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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1203   View pdf image (33K)
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STATE ROADS. 1203

any agreement with bondholders or with the Federal Emergency Adminis-
trator of Public Works or any other Federal Agency with respect to Bridge
and/or Ferry bonds, it may borrow such sums as may be necessary, but
not in excess of Five Hundred and Twenty Thousand Dollars ($520,000)
out of the total amount the Authority is authorized by this sub-title to
borrow, for the building of said approaches. The bonds issued for such
purpose shall be known as "Bridge Approach" bonds and shall mature at
periods not exceeding fifteen years from the date thereof and such bonds
and the interest thereon shall be payable—

Firstly, out of the earnings derived from the operation of the Bridge,
over and above those required for operating costs of the Bridge and debt
service requirements of "Bridge" and "Ferry" bonds;

Secondly, if such revenues are or become insufficient, then out of the
earnings derived from the Ferry, over and above the operating costs of the
Ferry and the debt service requirements of "Ferry" bonds, and of the
"Bridge" bonds if the latter are made payable from the revenues of the
Ferry;

Thirdly, if the funds from both such sources are or become insufficient,
then out of any moneys collected by the State for that purpose, as herein-
after provided in Section 95 hereof.

1935, ch. 330. sec. 85.

95. To provide against any contingency under which the funds pro-
vided in this sub-title for the debt service requirements of the "Ferry" and
"Bridge Approach" bonds are or should become insufficient, there shall be
laid and collected an annual tax sufficient to pay the interest thereon, and
principal thereof as it falls due. Such annual tax shall consist of such
part of the one-half cent gasoline tax, required to be paid by Section 212A
of Article 56 of the Public General Laws of Maryland, as amended by
Chapter 249 of the Laws of Maryland of 1931, as shall be necessary to
meet the deficit, if any, in the other funds provided in this sub-title to pay
the interest and principal installments of such bonds as they fall due, and
shall not be repealed, diminished or applied to any other object until the
debt incurred under this sub-title and interest thereon, and the obligation
hereby assumed by the State for the payment of such deficit shall be fully
discharged. The Authority is hereby instructed, subject, however, to any
agreement with bondholders, to fix tolls of the projects at such rates, so far
as possible, as to make unnecessary the use of any of the taxes herein re-
ferred to for the debt service requirements of the "Ferry" and "Bridge
Approach" bonds, it being hereby specifically declared that the primary
source of payment of the debt service requirements thereof shall be from
revenues of the projects, as provided in this sub-title.

1935, ch. 330, sec. 86.

96. All promissory notes, bonds or other evidences of indebtedness
issued by the Authority under the provisions of this sub-title and the
gross receipts, tolls and other receipts or property of said Authority and


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1203   View pdf image (33K)
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