3326 ARTICLE 89B

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 112 hereof.

1935, ch. 330, sec. 85.

112. 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 242
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shall not be repealed, diminished or applied to any other object until the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.

113. 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 of the
projects, shall be exempt from assessment, and. from State, County and
City taxes in this State.

1935, ch. 330, sec. 87.

114. A. In the event that the Authority shall default in the payment of
principal of or interest on any issue of bonds after the same shall become
due, whether at maturity or upon call for redemption, and such default
shall continue for a period of thirty days, or in the event that the Authority
shall fail or refuse to comply with the provisions of this sub-title or shall
default in any agreement made with the holders of any bonds of such
issue, the holders of twenty-five per centum in aggregate principal amount
of the bonds of such issue, then outstanding, may appoint a trustee to
represent the bondholders for the purposes herein provided. Such appoint-
ment shall be made by an instrument or instruments acknowledged in the
same manner as a deed and recorded and filed in the Circuit Court for
any county in which any portion of the projects for the construction or
acquisition of which such issues of bonds was issued, is located.