EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0935*
SENATE BILL 935
R2, Q4, Q6 5lr2990
By: Senator Benson
Introduced and read first time: January 28, 2025
Assigned to: Budget and Taxation and Finance
A BILL ENTITLED
AN ACT concerning 1
Transportation – Regional Authorities – Established 2
FOR the purpose of authorizing certain counties to impose certain transportation authority 3
sales tax surcharges, hotel surcharges, and transfer tax surcharges; establishing the 4
Baltimore region, Capital region, and Southern Maryland region transportation 5
authorities to develop and implement certain transportation plans; establishing the 6
Baltimore region, Capital region, and Southern Maryland region transportation 7
funds as special, nonlapsing funds; requiring interest earnings of the funds to be 8
credited to the funds; authorizing a transportation authority to issue certain bonds 9
payable from certain revenues; and generally relating to regional transportation 10
authorities. 11
BY repealing and reenacting, without amendments, 12
Article – State Finance and Procurement 13
Section 6–226(a)(2)(i) 14
Annotated Code of Maryland 15
(2021 Replacement Volume and 2024 Supplement) 16
BY repealing and reenacting, with amendments, 17
Article – State Finance and Procurement 18
Section 6–226(a)(2)(ii)204. and 205. 19
Annotated Code of Maryland 20
(2021 Replacement Volume and 2024 Supplement) 21
BY adding to 22
Article – State Finance and Procurement 23
Section 6–226(a)(2)(ii)206., 207., and 208. 24
Annotated Code of Maryland 25
(2021 Replacement Volume and 2024 Supplement) 26
BY repealing and reenacting, without amendments, 27 2 SENATE BILL 935
Article – Tax – General 1
Section 1–101(a) 2
Annotated Code of Maryland 3
(2022 Replacement Volume and 2024 Supplement) 4
BY adding to 5
Article – Tax – General 6
Section 1–101(c–1), (d–1), and (t–1) and 11–104(l) 7
Annotated Code of Maryland 8
(2022 Replacement Volume and 2024 Supplement) 9
BY repealing and reenacting, with amendments, 10
Article – Tax – General 11
Section 2–1303 and 11–102 12
Annotated Code of Maryland 13
(2022 Replacement Volume and 2024 Supplement) 14
BY repealing and reenacting, with amendments, 15
Article – Tax – Property 16
Section 13–401 and 13–402.1 17
Annotated Code of Maryland 18
(2019 Replacement Volume and 2024 Supplement) 19
BY adding to 20
Article – Tax – Property 21
Section 13–414 22
Annotated Code of Maryland 23
(2019 Replacement Volume and 2024 Supplement) 24
BY adding to 25
Article – Transportation 26
Section 10.5–101 through 10.5–413 to be under the new title “Title 10.5. Regional 27
Transportation Authorities” 28
Annotated Code of Maryland 29
(2020 Replacement Volume and 2024 Supplement) 30
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 31
That the Laws of Maryland read as follows: 32
Article – State Finance and Procurement 33
6–226. 34
(a) (2) (i) 1. This subparagraph does not apply in fiscal years 2024 35
through 2028. 36
SENATE BILL 935 3
2. Notwithstanding any other provision of law, and unless 1
inconsistent with a federal law, grant agreement, or other federal requirement or with the 2
terms of a gift or settlement agreement, net interest on all State money allocated by the 3
State Treasurer under this section to special funds or accounts, and otherwise entitled to 4
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 5
Fund of the State. 6
(ii) The provisions of subparagraph (i) of this paragraph do not apply 7
to the following funds: 8
204. the Victims of Domestic Violence Program Grant Fund; 9
[and] 10
205. the Proposed Programs Collaborative Grant Fund; 11
206. THE BALTIMORE REGION TRANSPORTATION FUND; 12
207. THE CAPITAL REGION TRANSPORTATION FUND; AND 13
208. THE SOUTHERN MARYLAND REGION 14
TRANSPORTATION FUND. 15
Article – Tax – General 16
1–101. 17
(a) In this article the following words have the meanings indicated. 18
(C–1) “BALTIMORE REGION” HAS THE MEANING STAT ED IN § 10.5–101 OF THE 19
TRANSPORTATION ARTICLE. 20
(D–1) “CAPITAL REGION” HAS THE MEANING STAT ED IN § 10.5–201 OF THE 21
TRANSPORTATION ARTICLE. 22
(T–1) “SOUTHERN MARYLAND REGION” HAS THE MEANING STAT ED IN § 23
10.5–301 OF THE TRANSPORTATION ARTICLE. 24
2–1303. 25
After making the distributions required under §§ 2–1301 through 2–1302.4 of this 26
subtitle, the Comptroller shall pay: 27
(1) revenues from the hotel surcharge into the Dorchester County 28
Economic Development Fund established under § 10–130 of the Economic Development 29
Article; 30
4 SENATE BILL 935
(2) REVENUES FROM THE TRANSPORTAT ION AUTHORITY SURCHA RGE 1
AUTHORIZED UNDER § 11–102(C)(1) OF THIS ARTICLE THAT ARE ATTRIBUTABLE TO 2
RETAIL SALES IN A COUNTY IN THE BALTIMORE REGION OR USES, IN A COUNTY IN 3
THE BALTIMORE REGION, OF TANGIBLE PERSONAL PROPERTY, A DIGITAL CODE, A 4
DIGITAL PRODUCT , OR A TAXABLE SERVICE TO THE BALTIMORE REGION 5
TRANSPORTATION FUND ESTABLISHED UNDE R § 10.5–109 OF THE 6
TRANSPORTATION ARTICLE; 7
(3) REVENUES FROM THE TRANSPORTAT ION AUTHORITY HOTEL 8
SURCHARGE AUTHORIZED UNDER § 11–102(C)(2) OF THIS ARTICLE THAT ARE 9
ATTRIBUTABLE TO THE TRANSPORTATION AUTHO RITY HOTEL SURCHARGE IN A 10
COUNTY IN THE BALTIMORE REGION TO THE BALTIMORE REGION 11
TRANSPORTATION FUND ESTABLIS HED UNDER § 10.5–109 OF THE 12
TRANSPORTATION ARTICLE; 13
(4) REVENUES FROM THE TRANSPORTAT ION AUTHORITY SURCHA RGE 14
AUTHORIZED UNDER § 11–102(C)(1) OF THIS ARTICLE THAT ARE ATTRIBUTABLE TO 15
RETAIL SALES IN A COUNTY IN THE CAPITAL REGION OR USES, IN A COUNTY IN THE 16
CAPITAL REGION, OF TANGIBLE PERSONAL PROPERTY, A DIGITAL CODE, A DIGITAL 17
PRODUCT, OR A TAXABLE SERVICE TO THE CAPITAL REGION TRANSPORTATION 18
FUND ESTABLISHED UNDE R § 10.5–209 OF THE TRANSPORTATION ARTICLE; 19
(5) REVENUES FROM THE TRANSPORTAT ION AUTHORI TY HOTEL 20
SURCHARGE AUTHORIZED UNDER § 11–102(C)(2) OF THIS ARTICLE THAT ARE 21
ATTRIBUTABLE TO THE TRANSPORTATION AUTHO RITY HOTEL SURCHARGE IN A 22
COUNTY IN THE CAPITAL REGION TO THE CAPITAL REGION TRANSPORTATION 23
FUND ESTABLISHED UNDE R § 10.5–209 OF THE TRANSPORTATION ARTICLE; 24
(6) REVENUES FROM THE TRANSPORTAT ION AUTHORITY SURCHA RGE 25
AUTHORIZED UNDER § 11–102(C)(1) OF THIS ARTICLE THAT ARE ATTRIBUTABLE TO 26
RETAIL SALES IN A COUNTY IN THE SOUTHERN MARYLAND REGION OR USES, IN A 27
COUNTY IN THE SOUTHERN MARYLAND REGION, OF TANGIBLE PERSONAL 28
PROPERTY, A DIGITAL CODE, A DIGITAL PRODUCT , OR A TAXABLE SERVICE TO THE 29
SOUTHERN MARYLAND REGION TRANSPORTATION FUND ESTABLISHED UNDE R § 30
10.5–309 OF THE TRANSPORTATI ON ARTICLE; 31
(7) REVENUES FROM THE TRANSPORTAT ION AUTHORITY HOTEL 32
SURCHARGE AUTHORIZED UNDER § 11–102(C)(2) OF THIS ARTICLE THAT ARE 33
ATTRIBUTABLE TO THE TRANSPORTATION AUTHO RITY HOTEL SURCHARGE IN A 34
COUNTY IN THE SOUTHERN MARYLAND REGION TO THE SOUTHERN MARYLAND 35
REGION TRANSPORTATION FUND ESTABLISHED UNDE R § 10.5–309 OF THE 36
TRANSPORTATION ARTICLE; 37
SENATE BILL 935 5
[(2)] (8) to the Blueprint for Maryland’s Future Fund established under 1
§ 5–206 of the Education Article, the following percentage of the remaining sales and use 2
tax revenues: 3
(i) for fiscal year 2023, 9.2%; 4
(ii) for fiscal year 2024, 11.0%; 5
(iii) for fiscal year 2025, 11.3%; 6
(iv) for fiscal year 2026, 11.7%; and 7
(v) for fiscal year 2027 and each fiscal year thereafter, 12.1%; and 8
[(3)] (9) the remaining sales and use tax revenue into the General Fund 9
of the State. 10
11–102. 11
(a) Except as otherwise provided in this title, a tax is imposed on: 12
(1) a retail sale in the State; and 13
(2) a use, in the State, of tangible personal property, a digital code, a digital 14
product, or a taxable service. 15
(b) (1) Subject to paragraph (2) of this subsection, in addition to the tax 16
imposed under subsection (a) of this section, a hotel surcharge is imposed in Dorchester 17
County on the sale of a right to occupy a room or lodgings as a transient guest in an 18
establishment that offers at least 380 rooms. 19
(2) The hotel surcharge imposed under paragraph (1) of this subsection 20
may not be imposed if the Maryland Economic Development Corporation certifies to the 21
Comptroller that the bonds issued by the Maryland Economic Development Corporation 22
secured by the Dorchester County Economic Development Fund established under § 23
10–130 of the Economic Development Article have been paid in full. 24
(c) (1) IN ADDITION TO THE TAX IMPOSED UNDER SUBSEC TION (A) OF 25
THIS SECTION, A COUNTY LOCATED IN THE BALTIMORE REGION, CAPITAL REGION, 26
OR SOUTHERN MARYLAND REGION MAY IMPOSE , BY LAW, A TRANSPORTATION 27
AUTHORITY SURCHARGE ON: 28
(I) A RETAIL SALE IN THE COUNTY; AND 29
(II) A USE IN THE COUNTY OF TANGIBLE PERSONAL PROPERTY, 30
A DIGITAL CODE, A DIGITAL PRODUCT , OR A TAXABLE SERVICE . 31 6 SENATE BILL 935
(2) IN ADDITION TO THE TA X IMPOSED UNDER SUBS ECTION (A) OF 1
THIS SECTION AND THE SURCHARGE IMPOSED UN DER PARAGRAPH (1) OF THIS 2
SUBSECTION, A COUNTY LOCATED IN THE BALTIMORE REGION, CAPITAL REGION, 3
OR SOUTHERN MARYLAND REGION MAY IMPOSE , BY LAW, A TRANSPORTATION 4
AUTHORITY HOTEL SURC HARGE ON THE SALE OF A RIGHT TO OCCUPY A ROOM OR 5
LODGINGS AS A TRANSI ENT GUEST. 6
(3) (I) A SURCHARGE AUTHORIZED UNDER THIS SUBSECTIO N 7
CONTINUES UNTIL THE COUNTY CHANGES THE S URCHARGE OR RATE BY LAW. 8
(II) IF A COUNTY IMPOSES O R CHANGES THE RATE O F A 9
SURCHARGE , THE SURCHARGE IS EFF ECTIVE ON JANUARY 1 OF THE YEAR THAT THE 10
COUNTY DESIGNATES . 11
(III) A COUNTY SHAL L GIVE THE COMPTROLLER NOTICE OF THE 12
IMPOSITION OF THE SU RCHARGE OR A CHANGE IN THE RATE OF THE S URCHARGE 13
ON OR BEFORE JULY 1 PRIOR TO ITS EFFECTI VE DATE. 14
(D) (1) [A] EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A 15
county, municipal corporation, special taxing district, or other political subdivision of the 16
State may not impose any retail sales or use tax except: 17
(i) a sales tax or use tax that was in effect on January 1, 1971; 18
(ii) a tax on the sale or use of: 19
1. fuels; 20
2. utilities; 21
3. space rentals; or 22
4. any controlled dangerous substance, as defined in § 5–101 23
of the Criminal Law Article, unless the sale is made by a person who registers under and 24
complies with Title 5, Subtitle 3 of the Criminal Law Article; or 25
(iii) a tax imposed by a code county on the sale or use of food and 26
beverages authorized under § 20–602 of the Local Government Article. 27
(2) Paragraph (1) of this subsection may not be construed as conferring 28
authority to impose a sales and use tax. 29
11–104. 30
SENATE BILL 935 7
(L) (1) THE RATE OF THE TRANS PORTATION AUTHORITY SURCHARGE 1
AUTHORIZED UNDER § 11–102(C)(1) OF THIS SUBTITLE MAY NOT EXCEED 1%. 2
(2) THE RATE OF THE TRANS PORTATION AUTHORITY HOTEL 3
SURCHARGE AUTHORIZED UNDER § 11–102(C)(2) OF THIS SUBTITLE MAY NOT 4
EXCEED 2%. 5
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 6
as follows: 7
Article – Tax – Property 8
13–401. 9
(A) In this subtitle[, “county] THE FOLLOWING WORDS HAVE THE MEANINGS 10
INDICATED. 11
(B) “BALTIMORE REGION” HAS THE MEANING STAT ED IN § 10.5–101 OF THE 12
TRANSPORTATION ARTICLE. 13
(C) “CAPITAL REGION” HAS THE MEANING STAT ED IN § 10.5–201 OF THE 14
TRANSPORTATION ARTICLE. 15
(D) “COUNTY transfer tax” means the transfer tax imposed by a county. 16
(E) “SOUTHERN MARYLAND REGION” HAS THE MEANING STAT ED IN § 17
10.5–301 OF THE TRANSPORTATION ARTICLE. 18
13–402.1. 19
(a) The governing body of a county that has adopted home rule powers under 20
Article XI–F of the Maryland Constitution may impose a transfer tax on an instrument of 21
writing: 22
(1) recorded with the clerk of the circuit court for the county; or 23
(2) filed with the Department. 24
(b) A transfer tax imposed under this section: 25
(1) may not exceed 0.5%; and 26
(2) does not apply to an instrument of writing exempt from the State 27
transfer tax under § 13–207 of this title. 28
8 SENATE BILL 935
(C) (1) IN ADDITION TO THE TR ANSFER TAX IMPOSED U NDER 1
SUBSECTION (A) OF THIS SECTION, A COUNTY LOCATED IN THE BALTIMORE REGION, 2
CAPITAL REGION, OR SOUTHERN MARYLAND REGION MAY IMPOSE A 3
TRANSPORTATION AUTHO RITY TRANSFER TAX SU RCHARGE ON AN INSTRU MENT OF 4
WRITING THAT TRANSFE RS PROPERTY AND IS R ECORDED WITH THE CLE RK OF THE 5
CIRCUIT COURT FOR A COUNTY THAT IS LOCAT ED WITHIN THE BALTIMORE REGION, 6
THE CAPITAL REGION, OR THE SOUTHERN MARYLAND REGION. 7
(2) THE TRANSPORTATION AU THORITY TRANSFER TAX SURCHARGE 8
AUTHORIZED UNDER THI S SUBSECTION MAY NOT EXCEED 0.15%. 9
13–414. 10
(A) THE REVENUE FROM THE TRANSPORTATION AUTHO RITY TRANSFER TAX 11
SURCHARGE ON AN INST RUMENT OF WRITING RECORDED WITH THE CL ERK OF THE 12
CIRCUIT COURT FOR A COUNTY THAT IS LOCAT ED WITHIN THE BALTIMORE REGION 13
SHALL BE DISTRIBUTED TO THE BALTIMORE REGION TRANSPORTATION FUND 14
ESTABLISHED UNDER § 10.5–109 OF THE TRANSPORTATION ARTICLE. 15
(B) THE REVENUE FROM THE TRANSPORTATION AUTHOR ITY TRANSFER TAX 16
SURCHARGE ON AN INST RUMENT OF WRITING RE CORDED WITH THE CLER K OF THE 17
CIRCUIT COURT FOR A COUNTY THAT IS LOCAT ED WITHIN THE CAPITAL REGION 18
SHALL BE DISTRIBUTED TO THE CAPITAL REGION TRANSPORTATION FUND 19
ESTABLISHED UNDER § 10.5–209 OF THE TRANSPORTATION ARTICLE. 20
(C) THE REVENUE FROM THE TRANSPORTATION AUTHO RITY TRANSFER TAX 21
SURCHARGE ON AN INST RUMENT OF WRITING RE CORDED WITH THE CLER K OF THE 22
CIRCUIT COURT FOR A COUNTY THAT IS LOCAT ED WITHIN THE SOUTHERN 23
MARYLAND REGION SHALL BE DISTRIBUTED TO THE SOUTHERN MARYLAND 24
REGION TRANSPORTATION FUND ESTABLISHED UNDE R § 10.5–309 OF THE 25
TRANSPORTATION ARTICLE. 26
SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 27
as follows: 28
Article – Transportation 29
TITLE 10.5. REGIONAL TRANSPORTATION AUTHORITIES. 30
SUBTITLE 1. BALTIMORE REGION TRANSPORTATION AUTHORITY. 31
10.5–101. 32
SENATE BILL 935 9
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 1
INDICATED. 2
(B) “AUTHORITY” MEANS THE BALTIMORE REGION TRANSPORTATION 3
AUTHORITY. 4
(C) “BALTIMORE REGION” MEANS ANNE ARUNDEL COUNTY, BALTIMORE 5
COUNTY, BALTIMORE CITY, HARFORD COUNTY, AND HOWARD COUNTY. 6
(D) “TRANSPORTATION FACILI TY” HAS THE MEANING STAT ED IN § 3–101 OF 7
THIS ARTICLE. 8
10.5–102. 9
(A) THERE IS A BALTIMORE REGION TRANSPORTATIO N AUTHORITY. 10
(B) THE AUTHORITY IS A BODY P OLITIC AND CORPORATE AND IS AN 11
INSTRUMENTALITY OF T HE STATE. 12
(C) THE EXERCISE BY THE AUTHORITY OF A POWER UNDER THIS SUBTITLE 13
IS THE PERFORMANCE O F AN ESSENTIAL GOVER NMENTAL FUNCTION . 14
(D) THE GOVERNING BODY OF A COUNTY LOCATED IN THE BALTIMORE 15
REGION MAY ELECT, BY LAW, TO BE A MEMBER OF TH E AUTHORITY. 16
10.5–103. 17
THE PURPOSE OF THE AUTHORITY IS TO PREPA RE AND IMPLEMENT 18
INVESTMENTS IN TRANS PORTATION PROJECTS T HAT MAXIMIZE THE MOV EMENT OF 19
PEOPLE AND PROMOTE EFF ICIENCY, SAFETY, AND OTHER VALUES SUC H AS 20
ENVIRONMENTAL AND SO CIAL JUSTICE IMPACTS . 21
10.5–104. 22
(A) THE AUTHORITY CONSISTS OF THE FOLLOWING MEMBER S: 23
(1) IF THE GOVERNING BODY OF BALTIMORE CITY ELECTS TO 24
BECOME A MEMBER OF T HE AUTHORITY, THE MAYOR OF BALTIMORE CITY, OR THE 25
MAYOR’S DESIGNEE; 26
(2) IF THE GOVERNING BODY OF ANNE ARUNDEL COUNTY ELECTS TO 27
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF ANNE 28
ARUNDEL COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 29 10 SENATE BILL 935
(3) IF THE GOVERN ING BODY OF BALTIMORE COUNTY ELECTS TO 1
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF BALTIMORE 2
COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 3
(4) IF THE GOVERNING BODY OF HARFORD COUNTY ELECTS TO 4
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF HARFORD 5
COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 6
(5) IF THE GOVERNING BODY OF HOWARD COUNTY ELECTS TO 7
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF HOWARD 8
COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 9
(6) ONE ELECTED OFFICIA L FROM EACH MUNICIPA LITY WITHIN THE 10
BALTIMORE REGION, APPOINTED BY THE GOV ERNING BODY OF THE M UNICIPALITY; 11
(7) ONE MEMBER OF THE SENATE OF MARYLAND WHO RESIDES 12
WITHIN THE BALTIMORE REGION, APPOINTED BY THE PRESIDENT OF THE SENATE; 13
(8) TWO MEMBERS OF THE HOUSE OF DELEGATES WHO RESIDE 14
WITHIN THE BALTIMORE REGION, APPOINTED BY THE SPEAKER OF THE HOUSE; 15
AND 16
(9) TWO MEMBERS WITH EXPE RIENCE IN TRANSPORTA TION 17
PLANNING, FINANCE, ENGINEERING , CONSTRUCTION , OR MANAGEMENT , 18
APPOINTED BY THE GOVERNOR. 19
(B) THE SECRETARY SHALL SERVE AS A NONVOTING , EX OFFICIO MEMBER . 20
(C) (1) THE TERM OF A MEMBER IS 4 YEARS. 21
(2) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE UNTIL 22
A SUCCESSOR IS APPOI NTED AND QUALIFIES . 23
(D) FROM AMONG ITS MEMBER S, THE AUTHORITY SHALL EL ECT A CHAIR 24
AND A VICE CHAIR. 25
(E) THE AUTHORITY SHALL ADOPT RULES AND REGULATION S NECESSARY 26
FOR THE CONDUCT OF I TS AFFAIRS. 27
10.5–105. 28
SENATE BILL 935 11
(A) (1) THE AUTHORITY SHALL EMPLO Y AN EXECUTIVE DIRECTOR TO 1
SERVE AS THE CHIEF E XECUTIVE OFFICER OF THE AUTHORITY. 2
(2) THE EXECUTIVE DIRECTOR SHALL SERVE AT THE PLEASURE OF 3
THE AUTHORITY. 4
(B) THE AUTHORITY MAY EMPLOY OR RETAIN OFFICERS , STAFF, AND 5
AGENTS, INCLUDING ENGINEERIN G, ARCHITECTURAL , FISCAL, AND CONSTRUCTION 6
EXPERTS AND ATTORNEY S, AND SET THEIR COMPEN SATION. 7
10.5–106. 8
(A) THE AUTHORITY MAY : 9
(1) ADOPT BYLAWS FOR THE CONDUCT OF ITS BUSIN ESS; 10
(2) ADOPT A SEAL; 11
(3) MAINTAIN OFFICES AT A PLACE IT DESIGNATES IN THE STATE; 12
(4) ACCEPT LOANS, GRANTS, OR ASSISTANCE OF ANY KIND FROM THE 13
FEDERAL OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A COLLEGE OR 14
UNIVERSITY, OR A PRIVATE SOURCE ; 15
(5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; 16
(6) SUE OR BE SUED; 17
(7) ACQUIRE, PURCHASE, HOLD, LEASE AS LESSEE , AND USE: 18
(I) A FRANCHISE, PATENT, OR LICENSE; 19
(II) STOCK OR OTHER FORMS OF OWNERSHIP INTERES TS IN 20
CORPORATIONS , LIMITED LIABILITY CO MPANIES, PARTNERSHIPS , OR OTHER 21
ENTITIES, WHETHER OPERATED FOR PROFIT OR NOT FOR PR OFIT; 22
(III) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE 23
PROPERTY; OR 24
(IV) AN INTEREST IN A PROP ERTY LISTED UNDER IT EMS (I) 25
THROUGH (III) OF THIS ITEM; 26
12 SENATE BILL 935
(8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR 1
DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES ; 2
(9) FIX AND COLLECT RATES , RENTALS, FEES, ROYALTIES, AND 3
CHARGES FOR SERVICES AND RESOURCES IT PRO VIDES OR MAKES AVAIL ABLE; 4
(10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , 5
LIMITED LIABILITY CO MPANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER 6
OPERATED FOR PROFIT OR NOT FOR PROFIT ; 7
(11) EXERCISE POWER USUALLY PO SSESSED BY A PRIVATE 8
CORPORATION IN PERFO RMING SIMILAR FUNCTI ONS UNLESS TO DO SO WOULD 9
CONFLICT WITH STATE LAW; AND 10
(12) DO ALL THINGS NECESSA RY OR CONVENIENT TO CARRY OUT THE 11
POWERS GRANTED BY TH IS SUBTITLE. 12
(B) THE AUTHORITY MAY DELEGATE ANY POWER O R DUTY IT CONSIDERS 13
APPROPRIATE TO A MEM BER, AN OFFICER, AN AGENT, OR AN EMPLOYEE OF TH E 14
AUTHORITY. 15
10.5–107. 16
(A) (1) THE AUTHORITY SHALL PREPA RE A REGIONAL TRANSPORTATION 17
PLAN FOR THE BALTIMORE REGION THAT INCLUDES TRANSP ORTATION 18
IMPROVEMENTS OF REGIONAL SIGNIFICANCE. 19
(2) THE AUTHORITY MAY REVISE THE REGIONAL TRANSPORTATION 20
PLAN. 21
(B) AFTER THE ADOPTION OF A REGIONAL TRANSPORTATION PLAN , THE 22
AUTHORITY MAY CONSTRU CT OR ACQUIRE , BY PURCHASE , LEASE, CONTRACT, OR 23
OTHERWISE, THE TRANS PORTATION FACILITIES SPECIFIED IN THE REGIONAL 24
TRANSPORTATION PLAN . 25
10.5–108. 26
(A) THE AUTHORITY SHALL HAVE THE FOLLOWING DUTIES AND 27
RESPONSIBILITIES : 28
(1) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION 29
PROGRAMS; 30
SENATE BILL 935 13
(2) LONG–RANGE REGIONAL PLANNING FOR T HE BALTIMORE 1
REGION, BOTH FISCALLY CONSTR AINED AND UNCONSTRAI NED; 2
(3) RECOMMENDING TO STATE, REGIONAL, AND FEDERAL AGENCIES 3
REGIONAL TRANSPORTATION PRIOR ITIES, INCLUDING PUBLIC –PRIVATE 4
TRANSPORTATION PROJE CTS, AND FUNDING ALLOCATI ONS; 5
(4) ALLOCATING TO PRIORITY REGIONAL TRANSPORTATION 6
PROJECTS ANY FUNDS M ADE AVAILABLE TO THE AUTHORITY AND , AT THE 7
DISCRETION OF THE AUTHORITY, DIRECTLY OVERSEEING THE PROJECTS ; 8
(5) RECOMMENDING TO THE DEPARTMENT PRIORITY REGIONAL 9
TRANSPORTATION PROJE CTS FOR RECEIPT OF FEDERAL AND STATE FUNDS; 10
(6) RECOMMENDING TO THE DEPARTMENT USE OR CHA NGES IN USE 11
OF TOLLS OR CHARGES FOR FACILITIES IN TH E BALTIMORE REGION; 12
(7) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION ISSUE S OF 13
A MULTIJURISDICTIONA L NATURE, INCLUDING INTELLIGENT TRANSPOR TATION 14
SYSTEMS, SIGNALIZATION, AND PREPARATION FOR AND RESPONSE TO 15
EMERGENCIES ; 16
(8) SERVING AS AN ADVOCAT E FOR THE TRANSPORTA TION NEEDS OF 17
THE BALTIMORE REGION BEFORE THE STATE AND FEDERAL GOV ERNMENTS; AND 18
(9) APPLYING TO AND NEGOTIATING WITH THE FEDERAL 19
GOVERNMENT AND THE STATE FOR GRANTS AND ANY OTHER FUNDS AVAI LABLE TO 20
CARRY OUT THE PURPOS ES OF THIS SUBTITLE . 21
(B) THE AUTHORITY SHALL CONSU LT WITH THE DEPARTMENT , 22
METROPOLITAN PLANNIN G ORGANIZATIONS , AND OTHER STAKEHOLDE RS IN 23
RECOMMENDING OR PRIO RITIZING ANY TRANSPO RTATION PROJECT . 24
10.5–109. 25
(A) IN THIS SECTION , “FUND” MEANS THE BALTIMORE REGION 26
TRANSPORTATION FUND. 27
(B) THERE IS A BALTIMORE REGION TRANSPORTATION FUND. 28
(C) THE PURPOSE OF THE FUND IS TO FINANCE TR ANSPORTA TION 29
FACILITIES IN THE BALTIMORE REGION. 30
14 SENATE BILL 935
(D) THE EXECUTIVE DIRECTOR OF THE AUTHORITY SHALL ADMIN ISTER 1
THE FUND. 2
(E) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 3
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 4
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 5
AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 6
(F) THE FUND CONSISTS OF : 7
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 8
(2) INTEREST EARNINGS ; 9
(3) REVENUE DISTRIBUTED T O THE FUND UNDER § 2–1303 OF THE 10
TAX – GENERAL ARTICLE; 11
(4) REVENUE DISTRIBUTED T O THE FUND UNDER § 13–414 OF THE 12
TAX – PROPERTY ARTICLE; AND 13
(5) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 14
THE BENEFIT OF THE FUND. 15
(G) THE FUND MAY BE USED ONLY FOR THE FINANCI NG OF 16
TRANSPORTATION FACIL ITIES IN THE BALTIMORE REGION. 17
(H) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 18
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 19
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 20
THE FUND. 21
(I) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 22
WITH THE STATE BUDGET . 23
(J) MONEY EXPENDED FROM T HE FUND FOR FINANCING TR ANSPORTATION 24
FACILITIES IN THE BALTIMORE REGION IS SUPPLEMENTAL TO A ND IS NOT 25
INTENDED TO TAKE THE PLACE OF FUNDING THA T OTHERWISE WOULD BE 26
APPROPRIATED FOR TRA NSPORTATION FACILITI ES IN THE BALTIMORE REGION. 27
10.5–110. 28
SENATE BILL 935 15
ON OR BEFORE JANUARY 1, 2026, AND EACH JANUARY 1 THEREAFTER , THE 1
AUTHORITY SHALL REPOR T TO THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 2
2–1257 OF THE STATE GOVERNMENT ARTICLE, ON THE ACTIVITIES OF THE 3
AUTHORITY DURING THE PRIOR YEAR. 4
SUBTITLE 2. CAPITAL REGION TRANSPORTATION AUTHORITY. 5
10.5–201. 6
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 7
INDICATED. 8
(B) “AUTHORITY” MEANS THE CAPITAL REGION TRANSPORTATION 9
AUTHORITY. 10
(C) “CAPITAL REGION” MEANS FREDERICK COUNTY, MONTGOMERY 11
COUNTY, AND PRINCE GEORGE’S COUNTY. 12
(D) “TRANSPORTATION FACILI TY” HAS THE MEANING STAT ED IN § 3–101 OF 13
THIS ARTICLE. 14
10.5–202. 15
(A) THERE IS A CAPITAL REGION TRANSPORT ATION AUTHORITY. 16
(B) THE AUTHORITY IS A BODY P OLITIC AND CORPORATE AND IS AN 17
INSTRUMENTALITY OF T HE STATE. 18
(C) THE EXERCISE BY THE AUTHORITY OF A POWER UNDER THIS SUBTITLE 19
IS THE PERFORMANCE O F AN ESSENTIAL GOVER NMENTAL FUNCTION . 20
(D) THE GOVERNING BO DY OF A COUNTY LOCAT ED IN THE CAPITAL REGION 21
MAY ELECT, BY LAW, TO BE A MEMBER OF TH E AUTHORITY. 22
10.5–203. 23
THE PURPOSE OF THE AUTHORITY IS TO PREPA RE AND IMPLEMENT 24
INVESTMENTS IN TRANS PORTATION PROJECTS T HAT MAXIMIZE THE MOV EMENT OF 25
PEOPLE AND PROMOTE E FFICIENCY, SAFETY, AND OTHER VALUES SUC H AS 26
ENVIRONMENTAL AND SO CIAL JUSTICE IMPACTS . 27
10.5–204. 28
16 SENATE BILL 935
(A) THE AUTHORITY CONSISTS OF THE FOLLOWING MEMBER S: 1
(1) IF THE GOVERNING BODY OF FREDERICK COUNTY ELECTS TO 2
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF FREDERICK 3
COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 4
(2) IF THE GOVERNING BODY OF MONTGOMERY COUNTY ELECTS TO 5
BECOME A MEMBER OF T HE AUTHORITY, THE COUNTY EXECUTIVE OF 6
MONTGOMERY COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 7
(3) IF THE GOVERNING BODY OF PRINCE GEORGE’S COUNTY ELECTS 8
TO BECOME A MEMBER O F THE AUTHORITY, THE COUNTY EXECUTIVE OF PRINCE 9
GEORGE’S COUNTY, OR THE COUNTY EXECUTIVE’S DESIGNEE; 10
(4) ONE MEMBER OF THE SENATE OF MARYLAND WHO RESIDES 11
WITHIN THE CAPITAL REGION, APPOINTED BY THE PRESIDENT OF THE SENATE; 12
(5) TWO MEMBERS OF THE HOUSE OF DELEGATES WHO RESIDE 13
WITHIN THE CAPITAL REGION, APPOINTED BY THE SPEAKER OF THE HOUSE; 14
(6) ONE REPRESENTATIVE OF THE MUNICIPALITIES I N FREDERICK 15
COUNTY, DESIGNATED BY THE MU NICIPALITIES IN FREDERICK COUNTY; 16
(7) ONE REPRESENTATIVE OF THE MUNICIPALITIES I N 17
MONTGOMERY COUNTY, DESIGNATED BY THE MU NICIPALITIES IN MONTGOMERY 18
COUNTY; 19
(8) ONE REPRESENTATIVE OF THE MUNICIPALITIES I N PRINCE 20
GEORGE’S COUNTY, DESIGNATED BY THE MU NICIPALITIES IN PRINCE GEORGE’S 21
COUNTY; AND 22
(9) TWO MEMBERS WITH EXPE RIENCE IN TRANSPORTA TION 23
PLANNING, FINANCE, ENGINEERING , CONSTRUCTION , OR MANAGEMENT , 24
APPOINTED BY THE GOVERNOR. 25
(B) THE SECRETARY SHALL SERVE AS A NONVOTING , EX OFFICIO MEMBER . 26
(C) (1) THE TERM OF A MEMBER IS 4 YEARS. 27
(2) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE UNTIL 28
A SUCCESSOR IS APPOI NTED AND QUALIFIES . 29
SENATE BILL 935 17
(D) FROM AMONG ITS MEMBER S, THE AUTHORITY SHALL ELECT A CHAIR 1
AND A VICE CHAIR. 2
(E) THE AUTHORITY SHALL ADOPT RULES AND REGULATIONS NECE SSARY 3
FOR THE CONDUCT OF I TS AFFAIRS. 4
10.5–205. 5
(A) (1) THE AUTHORITY SHALL EMPLO Y AN EXECUTIVE DIRECTOR TO 6
SERVE AS THE CHIEF E XECUTIVE OFFICER OF THE AUTHORITY. 7
(2) THE EXECUTIVE DIRECTOR SHALL SERVE AT THE PLEASURE OF 8
THE AUTHORITY. 9
(B) THE AUTHORITY MAY EMPLOY OR RETAIN OFFICERS , STAFF, AND 10
AGENTS, INCLUDING ENGINEERIN G, ARCHITECTURAL , FISCAL, AND CONSTRUCTION 11
EXPERTS AND ATTORNEY S, AND SET THEIR COMPEN SATION. 12
10.5–206. 13
(A) THE AUTHORITY MAY : 14
(1) ADOPT BYLAWS FOR T HE CONDUCT OF ITS BU SINESS; 15
(2) ADOPT A SEAL; 16
(3) MAINTAIN OFFICES AT A PLACE IT DESIGNATES IN THE STATE; 17
(4) ACCEPT LOANS, GRANTS, OR ASSISTANCE OF ANY KIND FROM THE 18
FEDERAL OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A COLLEGE OR 19
UNIVERSITY, OR A PRIVATE SOURCE ; 20
(5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; 21
(6) SUE OR BE SUED; 22
(7) ACQUIRE, PURCHASE, HOLD, LEASE AS LESSEE , AND USE: 23
(I) A FRANCHISE, PATENT, OR LICENSE; 24
(II) STOCK OR OTHER FORMS OF OWNERSHIP INTERES TS IN 25
CORPORATIONS , LIMITED LIABILITY CO MPANIES, PARTNERSHIPS , OR OTHER 26
ENTITIES, WHETHER OPERATED FOR PROFIT OR NOT FOR PR OFIT; 27 18 SENATE BILL 935
(III) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE 1
PROPERTY; OR 2
(IV) AN INTEREST IN A PROP ERTY LISTED UNDER IT EMS (I) 3
THROUGH (III) OF THIS ITEM; 4
(8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR 5
DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES ; 6
(9) FIX AND COLLECT RATES , RENTALS, FEES, ROYALTIES, AND 7
CHARGES FOR SERVICES AND RESOURCES IT PRO VIDES OR MAKES AVAILABLE ; 8
(10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , 9
LIMITED LIABILITY CO MPANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER 10
OPERATED FOR PROFIT OR NOT FOR PROFIT ; 11
(11) EXERCISE POWER USUALL Y POSSESSED BY A PRI VATE 12
CORPORATION IN P ERFORMING SIMILAR FU NCTIONS UNLESS TO DO SO WOULD 13
CONFLICT WITH STATE LAW; AND 14
(12) DO ALL THINGS NECESSA RY OR CONVENIENT TO CARRY OUT THE 15
POWERS GRANTED BY TH IS SUBTITLE. 16
(B) THE AUTHORITY MAY DELEGAT E ANY POWER OR DUTY IT CONSIDERS 17
APPROPRIATE TO A MEMBER, AN OFFICER, AN AGENT, OR AN EMPLOYEE OF TH E 18
AUTHORITY. 19
10.5–207. 20
(A) (1) THE AUTHORITY SHALL PREPA RE A REGIONAL TRANSPORTATION 21
PLAN FOR THE CAPITAL REGION THAT INCLUDES TRANSP ORTATION 22
IMPROVEMENTS OF REGIONAL SIGNIFICANCE. 23
(2) THE AUTHORITY MAY REVISE THE REGIONAL TRANSPORTATION 24
PLAN. 25
(B) AFTER THE ADOPTION OF A REGIONAL TRANSPORTATION PLAN , THE 26
AUTHORITY MAY CONSTRU CT OR ACQUIRE , BY PURCHASE , LEASE, CONTRACT, OR 27
OTHERWISE, THE TRANSPORTATION F ACILITIES SPECIFIED IN THE REGIONAL 28
TRANSPORTATION PLAN . 29
10.5–208. 30 SENATE BILL 935 19
(A) THE AUTHORITY SHALL HAVE THE FOLLOWING DUTIES AND 1
RESPONSIBILITIES : 2
(1) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION 3
PROGRAMS; 4
(2) LONG–RANGE REGIONAL PLANNING FOR THE CAPITAL REGION, 5
BOTH FISCALLY CONSTR AINED AND UNCONSTRAINED ; 6
(3) RECOMMENDING TO STATE, REGIONAL, AND FEDERAL AGENCIES 7
REGIONAL TRANSPORTATION PRIOR ITIES, INCLUDING PUBLIC –PRIVATE 8
TRANSPORTATION PROJE CTS, AND FUNDING ALLOCATI ONS; 9
(4) ALLOCATING TO PRIORIT Y REGIONAL TRANSPORTATION 10
PROJECTS A NY FUNDS MADE AVAILA BLE TO THE AUTHORITY AND , AT THE 11
DISCRETION OF THE AUTHORITY, DIRECTLY OVERSEEING THE PROJECTS ; 12
(5) RECOMMENDING TO THE DEPARTMENT PRIORITY REGIONAL 13
TRANSPORTATION PROJE CTS FOR RECEIPT OF F EDERAL AND STATE FUNDS; 14
(6) RECOMMENDING TO THE DEPARTMENT USE OR CHA NGES IN USE 15
OF TOLLS OR CHARGES FOR FACILITIES IN TH E CAPITAL REGION; 16
(7) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION ISSUE S OF 17
A MULTIJURISDICTIONA L NATURE, INCLUDING INTELLIGEN T TRANSPORTATION 18
SYSTEMS, SIGNALIZATION, AND P REPARATION FOR AND R ESPONSE TO 19
EMERGENCIES ; 20
(8) SERVING AS AN ADVOCAT E FOR THE TRANSPORTA TION NEEDS OF 21
THE CAPITAL REGION BEFORE THE STATE AND FEDERAL GOV ERNMENTS; AND 22
(9) APPLYING TO AND NEGOT IATING WITH THE FEDE RAL 23
GOVERNMENT AND THE STATE FOR GRANTS AND ANY OTHER FUNDS AVAILABLE TO 24
CARRY OUT THE PURPOS ES OF THIS SUBTITLE . 25
(B) THE AUTHORITY SHALL CONSU LT WITH THE DEPARTMENT , 26
METROPOLITAN PLANNIN G ORGANIZATIONS , AND OTHER STAKEHOLDE RS IN 27
RECOMMENDING OR PRIO RITIZING ANY TRANSPO RTATION PROJECT . 28
10.5–209. 29
20 SENATE BILL 935
(A) IN THIS SECTION , “FUND” MEANS THE CAPITAL REGION 1
TRANSPORTATION FUND. 2
(B) THERE IS A CAPITAL REGION TRANSPORTATION FUND. 3
(C) THE PURPOSE OF THE FUND IS TO FINANCE TR ANSPORTATION 4
FACILITIES IN THE CAPITAL REGION. 5
(D) THE EXECUTIVE DIRECTOR OF THE AUTHORITY SHALL ADMIN ISTER 6
THE FUND. 7
(E) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 8
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 9
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 10
AND THE COMPTROLLE R SHALL ACCOUNT FOR THE FUND. 11
(F) THE FUND CONSISTS OF : 12
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 13
(2) INTEREST EARNINGS ; 14
(3) REVENUE DISTRIBUTED T O THE FUND UNDER § 2–1303 OF THE 15
TAX – GENERAL ARTICLE; 16
(4) REVENUE DISTRIBUTED T O THE FUND UNDER § 13–414 OF THE 17
TAX – PROPERTY ARTICLE; AND 18
(5) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 19
THE BENEFIT OF THE FUND. 20
(G) THE FUND MAY BE USED ONLY FOR THE FINANCING OF 21
TRANSPORTATION FACIL ITIES IN THE CAPITAL REGION. 22
(H) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 23
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 24
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 25
THE FUND. 26
(I) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 27
WITH THE STATE BUDGET . 28 SENATE BILL 935 21
(J) MONEY EXPENDED FROM T HE FUND FOR FINANCING TR ANSPORTATION 1
FACILITIES IN THE CAPITAL REGION IS SUPPLEMENTAL TO A ND IS NOT INTENDED 2
TO TAKE THE PLACE OF FUNDING THAT OTHERWI SE WOULD BE APPROPRI ATED FOR 3
TRANSPORTATION FACIL ITIES IN THE CAPITAL REGION. 4
10.5–210. 5
ON OR BEFORE JANUARY 1, 2026, AND EACH JANUARY 1 THEREAFTER , THE 6
AUTHORITY SHALL REPOR T TO THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 7
2–1257 OF THE STATE GOVERNMENT ARTICLE, ON THE ACTIVITIES OF THE 8
AUTHORITY DURING THE PRIOR YEAR. 9
SUBTITLE 3. SOUTHERN MARYLAND REGION TRANSPORTATION AUTHORITY. 10
10.5–301. 11
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 12
INDICATED. 13
(B) “AUTHORITY” MEANS THE SOUTHERN MARYLAND REGION 14
TRANSPORTATION AUTHORITY. 15
(C) “SOUTHERN MARYLAND REGION” MEANS CALVERT COUNTY, CHARLES 16
COUNTY, AND ST. MARY’S COUNTY. 17
(D) “TRANSPORTATION FACILI TY” HAS THE MEANING STAT ED IN § 3–101 OF 18
THIS ARTICLE. 19
10.5–302. 20
(A) THERE IS A SOUTHERN MARYLAND REGION TRANSPORTATION 21
AUTHORITY. 22
(B) THE AUTHORITY IS A BODY POLITIC AND COR PORATE AND IS AN 23
INSTRUMENTALITY OF T HE STATE. 24
(C) THE EXERCISE BY THE AUTHORITY OF A POWER UNDER THIS SUBTITLE 25
IS THE PERFORMANCE O F AN ESSENTIAL GOVER NMENTAL FUNCTION . 26
(D) THE GOVERNING BODY OF A COUNTY LOCATED IN THE SOUTHERN 27
MARYLAND REGION MAY ELECT, BY LAW, TO BE A MEMBER OF TH E AUTHORITY. 28
22 SENATE BILL 935
10.5–303. 1
THE PURPOSE OF THE AUTHORITY IS TO PREPA RE AND IMPLEMENT 2
INVESTMENTS IN TRANS PORTATION PROJECTS T HAT MAXIMIZE THE MOV EMENT OF 3
PEOPLE AND PROMOTE E FFICIENCY, SAFETY, AND OTHER VALUES SUC H AS 4
ENVIRONMENTAL AND SO CIAL JUSTICE IMPACTS . 5
10.5–304. 6
(A) THE AUTHORITY CONSISTS OF THE FOLLOWING MEMBER S: 7
(1) IF THE GOVERNING BODY OF CALVERT COUNTY ELECTS TO 8
BECOME A MEMBER OF T HE AUTHORITY, ONE MEMBER APPOINTED BY THE 9
GOVERNING BODY OF CALVERT COUNTY; 10
(2) IF THE GOVERNING BODY OF CHARLES COUNTY ELECTS TO 11
BECOME A MEMBER OF T HE AUTHORITY, ONE MEMBER APPOINTED BY THE 12
GOVERNING BODY OF CHARLES COUNTY; 13
(3) IF THE GOVERNING BODY OF ST. MARY’S COUNTY ELECTS TO 14
BECOME A MEMBER OF T HE AUTHORITY, ONE MEMBER APPOINTED BY THE 15
GOVERNING BODY OF ST. MARY’S COUNTY; 16
(4) ONE ELECTED OFFICIAL FROM EACH MUNICIPALI TY WITHIN THE 17
SOUTHERN MARYLAND REGION, APPOINTED BY THE GOV ERNING BODY OF TH E 18
MUNICIPALITY; 19
(5) ONE MEMBER OF THE SENATE OF MARYLAND WHO RESIDES 20
WITHIN THE SOUTHERN MARYLAND REGION, APPOINTED BY THE PRESIDENT OF 21
THE SENATE; 22
(6) TWO MEMBERS OF THE HOUSE OF DELEGATES WHO RESIDE 23
WITHIN THE SOUTHERN MARYLAND REGION, APPOINTED BY THE SPEAKER OF THE 24
HOUSE; AND 25
(7) TWO MEMBERS WITH EXPE RIENCE IN TRANSPORTA TION 26
PLANNING, FINANCE, ENGINEERING , CONSTRUCTION , OR MANAGEMENT , 27
APPOINTED BY THE GOVERNOR. 28
(B) THE SECRETARY SHALL SERVE AS A NONVOTING , EX OFFICIO MEMBER . 29
(C) (1) THE TERM OF A MEMBER IS 4 YEARS. 30
SENATE BILL 935 23
(2) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE UNTIL 1
A SUCCESSOR IS APPOI NTED AND QUALIFIES . 2
(D) FROM AMONG ITS MEMBER S, THE AUTHORITY SHALL ELECT A CHAIR 3
AND A VICE CHAIR. 4
(E) THE AUTHORITY SHALL ADOPT RULES AND REGULATIONS NECESSAR Y 5
FOR THE CONDUCT OF I TS AFFAIRS. 6
10.5–305. 7
(A) (1) THE AUTHORITY SHALL EMPLO Y AN EXECUTIVE DIRECTOR TO 8
SERVE AS THE CHIEF E XECUTIVE OFFICER OF THE AUTHORITY. 9
(2) THE EXECUTIVE DIRECTOR SHALL SERVE AT THE PLEASURE OF 10
THE AUTHORITY. 11
(B) THE AUTHORITY MAY EMPLOY OR RETAIN OFFICERS , STAFF, AND 12
AGENTS, INCLUDING ENGINEERIN G, ARCHITECTURAL , FISCAL, AND CONSTRUCTION 13
EXPERTS AND ATTORNEY S, AND SET THEIR COMPEN SATION. 14
10.5–306. 15
(A) THE AUTHORITY MAY : 16
(1) ADOPT BYLAWS FOR THE CONDUCT OF ITS BUSINESS; 17
(2) ADOPT A SEAL; 18
(3) MAINTAIN OFFICES AT A PLACE IT DESIGNATES IN THE STATE; 19
(4) ACCEPT LOANS, GRANTS, OR ASSISTANCE OF ANY KIND FROM THE 20
FEDERAL OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A COLLEGE OR 21
UNIVERSITY, OR A PRIVATE SOURCE; 22
(5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; 23
(6) SUE OR BE SUED; 24
(7) ACQUIRE, PURCHASE, HOLD, LEASE AS LESSEE , AND USE: 25
(I) A FRANCHISE, PATENT, OR LICENSE; 26
24 SENATE BILL 935
(II) STOCK OR OTHER FORMS OF OWNERSHIP INTERES TS IN 1
CORPORATIONS , LIMITED LIABILITY CO MPANIES, PARTNERSHIPS , OR OTHER 2
ENTITIES, WHETHER OPERATED FOR PROFIT OR NOT FOR PR OFIT; 3
(III) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE 4
PROPERTY; OR 5
(IV) AN INTEREST IN A PROP ERTY LISTED UNDER IT EMS (I) 6
THROUGH (III) OF THIS ITEM; 7
(8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR 8
DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES ; 9
(9) FIX AND COLLECT RATES , RENTALS, FEES, ROYALTIES, AND 10
CHARGES FOR SERVICES AND RESOURCES IT PRO VIDES OR MAKES AVAIL ABLE; 11
(10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , 12
LIMITED LIABILITY CO MPANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER 13
OPERATED FOR PROFIT OR NOT FOR PROFIT ; 14
(11) EXERCISE POWER USUALL Y POSSESSED BY A PRI VATE 15
CORPORATION IN PERFO RMING SIM ILAR FUNCTIONS UNLES S TO DO SO WOULD 16
CONFLICT WITH STATE LAW; AND 17
(12) DO ALL THINGS NECESSA RY OR CONVENIENT TO CARRY OUT THE 18
POWERS GRANTED BY TH IS SUBTITLE. 19
(B) THE AUTHORITY MAY DELEGAT E ANY POWER OR DUTY IT CONSIDERS 20
APPROPRIATE TO A MEM BER, AN OFFICER, AN AGENT, OR AN EMPLOYEE OF TH E 21
AUTHORITY. 22
10.5–307. 23
(A) (1) THE AUTHORITY SHALL PREPA RE A REGIONAL TRANSPORTATION 24
PLAN FOR THE SOUTHERN MARYLAND REGION THAT INCLUDES TRANSP ORTATION 25
IMPROVEMENTS OF REGIONAL SIGNIFICANCE. 26
(2) THE AUTHORITY MA Y REVISE THE REGIONAL TRANSPORTATION 27
PLAN. 28
(B) AFTER THE ADOPTION OF A REGIONAL TRANSPORTATION PLAN , THE 29
AUTHORITY MAY CONSTRU CT OR ACQUIRE , BY PURCHASE , LEASE, CONTRACT, OR 30 SENATE BILL 935 25
OTHERWISE, THE TRANSPORTATION F ACILITIES SPECIFIED IN THE REGIONAL 1
TRANSPORTATIO N PLAN. 2
10.5–308. 3
(A) THE AUTHORITY SHALL HAVE THE FOLLOWING DUTIES AND 4
RESPONSIBILITIES : 5
(1) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION 6
PROGRAMS; 7
(2) LONG–RANGE REGIONAL PLANNING FOR THE SOUTHERN 8
MARYLAND REGION, BOTH FISCALLY CONSTR AINED AND UNCONSTRAINED ; 9
(3) RECOMMENDING TO STATE, REGIONAL, AND FEDERAL AGENCIES 10
REGIONAL TRANSPORTATION PRIOR ITIES, INCLUDING PUBLIC –PRIVATE 11
TRANSPORTATION PROJE CTS, AND FUNDING ALLOCATI ONS; 12
(4) ALLOCATING TO PRIORIT Y REGIONAL TRANSPORTATION 13
PROJECTS ANY FUN DS MADE AVAILABLE TO THE AUTHORITY AND , AT THE 14
DISCRETION OF THE AUTHORITY, DIRECTLY OVERSEEING THE PROJECTS ; 15
(5) RECOMMENDING TO THE DEPARTMENT PRIORITY REGIONAL 16
TRANSPORTATION PROJE CTS FOR RECEIPT OF F EDERAL AND STATE FUNDS; 17
(6) RECOMMENDING TO THE DEPARTMENT USE OR CHA NGES IN USE 18
OF TOLLS OR CHARGES FOR FACILITIES IN TH E SOUTHERN MARYLAND REGION; 19
(7) GENERAL OVERSIGHT OF REGIONAL TRANSPORTATION ISSUE S OF 20
A MULTIJURISDICTIONA L NATURE, INCLUDING INTELLIGEN T TRANSPORTATION 21
SYSTEMS, SIGNALIZATION, AND PREPARATION FOR A ND RESPONSE TO 22
EMERGENCIES ; 23
(8) SERVING AS AN ADVOCAT E FOR THE TRANSPORTA TION NEEDS OF 24
THE SOUTHERN MARYLAND REGION BEFORE THE STATE AND FEDERAL 25
GOVERNMENTS ; AND 26
(9) APPLYING TO AND NEGOT IATING WITH THE FEDE RAL 27
GOVERNMENT AND THE STATE FOR GRANTS AND ANY OTHER FUNDS AVAI LABLE TO 28
CARRY OUT THE PURPOS ES OF THIS SUBTITLE . 29
26 SENATE BILL 935
(B) THE AUTHORITY SHALL CONSU LT WITH THE DEPARTMENT , 1
METROPOLITAN PLANNIN G ORGANIZATIONS , AND OTHER STAKEHOLDE RS IN 2
RECOMMENDING OR PRIO RITIZING ANY TRANSPO RTATION PROJECT. 3
10.5–309. 4
(A) IN THIS SECTION, “FUND” MEANS THE SOUTHERN MARYLAND REGION 5
TRANSPORTATION FUND. 6
(B) THERE IS A SOUTHERN MARYLAND REGION TRANSPORTATION FUND. 7
(C) THE PURPOSE OF THE FUND IS TO FINANCE TR ANSPORTATION 8
FACILITIES IN THE SOUTHERN MARYLAND REGION. 9
(D) THE EXECUTIVE DIRECTOR OF THE AUTHORITY SHALL ADMIN ISTER 10
THE FUND. 11
(E) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 12
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 13
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 14
AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 15
(F) THE FUND CONSISTS OF : 16
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 17
(2) INTEREST EARNIN GS; 18
(3) REVENUE DISTRIBUTED T O THE FUND UNDER § 2–1303 OF THE 19
TAX – GENERAL ARTICLE; 20
(4) REVENUE DISTRIBUTED T O THE FUND UNDER § 13–414 OF THE 21
TAX – PROPERTY ARTICLE; AND 22
(5) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 23
THE BENEFIT OF THE FUND. 24
(G) THE FUND MAY BE USED ONLY FOR THE FINANCING OF 25
TRANSPORTATION FACIL ITIES IN THE SOUTHERN MARYLAND REGION. 26
(H) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 27
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 28 SENATE BILL 935 27
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 1
THE FUND. 2
(I) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 3
WITH THE STATE BUDGET . 4
(J) MONEY EXPENDED FROM T HE FUND FOR FINANCING TR ANSPORTATION 5
FACILITIES IN THE SOUTHERN MARYLAND REGION IS SUPPLEMENTAL TO AND IS 6
NOT INTENDED TO TAKE THE PLACE OF FUNDING THAT OTHERWISE WOULD BE 7
APPROPRIATED FOR TRA NSPORTATION FACILITI ES IN THE SOUTHERN MARYLAND 8
REGION. 9
10.5–310. 10
ON OR BEFORE JANUARY 1, 2026, AND EACH JANUARY 1 THEREAFTER , THE 11
AUTHORITY SHALL REPORT TO THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 12
2–1257 OF THE STATE GOVERNMENT ARTICLE, ON THE ACTIVITIES OF THE 13
AUTHORITY DURING THE PRIOR YEAR. 14
SUBTITLE 4. FINANCING OF TRANSPORTATION PROJECTS. 15
10.5–401. 16
IN THIS SUBTITLE, “AUTHORITY” MEANS: 17
(1) THE BALTIMORE REGION TRANSPORTATION AUTHORITY 18
ESTABLISHED UNDER § 10.5–102 OF THIS TITLE; 19
(2) THE CAPITAL REGION TRANSPORTATION AUTHORITY 20
ESTABLISHED UNDER § 10.5–202 OF THIS TITLE; AND 21
(3) THE SOUTHERN MARYLAND REGION TRANSPORTATION 22
AUTHORITY ESTABLISHED UNDER § 10.5–302 OF THIS TITLE. 23
10.5–402. 24
(A) TO FINANCE THE COST O F TRANSPORTATION FAC ILITIES AND 25
PROJECTS, AN AUTHORITY MAY ISSUE B ONDS, NOTES, OR OTHER EVIDENCE OF 26
OBLIGATION, PAYABLE SOLELY FROM THE REVENUES DIS TRIBUTED TO THE 27
AUTHORITY. 28
28 SENATE BILL 935
(B) BOND PROCEEDS MAY BE USED SOLELY FOR PAYI NG THE COST OF 1
TRANSPORTATION FACIL ITIES AND PROJECTS . 2
10.5–403. 3
(A) BONDS ISSUED BY AN AUTHORITY UNDER THIS SUBTITLE MAY NOT : 4
(1) CONSTITUTE A DEBT OF THE STATE OR A POLITICAL SUBDIVISION 5
OF THE STATE OTHER THAN THE AUTHORITY AND SHALL S O STATE ON THEIR FAC E; 6
(2) CONSTITUTE A PLEDGE O F THE FULL FAITH AND CREDIT OF THE 7
STATE OR A POLITICAL SUBDIVISION OF THE STATE; OR 8
(3) DIRECTLY OR INDIRECTL Y OBLIGATE THE STATE OR A POLITICAL 9
SUBDIVISION OF THE STATE TO IMPOSE ANY T AX AND SHALL CONTAIN A STATEMENT 10
ON THEIR FACE TO THA T EFFECT. 11
(B) AN AUTHORITY SHALL DETER MINE THE FOLLOWING C ONCERNING 12
BONDS ISSUED BY THE AUTHORITY: 13
(1) DATE OF ISSUE; 14
(2) INTEREST RATE ; 15
(3) DATE AND AMOUNT OF MATURI TY, EXCEPT THAT A BOND M AY NOT 16
MATURE MORE THAN 40 YEARS AFTER ITS DATE OF ISSUE; 17
(4) FORM AND MANNER OF EX ECUTION; 18
(5) MANNER OF SALE ; AND 19
(6) ANY OTHER MATTER RELA TING TO THE FORM , TERMS, 20
CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF THE BONDS . 21
(C) AN AUTHORITY MAY ISSUE B ONDS: 22
(1) WITHOUT OBTAINING THE CONSENT OF ANY INSTR UMENTALITY, 23
AGENCY, OR UNIT OF THE STATE; AND 24
(2) WITHOUT ANY PROCEEDIN GS OR THE OCCURRENCE OF ANY 25
CONDITIONS OR OBLIGA TIONS OTHER THAN THO SE SPECIFICALLY REQUIRED BY 26
THIS SUBTITLE. 27
SENATE BILL 935 29
(D) (1) BONDS SHALL BE EXECUT ED ON BEHALF OF AN AUTHORITY BY 1
THE MANUAL OR FACSIM ILE SIGNATURES OF TH E INDIVIDUALS DESIGN ATED BY THE 2
GOVERNING BODY OF TH E AUTHORITY. 3
(2) OTHER SIGNATURES ON T HE BONDS MAY BE EITH ER MANUA L OR 4
FACSIMILE. 5
(E) IF AN INDIVIDUAL WHOS E MANUAL OR FACSIMIL E SIGNATURE APPEARS 6
ON ANY BOND OR COUPO N CEASES TO SERVE IN AN AUTHORIZED CAPACI TY BEFORE 7
THE DELIVERY OF THE BOND, THE SIGNATURE NEVERT HELESS IS AS VALID A ND 8
SUFFICIENT FOR ALL P URPOSES AS IF THE INDIVIDUAL HAD R EMAINED IN THAT 9
CAPACITY UNTIL DELIV ERY OF THE BOND . 10
10.5–404. 11
(A) WITHOUT THE APPROVAL OF THE GENERAL ASSEMBLY, AN AUTHORITY 12
MAY ISSUE BONDS TO R EFINANCE ALL OR ANY PART OF THE COST OF 13
TRANSPORTATION FACIL ITIES OR PROJECTS FO R WHICH THE AUTHORITY 14
PREVIOUSLY ISSUED BO NDS UNDER THIS SUBTI TLE. 15
(B) IF, BY REASON OF INCREAS ED CONSTRUCTION COST S, ERROR IN 16
ESTIMATES, OR OTHERWISE , THE PROCEEDS OF THE BONDS OF ANY ISSUE A RE LESS 17
THAN THE AMOUNT REQU IRED FOR THE PURPOSE FOR WHICH THE BONDS ARE 18
AUTHORIZED , ADDITIONAL BONDS MAY BE ISSUED IN A SIMIL AR MANNER TO 19
PROVIDE THE AMOUNT O F THE DEFICIENCY . 20
10.5–405. 21
(A) IN THIS SECTION , “REFUNDING” MEANS THE RETIREMENT AND 22
CANCELLATION OF BOND S, INCLUDING BONDS OF P RIOR ISSUES, AFTER THEIR 23
ACQUISITION BY OR FO R AN AUTHORITY, WHETHER BEFORE , AT, OR AFTER 24
MATURITY, EITHER IN EXCHANGE F OR OTHER BONDS OR BY PAYMENT, PURCHASE, 25
OR REDEMPTION WITH T HE PROCEEDS OF THE S ALE OF OTHER BONDS . 26
(B) AN AUTHORITY MAY ISSUE R EFUNDING BONDS FOR : 27
(1) REFUNDING ANY BONDS I SSUED UNDER THIS SUB TITLE OR ANY 28
BONDS OF PRIOR ISSUE S, INCLUDING THE PAYMEN T OF ANY REDEMPTION PREMIUM 29
ON THE BONDS AND ANY INTEREST ACCRUED OR TO ACCRUE TO THE DAT E OF 30
REDEMPTION OF THE BO NDS; AND 31
(2) CONSTRUCTING IMPROVEM ENTS OR EXTENSIONS TO OR 32
ENLARGEMENTS OF ANY TRANSPORTATION FACIL ITY OR PROJECT. 33
30 SENATE BILL 935
10.5–406. 1
BEFORE THE PREPARATIO N OF DEFINITIVE BOND S, AN AUTHORITY MAY 2
ISSUE INTERIM CERTIF ICATES OR TEMPORARY BONDS, WITH OR WITHOUT 3
COUPONS, EXCHANGEABLE FOR DEF INITIVE BONDS WHE N THE DEFINITIVE BON DS 4
HAVE BEEN EXECUTED A ND ARE AVAILABLE FOR DELIVERY. 5
10.5–407. 6
(A) AN AUTHORITY MAY ISSUE B OND ANTICIPATION NOT ES PAYABLE TO 7
THE BEARER OR REGIST ERED HOLDER OF THE N OTES OUT OF THE FIRS T PROCEEDS 8
OF THE NEXT SALE OF BONDS ISSUED UND ER THIS SUBTITLE. 9
(B) THE ISSUANCE OF BOND ANTICIPATION NOTES , THE DETAILS OF THEIR 10
ISSUANCE, THE RIGHTS OF THEIR HOLDERS, AND THE RIGHTS , DUTIES, AND 11
OBLIGATIONS OF THE AUTHORITY WITH RESPEC T TO THE BOND ANTICI PATION 12
NOTES ARE GOVERNED B Y THE PROVISIONS OF THIS SUBTITLE REL ATING TO THE 13
ISSUANCE OF THE BOND S IN ANTICIPATION OF THE SALE AT WHICH TH E NOTES ARE 14
ISSUED, INSOFAR AS THOSE PRO VISIONS ARE APPLICAB LE. 15
10.5–408. 16
(A) BONDS ISSUED UNDER TH IS SUBTITLE MAY BE S ECURED BY A TRUST 17
AGREEMENT BETWEEN AN AUTHORITY AND A CORPO RATE TRUSTEE , WHICH MAY BE 18
ANY TRUST COMPANY OR BANK HAVING TRUST PO WERS WITHIN OR OUTSI DE THE 19
STATE. 20
(B) THE TRUST AGREEMENT M AY PLEDGE OR ASSIGN ALL OR ANY PART OF 21
THE REVENUES OF AN AUTHORITY OR OF ANY T RANSPORTATION FACILI TY OR 22
PROJECT. 23
10.5–409. 24
THE REVENUE DESIGNATE D AS SECURITY FOR BO NDS ISSUED UNDER THI S 25
SUBTITLE SHALL BE FI XED AND ADJUSTED SO AS TO PROVIDE FUNDS THAT ARE 26
SUFFICIENT AS LONG A S THE BONDS ARE OUTS TANDING AND UNPAID T O PAY THE 27
PRINCIPAL OF AND THE INTEREST ON THE BONDS AS THEY BE COME DUE AND 28
PAYABLE. 29
10.5–410. 30
ALL MONEY THAT IS REC EIVED BY AN AUTHORITY AS PROCEEDS FROM THE 31
SALE OF BONDS , NOTES, OR OTHER EVIDENCES O F OBLIGATION UNDER T HIS 32
SUBTITLE AND , BY WAY OF RENTALS , RATES, FEES, FARES, AND TAXES, THAT IS 33 SENATE BILL 935 31
DESIGNATED BY ANY TR UST AGREEMENT AS SEC URITY FOR THE BONDS , NOTES, OR 1
OTHER EVIDENCE OF OB LIGATION SHALL BE DE EMED TO BE TRUST FUN DS TO BE 2
HELD AND APPLIED ONL Y AS PROVIDED IN THI S SUBTITLE. 3
10.5–411. 4
EXCEPT TO THE EXTENT RESTRICTED BY THE TR UST AGREE MENT, THE 5
TRUSTEE OR ANY HOLDE R OF BONDS ISSUED UN DER THIS SUBTITLE OR OF ANY OF 6
THE COUPONS APPERTAI NING TO THE BONDS MA Y: 7
(1) BRING A SUIT OR ANY O THER PROCEEDING TO P ROTECT AND 8
ENFORCE ANY RIGHT UN DER THE LAWS OF THE STATE OR UNDER THE TR UST 9
AGREEMEN T; AND 10
(2) ENFORCE AND COMPEL TH E PERFORMANCE OF ALL DUTIES 11
REQUIRED BY THIS SUB TITLE OR BY THE TRUS T AGREEMENT TO BE PE RFORMED BY 12
AN AUTHORITY OR BY ANY O F ITS OFFICERS. 13
10.5–412. 14
BONDS ISSUED UNDER TH IS SUBTITLE ARE SECU RITIES: 15
(1) IN WHICH ALL PUBLIC OFFICERS AND PUBLIC BODIES OF THE 16
STATE AND ITS POLITIC AL SUBDIVISIONS , ALL INSURANCE COMPAN IES, STATE 17
BANKS AND TRUST COMP ANIES, NATIONAL BANKING ASS OCIATIONS, SAVINGS 18
BANKS, SAVINGS AND LOAN ASS OCIATIONS, INVESTMENT COMPANIES , EXECUTORS, 19
ADMINISTRATORS, TRUSTEES, AND OTHER FIDUCIARIE S MAY PROPERLY AND 20
LEGALLY INVEST FUNDS , INCLUDING CAPITAL IN THEIR CONTROL OR BEL ONGING 21
TO THEM; AND 22
(2) THAT MAY BE PROPERLY AND LEGALLY DEPOSITE D WITH AND 23
RECEIVED BY ANY STATE OR COUNTY OFFIC ER OR ANY AGENCY OR POLITICAL 24
SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSI T OF BONDS 25
OR OBLIGATIONS OF TH E STATE IS AUTHORIZED B Y LAW. 26
10.5–413. 27
THE BONDS, NOTES, AND OTHER EVIDENCE O F OBLIGATION ISSUED UNDER 28
THIS SUBTITLE, THEIR TRANSFER , THE INTEREST PAYA BLE ON THEM , AND ANY 29
INCOME DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR SA LE 30
OR EXCHANGE , SHALL BE EXEMPT FROM TAXATION BY THE STATE OR BY ANY OF IT S 31
POLITICAL SUBDIVISIO NS, MUNICIPAL CORPORATIO NS, OR PUBLIC AGENCIES . 32
32 SENATE BILL 935
SECTION 4. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall be 1
applicable to all instruments of writing recorded or filed on or after the effective date of the 2
local law imposing the transportation authority transfer tax surcharge. 3
SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall take effect 4
October 1, 2025. 5