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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1205   View pdf image (33K)
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STATE ROADS. 1205

security for such issue of bonds, and operate and maintain the same and
collect and receive all tolls, rentals and other revenues thereafter arising
therefrom in the same manner as the Authority itself might do, and shall
deposit all such moneys in a separate account and apply the same in such
manner as the court shall direct. In any suit, action or proceeding by
the trustee, the fees, counsel fees and expenses, of the trustee and of the
receiver, if any, shall constitute taxable disbursements and all costs and
disbursements allowed by the court shall be a first charge on such part
of the tolls, rentals and other revenues derived from the project or projects,
as were pledged as security for the issue of the bonds for which said
trustee is acting.

F. Said trustee shall, in addition to the foregoing, have and possess all
of the powers necessary or appropriate for the exercise of any functions,
specifically set forth herein or incident to the general representation of
the bondholders in the enforcement and protection of their rights.

G. All the rights and remedies hereinabove conferred shall be cumula-
tive and in addition to all other rights and remedies that may be conferred
upon any bondholder or trustee for bondholders of the Authority by law
or by any contract with the Authority.

H. No default with respect to any of the three issues of bonds herein
provided for shall be construed to extend to any of the other issues.

1935, ch. 330, sec. 88.

98. The property of the Authority shall be exempt from execution, in-
cluding an execution on a judgment on the bonds, and all persons in
contractual relations with the Authority shall be deemed to have construc-
tive notice of such exemption. This section shall be effective in so far as,
but only in so far as, permitted by the Constitution of the State of
Maryland.

1935. ch. 330. sec. 89.

99. A. The State of Maryland does pledge to and agree with the
holders of the bonds that the State will not limit or alter the rights hereby
vested in the Authority to establish and collect such charges and tolls
as may be convenient or necessary to produce sufficient revenue to meet
the expense of the maintenance and operation of all the projects and to
fulfill the terms of any agreements made with the holders of the bonds
or in any way impair the rights or remedies of the bondholders until the
bonds, together with interest thereon, with interest on any unpaid install-
ments of interest, and all costs and expenses in connecting with any actions
or proceedings by or on behalf of the bondholders are fully met and dis-
charged.

B. The State of Maryland hereby agrees to the use by the Authority
of lands lying under the waters over which the Bridge may be constructed
so far as necessary or convenient for the project.

C. None of the provisions contained in Sections 153 to 160. inclusive,
of Article 23 of the Code of Public General Laws of Maryland or of the


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 1205   View pdf image (33K)
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