANY WAY LI MITING OR RESTRICTIN G ITS EFFECT OR 8
691	691	APPLICATION, THIS SUBTITLE IS INT ENDED TO AUTHORIZE T HE MARC RAIL 9
692	692	AUTHORITY TO FINANCE ANY ONE OR MORE OR A NY COMBINATION OF MARC 10
693	693	RAILROAD FACILITIES PROJECTS BY ANY ONE OR MORE OR COMBINATI ON OF ISSUES 11
694	694	OR SERIES OF BONDS S ECURED BY THE PLEDGE OF THE NET OR GROSS OR ANY 12
695	695	COMBINATION OF THE N ET OR GROSS RENTALS , RATES, FARES, FEES, AND OTHER 13
696	696	CHARGES AND REVENUES DERIVED FROM ANY MARC RAILROAD FACILITIES 14
697	697	PROJECT OR COMBINATI ON OF PROJECTS DESIGN ATED BY ANY BOND AUT HORIZING 15
698	698	RESOLUTION OR TRUST AGREEMENT SECURING T HE BONDS. 16
699	699
700	700	7–1327. 17
701	701
702	702	ALL MONEY THAT IS REC EIVED BY THE MARC RAIL AUTHORITY AS 18
703	703	PROCEEDS FROM THE SA LE OF REVENUE BONDS , NOTES, OR OTHER EVIDENCES O F 19
704	704	OBLIGATION UNDER TH IS SUBTITLE AND BY W AY OF RENTALS, RATES, FARES, FEES, 20
705	705	AND OTHER CHARGES AN D REVENUES DERIVED F ROM ANY MARC RAILROAD 21
706	706	FACILITIES PROJECT O R COMBINATION OF PRO JECTS AND THAT IS DE SIGNATED BY 22
707	707	ANY AUTHORIZING RESO LUTION OR TRUST AGRE EMENT AS SECURITY FO R THE 23
708	708	BONDS, NOTES, OR OTHER EVIDENCES O F OBLIGATION SHALL B E DEEMED TO BE 24
709	709	TRUST FUNDS TO BE HE LD AND APPLIED ONLY AS PROVIDED IN THIS SUBTITLE. 25
710	710
711	711	7–1328. 26
712	712
713	713	EXCEPT TO THE EXTENT RESTRICTED BY THE TR UST AGREEMENT , THE 27
714	714	TRUSTEE OR ANY HOLDE R OF REVENUE BONDS I SSUED UNDER THIS SUBTITLE O R 28
715	715	OF ANY OF THE COUPON S APPERTAINING TO TH E BONDS MAY: 29
716	716
717	717	(1) BRING A SUIT , AN ACTION, A MANDAMUS , OR ANY OTHER 30
718	718	PROCEEDING AT LAW OR IN EQUITY TO PROTECT AND ENFORCE ANY RIGH T UNDER 31
719	719	THE LAWS OF THE STATE OR UNDER THE BO ND AUTHORIZING RE SOLUTION OR 32
720	720	TRUST AGREEMENT ; AND 33
721	721
722	722	(2) ENFORCE AND COMPEL TH E PERFORMANCE OF ALL DUTIES 34 SENATE BILL 401 17
723	723
724	724
725	725	REQUIRED BY THIS SUB TITLE OR BY THE TRUS T AGREEMENT TO BE PE RFORMED BY 1
726	726	THE MARC RAIL AUTHORITY OR BY ANY O F ITS OFFICERS, INCLUDING THE FIXING , 2
727	727	CHARGING, AND COLLECTIN G OF RENTALS , RATES, FARES, FEES, AND OTHER 3
728	728	CHARGES AND REVENUES . 4
729	729
730	730	7–1329. 5
731	731
732	732	(A) ALL PUBLIC OFFICERS A ND PUBLIC AGENCIES O F THE STATE AND ITS 6
733	733	POLITICAL SUBDIVISIO NS, ALL BANKS, TRUST COMPANIES , SAVINGS AND LOAN 7
734	734	ASSOCIATIONS, INVESTMENT COMPANIES , AND OTHER S CARRYING ON A BANK ING 8
735	735	BUSINESS, ALL INSURANCE COMPAN IES, INSURANCE ASSOCIATIO NS, AND OTHERS 9
736	736	CARRYING ON AN INSUR ANCE BUSINESS , ALL PERSONAL REPRESE NTATIVES, 10
737	737	GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIE S, AND ALL OTHER PERSON S MAY 11
738	738	LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL 12
739	739	OR BELONGING TO THEM , IN REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF 13
740	740	OBLIGATION ISSUED UN DER THIS SUBTITLE . 14
741	741
742	742	(B) THESE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION MAY 15
743	743	LEGALLY AND PROPERLY BE DEPOSITED WITH A ND RECEIVED BY ANY STATE OR 16
744	744	MUNICIPAL OFFICER OR ANY AGENCY OR POLITI CAL SUBDIVISION OF T HE STATE 17
745	745	FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLIG ATIONS OF 18
746	746	THE STATE IS AUTHORIZED B Y LAW. 19
747	747
748	748	7–1330. 20
749	749
750	750	THE REVENUE BONDS , NOTES, AND OTHER EVIDENCE S OF OBLIGATION 21
751	751	ISSUED UNDER THIS SU BTITLE, THEIR TRANSFER , THE INTEREST PAYABLE ON 22
752	752	THEM, AND ANY INCOME DERIV ED FROM THEM , INCLUDING ANY PROFIT REALIZED 23
753	753	IN THEIR SALE OR EXC HANGE, SHALL BE EXEMPT AT A LL TIMES FROM EVERY KIND 24
754	754	AND NATURE OF TAXATI ON BY THE STATE OR BY ANY OF IT S POLITICAL 25
755	755	SUBDIVISIONS, OR BY PUBLIC AGENCIE S OF ANY KIND. 26
756	756
757	757	7–1331. 27
758	758
759	759	(A) THE REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 28
760	760	ISSUED UNDER THIS SU BTITLE ARE NOT AND M AY NOT BE CONSIDERED TO 29
761	761	CONSTITUTE A DEBT OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF 30
762	762	MARYLAND, BUT SHALL BE PAYABLE ONLY FROM THE FUNDS FROM OR REVENUES 31
763	763	PROVIDED BY THIS SUB TITLE FOR THAT PURPO SE. 32
764	764
765	765	(B) ALL REVENUE BONDS , NOTES, AND OTHER EVIDENCES OF OBLIGATION 33
766	766	ISSUED UNDER THIS SU BTITLE SHALL CONTAIN A STATEMENT ON THEIR FACE TO 34
767	767	THE EFFECT THAT : 35 18 SENATE BILL 401
768	768
769	769
770	770
771	771	(1) THE STATE IS NOT OBLIGATE D TO PAY THE PRINCIP AL OF OR THE 1
772	772	INTEREST ON THEM EXC EPT FROM REVENUES ; AND 2
773	773
774	774	(2) NEITHER THE FAITH AND CREDIT NOR THE TAXIN G POWER OF 3
775	775	THE STATE IS PLEDGED TO T HE PAYMENT OF THE PRINCIPAL OF OR THE INTEREST 4
776	776	ON THEM. 5
777	777
778	778	7–1332. 6
779	779
780	780	IF THE MARC RAIL AUTHORITY INTENDS TO PLEDGE ANY FUTURE FE DERAL 7
781	781	AID FROM ANY SOURCE TO SUPPORT REPAYMENT OF ANY DEBT INSTRUME NT ISSUED 8
782	782	UNDER THIS SUBTITLE : 9
783	783
784	784	(1) THE AGGREGATE PRINCIP AL AMOUNT OF DEBT IS SUED UNDER 10
785	785	THIS SUBTITLE OR TITLE 3, SUBTITLE 6 OF THIS ARTICLE THAT IS SECURED BY A 11
786	786	PLEDGE OF FUTURE FED ERAL AID MAY NOT EXC EED $1,000,000,000 AS OF JUNE 30 12
787	787	OF ANY FISCAL YEAR ; 13
788	788
789	789	(2) THE DATE OF MATURITY MAY NOT BE LATER THA N 12 YEARS 14
790	790	AFTER THE DATE OF IS SUE; 15
791	791
792	792	(3) NOTWITHSTANDING § 3–215(D) OF THIS ARTICLE , IF FUTURE 16
793	793	FEDERAL AID IS INSUF FICIENT TO PAY THE P RINCIPAL OF AND INTE REST ON THE 17
794	794	BONDS ISSUED UNDER T HIS SUBTITLE WHEN DU E, THE TAX LEVIED UNDER § 3–215 18
795	795	OF THIS ARTICLE, TO THE EXTENT THE PR OCEEDS OF THE TAX ARE NOT NECE SSARY 19
796	796	TO PROVIDE THE SINKI NG FUND REQUIRED UND ER § 3–215(C) OF THIS ARTICLE, IS 20
797	797	IRREVOCABLY PLEDGED TO THE PAYMENT OF TH E PRINCIPAL OF AND I NTEREST ON 21
798	798	THE BONDS ISSUED UND ER THIS SUBTITLE AS THEY BECOME DUE AND PAYABLE; 22
799	799
800	800	(4) THE LIEN OF THE PLEDGE UNDER ITEM (3) OF THIS SECTION 23
801	801	SHALL AT ALL TIMES B E SUBORDINATE TO THE LIEN OF THE PLEDGE O F THE TAX 24
802	802	UNDER § 3–215(D) OF THIS ARTICLE TO T HE PAYMENT OF PRINCI PAL OF AND 25
803	803	INTEREST ON CONSOLID ATED TRANSPORTATION BONDS; AND 26
804	804
805	805	(5) NO PART OF THE TAX LEVIED UNDER § 3–215 OF THIS ARTICLE 27
806	806	MAY BE REPEALED , DIMINISHED, OR APPLIED TO ANY OT HER PURPOSE UNTIL : 28
807	807
808	808	(I) THE BONDS ISSUED UNDE R THIS SUBTITLE AND INTEREST 29
809	809	ON THEM HAVE BECOME DUE AND FULLY PAID ; OR 30
810	810
811	811	(II) ADEQUATE AND COMPLETE PROVISION FOR PAYMENT OF 31
812	812	THE PRINCIPAL AND IN TEREST HAS BEEN MADE . 32 SENATE BILL 401 19
813	813
814	814
815	815
816	816	7–1333. 1
817	817
818	818	(A) THE MARC RAIL AUTHORITY MAY ISSUE B OND ANTICIPATION NOT ES 2
819	819	SECURED BY A PLEDGE OF A LINE OF CREDIT EXTENDED TO THE STATE UNDER THE 3
820	820	FEDERAL TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT. 4
821	821
822	822	(B) NOTES ISSUED UNDER TH IS SECTION SHALL HAV E A MATURITY DATE OF 5
823	823	UP TO 3 YEARS AFTER THE DATE OF ISSUE. 6
824	824
825	825	(C) A PLEDGE OF A LINE OF CREDIT AS AUTHORIZED UNDER THIS SECTION 7
826	826	DOES NOT CONSTITUTE THE PLEDGE OF FUTURE FEDERAL REVENUES , AND NOTES 8
827	827	ISSUED UNDER THIS SE CTION ARE NOT SUBJEC T TO § 3–601(D) OF THIS ARTICLE OR 9
828	828	§ 7–1332 OF THIS SUBTITLE. 10
829	829
830	830	SECTION 2. AND BE IT FURTHER ENACTED, That the Maryland Department of 11
831	831	Transportation shall transition all MARC operations and contracts to the MARC Rail 12
832	832	Authority to the extent permissible by such agreements. 13
833	833
834	834	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 14
835	835	1, 2025. 15