Maryland · Maryland Code — Transportation Article
Md. Code, Transp. § 3-202: (a) The Department from time to time may issue its bonds on behalf of this State to finance the cost of any one or more or combination of transportation facilities
What this law says, in plain English
The state Department may issue bonds up to $4.5 billion to finance transportation facilities. Bonds are typically sold publicly, but may be privately sold if credit market conditions warrant and terms are more favorable to the state.
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