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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1201   View pdf image (33K)
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STATE ROADS. 1201

(7) the limitations on the issuance of additional bonds, notes or other
evidences of indebtedness;

(8) the procedure, if any, by which the terms of any contract with bond-
holders may be amended or abrogated, the amount of bonds, the holders
of which must consent thereto, and the manner in which such consent may
be given;

(9) the charging of sufficient rates and tolls on the Ferry so as not to
interfere with or prejudice the collection of sufficient revenues from the
bridge to meet the operating cost of the Bridge and the debt service re-
quirement of the "Bridge" bonds;

(10) the use of the tolls and other revenues from a project to meet the
operating costs of the project and the debt service requirements on the
bonds issued in connection with such project before any of such tolls
or revenues can be used for any other purpose whatsoever or any other
limitations with respect thereto;

(11) the issuance of such bonds in series, and the relative priorities,
if any, as between such series;

(12) the replacement of lost, destroyed or mutilated bonds;

(13) the maintenance of all property included in a project, the re-
placement thereof, the insurance to be carried thereon, and the uses and
distribution of insurance money;

(14) the rights, liability, powers and duties arising upon the breach
by it of any covenant, condition or obligation;

(15) the performance by the Authority of any and all such acts and
things as may be necessary or convenient or desirable in order to secure
its bonds, or in the absolute discretion of the Authority as will tend to
make the bonds more marketable, notwithstanding that such acts or things
may not be enumerated herein.

C. Neither the members of the Board nor any person executing the
bonds, notes or other evidences of indebtedness shall be liable personally
thereon.

D. The Authority shall have power out of any funds available therefor
to purchase any bonds, notes or other evidences of indebtedness issued by
it at a price not more than the principal amount thereof and the accrued
interest. All bonds so purchased shall be cancelled. This paragraph shall
not apply to the redemption of bonds.

1935, ch. 330, sec. 82.

92. Of the total amount the Authority is by this sub-title authorized
to borrow, it may create a debt for or borrow a sum not in excess of Ten
Million Dollars ($10, 000, 000), for the cost of construction of the Bridge
and for expenses in connection therewith. The bonds issued for such pur-
pose shall be known as "Bridge" bonds and shall be payable solely out of
the tolls, charges or other income derived from the Bridge. In the discre-
tion of the Authority, the bonds also may be made payable from any sur-
plus tolls or income from the Ferry over and above the operating costs of
the Ferry and the debt service requirements of the "Ferry" bonds. Such


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1201   View pdf image (33K)
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