MD SB401

Establishes the Maryland Area Rail Commuter (MARC) Rail Authority to supervise, finance, construct, operate, maintain, and repair MARC railroad facilities on the Brunswick, Camden, and Penn lines, as well as MARC service extensions

Secretary of Transportation serves as Chair, with an appointed Executive Director; voting members include two rail transit experts appointed by the Senate President and House Speaker; nonvoting members include a MARC labor representative appointed by the Governor

Authorizes the MARC Rail Authority to issue revenue bonds with up to 40-year maturities to finance projects, with bonds secured by fare revenue and not constituting state debt; aggregate debt secured by future federal aid capped at $1 billion

Creates the MARC Rail Authority Fund to receive fare revenues and appropriations, dedicated exclusively to MARC railroad facilities projects; requires annual 6-year financial forecasts submitted to the General Assembly by September 1

Requires MDOT to transition all MARC operations and contracts to the new Authority; effective date July 1, 2025