{"data":{"id":"us-md/md.-code-transportation-4-320","jurisdiction":"us-md","citation":"Md. Code, Transportation § 4–320","heading":"","body":"If the Authority intends to pledge any future federal aid from any source to support repayment of any debt instrument issued under this subtitle:\n(1) The aggregate principal amount of debt issued under this subtitle or Title 3, Subtitle 6 of this article that is secured by a pledge of future federal aid may not exceed $750,000,000;\n(2) The date of maturity may not be later than 12 years after the date of issue;\n(3) Notwithstanding § 3-215(d) of this article, if future federal aid is insufficient to pay the principal of and interest on the bonds issued under this subtitle when due, the tax levied under § 3-215 of this article, to the extent the proceeds of such tax are not necessary to provide the sinking fund required under § 3-215(c) of this article, is irrevocably pledged to the payment of the principal of and interest on the bonds issued under this subtitle as they become due and payable;\n(4) The lien of the pledge under item (3) of this subsection shall at all times be subordinate to the lien of the pledge of such tax under § 3-215(d) of this article to the payment of principal of and interest on consolidated transportation bonds; and\n(5) No part of the tax levied under § 3-215 of this article may be repealed, diminished, or applied to any other purpose until:\n(i) The bonds issued under this subtitle and interest on them have become due and fully paid; or\n(ii) Adequate and complete provision for payment of the principal and interest has been made.","path":["Article - Transportation"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gtr\u0026section=4-320","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T20:01:38Z","sha256":"f4153fe7887d48f891ddb96cead2102f404178e1a3816c20e816e8de28c86a54","source_id":"us-md","stale":false,"prev":"us-md/md.-code-transportation-4-319","next":"us-md/md.-code-transportation-4-320.1"},"notice":"GroundRules: Original legal text. Not legal advice."}