Maryland § 4-320
Full text of Maryland Maryland Code § 4-320, with citation guidance and answers to common questions.
§ 4-320.
If the Authority intends to pledge any future federal aid from any source to support repayment of any debt instrument issued under this subtitle:
(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;
(2) The date of maturity may not be later than 12 years after the date of issue;
(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;
(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
(5) No part of the tax levied under § 3-215 of this article may be repealed, diminished, or applied to any other purpose until:
(i) The bonds issued under this subtitle and interest on them have become due and fully paid; or
(ii) Adequate and complete provision for payment of the principal and interest has been made.
Frequently Asked Questions About Maryland § 4-320
What does Maryland Code § 4-320 cover?
Section 4-320 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 § 4-320?
A common citation format is "Maryland Code § 4-320" (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 § 4-320 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.