Maryland · Maryland Code — Transportation Article
Md. Code, Transp. § 3-211: (a) With the approval of the Board of Public Works, the Department may borrow money in anticipation of its receipt of current revenues and evidence the borrowing by issuing its revenue anticipation notes
What this law says, in plain English
A department may borrow money against future revenues with board approval, issuing notes payable from transportation trust fund revenues after existing bond debt is covered. Notes mature within 6 months.
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