STATE ROADS 3325

1935, ch. 330, sec. 83.

110. Of the total amount the Authority is by this sub-title authorized
to borrow, it may create a debt for or it may borrow a sum not in excess
of One Million, Two Hundred Thousand Dollars ($1,200,000), for the
cost of the acquisition of the assets and franchises of the Claiborne-An-
napolis Ferry Company. The bonds issued for such purposes shall be
known as "Ferry" bonds, shall be issued according to what is known as
the serial annuity plan, 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 revenues derived from the operation of the Ferry;

Secondly, if such revenues are or become insufficient, then out of any
earnings from the Bridge, if constructed, over and above the operating
costs of the Bridge and the debt service requirements of the Bridge bonds;

Thirdly, if the funds from both such sources are insufficient, or if the
Ferry revenues are insufficient and the Bridge is not constructed, then out
of any moneys collected by the State for that purpose, as hereinafter pro-
vided in Section 112 hereof.

The Authority shall include in the debt service requirements for the
"Ferry" bonds a provision requiring that all surplus earnings shall, after
proper operating reserves are established, be accumulated in a special re-
serve fund for use only in the event that the revenues from the Ferry
become insufficient, in any period, to meet expenses and debt service re-
quirements on Ferry bonds. The accumulations in this fund shall be main-
tained until the fund, together with the minimum estimated earnings, is
sufficient to meet the 'debt service requirements on the "Ferry" bonds to
maturity. After this point is reached, all subsequent surplus earnings of
the Ferry, and such moneys in said special reserve fund as are not needed
for Ferry bond debt service requirements, shall be available for any of the
corporate purposes of the Authority including operating costs of other
projects, and any debt service requirement of other bonds which are pay-
able from the revenues of the Ferry or from the general assets of the
Authority.

1935, ch. 330, sec. 84.

111. In the event that the Authority makes a contract for the construc-
tion of the Bridge, and in the event that the State Roads Commission re-
ports to the Authority that sufficient funds are not available from other
sources for the building of the approaches to the Bridge and, subject to
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;