clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1195   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

STATE ROADS. 1195

thereof as shall be necessary to pay the interest on and principal of the
series of $4, 000, 000 of State Roads Commission 4% Bonds issued pur-
suant to the provisions of Sections 69 to 74, both inclusive, of said Article
89B as enacted by Chapter 463 of the Acts of the General Assembly of
Maryland at its 1933 regular session, as amended by Chapter 93 of the
Acts of said General Assembly at its 1933 extraordinary session) and
such part of one and four-tenths mills (. 0014c) of the two cent (2c)
gasoline tax required to be paid pursuant to the provisions of Section 212
of Article 56 of the Code of Public General Laws of Maryland (the
proceeds of said one and four-tenths mills (. 0014c) tax is estimated to
produce $266, 000 of revenue each year), as shall be necessary to pay such
interest and principal as it falls due, and to provide for the creation and
maintenance of a reserve fund of not less than $150, 000, such reserve
fund to be kept separate from other funds of the State and to be used for
the payment of such interest and principal in the event that funds other-
wise provided for herein shall prove unavailable or insufficient. Such
annual tax shall amount to not less than $250, 000 per year and shall
not be repealed, diminished or applied to any other object until the debt
incurred under this sub-title and interest thereon, shall be fully dis-
charged. After the interest on and principal of said promissory notes,
bonds or other evidences of indebtedness issued pursuant to this sub-title
and payable each year shall have been paid and the reserve fund of
$150, 000 maintained, the remaining revenue produced from the said
taxes each year shall be expended by the State Roads Commission as other-
wise provided for by law. If such reserve fund is invested, it shall be
invested only in obligations to which the full faith and credit of the
State of Maryland is pledged.

1935, ch. 5G3, sec. 80.

83. In the event that the funds provided by the preceding section
together with such other funds, if any, as may, from time to time, be
appropriated by the State for the payment of said principal of and interest
on said evidences of indebtedness and the maintenance of said reserve
fund shall prove unavailable or insufficient, the State Roads Commission
is authorized, empowered and directed to provide for the charge and col-
lection of tolls over any bridge or bridges now erected, or to be erected,
on any main route or road, routes or roads, upon or with respect to which
not less than $250, 000 of the funds borrowed under the provisions of
this sub-title are to be or shall have been expended. The State Roads
Commission shall have full power and authority to pledge the net pro-
ceeds from the tolls so charged, and to be collected as well as the taxes
provided for in the preceding section hereof as security for any money
borrowed under the provisions of this sub-title.

1985, ch. 563, sec. 2.

84. Should any section, or part of a section of this sub-title be held
to be invalid for any reason, such holding shall not be construed as affect-


 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1195   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  October 06, 2023
Maryland State Archives