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WES MOORE, Governor Ch. 717

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(e) (1) In this subsection “government obligations” means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America.

(2) Adequate and complete provision for payment of the principal and interest of any issue or series of consolidated transportation bonds may be made by the Secretary and the State Treasurer by making a transfer of government obligations from the Transportation Trust Fund to the State Treasurer or to a bank or trust company as escrow fund agent in an amount which, together with the income due thereon, will be sufficient to pay in full when due the maturing principal of and interest on the consolidated transportation bonds.

(3) To the extent that adequate and complete provision has been made for the payment of consolidated transportation bonds under this title those bonds shall no longer be deemed to be outstanding and unpaid under this title.

3–216.

(a) There is a Transportation Trust Fund for the Department.

(c) (2) (i) The Gasoline and Motor Vehicle Revenue Account, the Driver Education Account, [and] the Motorcycle Safety Program Account, AND THE TRANSPORTATION NETWORK COMPANY IMPACT FEE ACCOUNT shall be maintained in the Transportation Trust Fund.

(d) (5) (I) THE DEPARTMENT SHALL ALLOCATE THE FUNDS IN THE TRANSPORTATION NETWORK COMPANY IMPACT FEE ACCOUNT FOR THE FOLLOWING PURPOSES, IN THE MANNER THE DEPARTMENT DETERMINES IS APPROPRIATE:

1. CAPITAL NEEDS IDENTIFIED IN THE ASSESSMENT CONDUCTED UNDER § 7–309 OF THIS ARTICLE; AND

2. DISTRIBUTION TO COUNTIES AND MUNICIPALITIES FOR THE PURPOSES SPECIFIED IN § 8–408 OF THIS ARTICLE.

(II) IF ANY FUNDS REMAIN IN THE TRANSPORTATION NETWORK COMPANY IMPACT FEE ACCOUNT AFTER THE ALLOCATIONS UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE DEPARTMENT SHALL ALLOCATE THE REMAINING FUND BALANCE TO THE LOCALLY OPERATED TRANSIT SYSTEM GRANT PROGRAM UNDER § 4–322 OF THIS ARTICLE.

11–101.