Maryland Transportation Authority - Revenue Bond Limit - Increase

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*sb0188*

SENATE BILL 188
R2 6lr0139
(PRE–FILED) CF HB 229
By: Chair, Budget and Taxation Committee (By Request – Departmental –
Transportation)
Requested: September 26, 2025
Introduced and read first time: January 14, 2026
Assigned to: Budget and Taxation
Committee Report: Favorable
Senate action: Adopted
Read second time: February 9, 2026

CHAPTER ______

AN ACT concerning 1

Maryland Transportation Authority – Revenue Bond Limit – Increase 2

FOR the purpose of increasing the limit on the amount of certain revenue bonds that the 3
Maryland Transportation Authority may have outstanding and unpaid on a certain 4
date each year; and generally relating to the amount of revenue bonds that the 5
Maryland Transportation Authority may have outstanding and unpaid. 6

BY repealing and reenacting, with amendments, 7
Article – Transportation 8
Section 4–306 9
Annotated Code of Maryland 10
(2020 Replacement Volume and 2025 Supplement) 11

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13

Article – Transportation 14

4–306. 15

(a) Except as provided in subsection (b) of this section, revenue bonds may be 16
issued by the Authority: 17

2 SENATE BILL 188

(1) Without obtaining the consent of any instrumentality, agency, or unit 1
of this State; and 2

(2) Without any proceedings or the happening of any conditions or things 3
other than those specifically required by this subtitle. 4

(b) (1) (i) Subject to subparagraph (ii) of this paragraph, revenue bonds 5
secured by toll revenue may be issued in any amount as long as the aggregate outstanding 6
and unpaid principal balance of the revenue bonds secured by toll revenue and rev enue 7
bonds of prior issues does not exceed [$4,000,000,000] $5,000,000,000 on June 30 of any 8
year. 9

(ii) The maximum aggregate amount of revenue bonds that may be 10
outstanding and unpaid under subparagraph (i) of this paragraph shall be reduced by the 11
amount of: 12

1. Any loan extended to the State under the federal 13
Transportation Infrastructure Finance and Innovation Act; and 14

2. Any line of credit extended to the State under the federal 15
Transportation Infrastructure Finance and Innovation Act, to the extent the State draws 16
on the line of credit. 17

(2) Except as otherwise provided in this section and § 4 –205 of this title, 18
without the approval of the General Assembly, the Authority may issue bonds to refinance 19
all or any part of the cost of a trans portation facility project for which the Authority 20
previously issued bonds authorized under this subtitle. 21

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 22
1, 2026. 23

Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.