Maryland Code, TRANSPORTATION 7-306
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Terms Used In Maryland Code, TRANSPORTATION 7-306
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(a) Subject to constitutional limitations, this State and its political subdivisions may:
(1) Make grants to the Administration;
(2) Guarantee any obligations of the Administration;
(3) Make contributions to meet any operating expenses of the Administration; and
(4) Contract with the Administration, any lender, or any trustee under an indenture or loan agreement made by the Administration.
(b) Unless otherwise authorized by law, the Administration:
(1) Does not have any power to impose any commitment or obligation on this State or any of its political subdivisions; and
(2) May not levy any tax.