STATE ROADS 3339

tunnel constructed under the provisions of this sub-title so as to impair
the security of any revenue bonds issued for the construction of such
bridge or tunnel.

The Commission is hereby authorized to acquire by purchase or by
condemnation in the manner hereinabove provided, and to maintain and
operate, all or any ferries which are then being operated within a distance
of ten miles from the location which shall be selected for any bridge or
tunnel. The Commission is authorized to purchase ferries operating at
greater distances if the Commission shall ascertain by investigation that
the operation of such ferry or ferries would affect the revenues of any
bridge or tunnel constructed under the provisions of this sub-title so as to
impair the security of any revenue bonds issued for the construction of
such bridge or tunnel.

The cost of such ferry or ferries shall be deemed for the purpose of
this sub-title to be a part of the cost of such bridge or tunnel, and shall
be deemed to include the cost of the ferry boats, landings, machinery and
equipment used in the operation of the ferry, and all property, rights,
easements and franchises relating thereto and deemed necessary or con-
venient for the operation thereof. Nothing herein contained shall require
the Commission to maintain or operate any ferry or ferries acquired under
the provisions of this section but in the discretion of the Commission any
ferry or ferries so acquired, with the appurtenances and property thereto
connected and belonging, may be sold or otherwise disposed of or may be
abandoned or dismantled whenever in the judgment of the Commission it
may seem expedient so to do. The Commission may fix such rates of tolls
for the use of such ferry or ferries as it may deem proper. All tolls col-
lected for the use of such ferry or ferries and the proceeds of any sale or
disposition of such ferry or ferries shall be used as far as may be neces-
sary, to pay the cost of maintaining, repairing and operating the same,
and any residue thereof shall be paid into the sinking fund hereinabove
provided for the bonds issued for such bridge or tunnel.

The distance of ten miles hereinabove mentioned in this section shall
be measured in a straight line between the nearest points of such bridge or
tunnel or any terminal of such ferry.

1937, ch. 356, sec. 118.

136. (Revenue Refunding Bonds.) The Commission is hereby au-
thorized to provide by resolution for the issuance of revenue refunding
bonds of the State for the purpose of refunding any revenue bonds issued
under the provisions of this sub-title and then outstanding. The issuance
of such revenue refunding bonds, the maturities and other details thereof,
the rights of the holders thereof, and the duties of the State and of the
Commission in respect to the same, shall be governed by the foregoing
provisions of this sub-title insofar as the same may be applicable, and
by the following provisions:

(a) No revenue refunding bonds shall be delivered, unless delivered
in exchange for revenue bonds to be refunded thereby, except in the
amount necessary to provide for the payment of matured or redeemable
revenue bonds or revenue bonds maturing or redeemable within three
months, including any redemption premium thereon.

(b) No revenue refunding bonds shall be issued, unless issued to refund
revenue bonds which have matured or will mature within three months,