Maryland § 3-517
Full text of Maryland Maryland Code § 3-517, with citation guidance and answers to common questions.
§ 3-517.
(a) Before it sells any bonds under this subtitle, the Department shall enter into an agreement with each participating county as required by this section.
(b) The agreement shall:
(1) Specify that the bonds to be issued on behalf of the county will be repaid by the county under such terms and conditions as the Department and the counties deem appropriate;
(2) Describe the source and nature of revenues the county will pledge to the repayment of the bonds, which revenues may include highway user revenues under § 8-401 of this article or any other revenues of the county; and
(3) Describe any other terms or conditions that the Department deems necessary or appropriate to assure prompt and full repayment of the bonds.
(c) The Department may pledge or assign all or a portion of its rights under agreements made pursuant to this section to guarantee repayment of bonds.
(d) (1) In order to enhance the security or the marketability of the bonds, a county may agree with the Department to pledge any moneys that the county is entitled to receive from the county’s share of highway user revenues, but a county may not pledge moneys that are pledged or dedicated to another purpose by State law.
(2) In the event of such pledge, the State Comptroller and the State Treasurer may cause in accordance with the terms of such agreement such moneys to be paid to the Department or any trustee designated by the Department.
Frequently Asked Questions About Maryland § 3-517
What does Maryland Code § 3-517 cover?
Section 3-517 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 3-517?
A common citation format is "Maryland Code § 3-517" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 3-517 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.