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Session Laws 1956 (Special Session 1), House and Senate Journals
Volume 622, Page 7   View pdf image (33K)
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Theodore R. McKeldin, Governor                        7

selected by the Commission after a study of the most feasible and
advantageous route to be traversed or said Expressway may be con-
structed so as to utilize the presently existing Susquehanna Toll
Bridge and its approaches on the Pulaski highway until such time
as the traffic load justifies the construction of a new bridge across
the Susquehanna River. In the event the Commission exercises the
power herein granted to build a new bridge across the Susquehanna
River, then said Commission is authorized to issue additional bonds
or certificates of indebtedness secured by toll revenue from the North-
eastern Expressway and/or the new Susquehanna River Bridge. The
Commission may and is hereby expressly authorized to deposit all of
the tolls and revenues from such new bridge as may be constructed
across the Susquehanna River under the provisions of this sub-title
with the Fidelity-Baltimore National Bank & Trust Company (here-
inafter called the "Trustee"), Trustee under the Trust Agreement
(hereinafter called the "Trust Agreement"), dated as of October 1,
1954, between the Commission and the Trustee, such tolls and
revenues, when so deposited, to be placed by the Trustee in the
Revenue Fund created pursuant to the provisions of the Trust Agree-
ment, to be collected, held and disbursed by the Trustee in the same
manner and in all respects as a part of said Revenue Fund for the
maintenance and operation of the toll revenue projects described and
referred to in the Trust Agreement, for the creation of reserves and
for the payment of principal and interest and premium, if any, on
the State of Maryland Bridge and Tunnel Revenue Bonds (herein-
after called the "Bonds"), issued pursuant to the Trust Agreement,
in the same manner as if said tolls and revenues from such new
bridge had been received as tolls and revenues from one of the toll
revenue projects described in the Trust Agreement. The Commission
is hereby authorized to enter into a Supplemental Agreement with
the Trustee, supplemental to the Trust Agreement, and shall deter-
mine thereby for what period or periods of time the said tolls and
revenues from the new bridge shall be paid over to the Trustee as
aforesaid, and when such determination shall have been made by
the Commission and incorporated in such Supplemental Agreement
such determination shall not be changed by the Commission or by
the State of Maryland or any agency or instrumentality thereof, but
shall continue in accordance with the provisions of such Supple-
mental Agreement. Such Supplemental Agreement, if entered into,
shall provide, among other matters, (a) for the payment of the tolls
and revenues from the bridge to be constructed under the provisions
of this sub-title to the Trustee under the Trust Agreement as herein-
before provided, (b) for setting forth the determination of the Com-
mission as to the period or periods during which such payment shall
be made, and (c) for directing the Trustee in the collection, holding
and disbursements of the toll revenues so to be paid over to it. And
whenever it shall happen that under the terms of such Supplemental
Agreement it is not necessary that the Commission pay such tolls
and revenues from the above-mentioned bridge to the Trustee as
aforesaid, then such tolls and revenues shall be paid into the Revenue
Fund account of the said Commission with reference to such new
bridge and the tolls shall remain in effect for such bridge and shall
continue to be collected by the Commission and disbursed by it in
accordance with the provisions of the resolution or trust agreement
authorized by Section 126H of this sub-title and as provided by law.


 

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Session Laws 1956 (Special Session 1), House and Senate Journals
Volume 622, Page 7   View pdf image (33K)
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