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Session Laws 1956 (Special Session 1), House and Senate Journals
Volume 622, Page 8   View pdf image (33K)
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8                                 Laws of Maryland                          [Ch. 1

126H. (Trust Agreement). In the discretion of the Commission
any bonds issued under the provisions of this sub-title may be secured
by a trust agreement by and between the Commission and a cor-
porate trustee, which may be any trust company or bank having the
powers of a trust company within or without the State. Such trust
agreement or the resolution providing for the issuance of such bonds
may pledge or assign the tolls and other revenues to be received, but
shall not convey or mortgage the Expressway or any part thereof.
Such trust agreement or such resolution may contain an appropriate
reference to the agreement supplemental to the Trust Agreement,
dated as of October 1, 1954, between the Commission and the
Fidelity-Baltimore National Bank & Trust Company as hereinbefore
provided for in Section 126A of this sub-title as amended and
may provide that any such pledge or assignment of the tolls and
revenues shall be subject to the provisions of the Supplemental
Agreement with respect to the assignment of the tolls and revenues
from the bridge to be constructed under the provisions of this sub-
title to said Fidelity-Baltimore National Bank & Trust Company,
Trustee under said Trust Agreement, dated as of October 1, 195 J*.
Such trust agreement or resolution providing for the issuance of
such bonds may contain such provisions for protecting and enforcing
the rights and remedies of the bondholders as may be reasonable
and proper and not in violation of law, including covenants setting
forth the duties of the Commission in relation to the acquisition of
property and the construction, improvement, maintenance, repair,
operations and insurance of the Expressway, the rates of toll to be
charged, and the custody, safeguarding and application of all moneys.
It shall be lawful for any bank or trust company incorporated under
the laws of the State which may act as depositary of the proceeds
of bonds or of revenues to furnish such indemnifying bonds or to
pledge such securities as may be required by the Commission. Such
trust agreement may set forth the rights and remedies of the bond-
holders and of the trustee, and may restrict the individual right of
action by bondholders. In addition to the foregoing, such trust agree-
ment or resolution may contain such other provisions as the Commis-
sion may deem reasonable and proper for the security of the bond-
holders. All expenses incurred in carrying out the provisions of such
trust agreement or resolution may be treated as a part of the cost
of the operation of the Expressway.

126-I (Revenues). Authority of Commission to fix tolls and
contract for use of Expressway; pledge of revenues.
The Com-
mission is hereby authorized to fix, revise, charge and collect tolls for
the use of the Expressway and any part or section thereof, including
tolls for the use of the bridge across the Susquehanna River author-
ized to be constructed by the provisions of this sub-title, which such
tolls shall not be less at the time of the collection thereof than the
tolls charged at such time for passage of similar vehicles under
similar circumstances over the present Susquehanna River Bridge,
and to contract with any person, partnership, association or corpora-
tion desiring the use of any part thereof, including the right of way
adjoining the paved portion, for placing thereon telephone, telegraph,
electric light or power lines, and restaurants, or for any other pur-
pose except for tracks for railroad or railway use, and to fix the
terms, conditions, rents and rates of charges for such use. Such tolls
shall be so fixed and adjusted in respect to the aggregate of tolls


 

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Session Laws 1956 (Special Session 1), House and Senate Journals
Volume 622, Page 8   View pdf image (33K)
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