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Session Laws, 1947
Volume 411, Page 1392   View pdf image (33K)
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1392 LAWS OF MARYLAND. [CH. 561

to payment from the same fund without preference or prior-
ity of the bonds first issued. If the proceeds of the bonds
of any issue shall exceed the cost of the project or projects
for which the same shall have been issued, the surplus shall
be deposited to the credit of the sinking fund for such bonds.

Prior to the preparation of definitive bonds, the Commis-
sion may, under like restrictions, issue interim receipts or
temporary bonds, with or without coupons, exchangeable for
definitive bonds when such bonds shall have been executed
and are available for delivery. The Commission may also
provide for the replacement of any bonds which shall become
mutilated or shall be destroyed or lost.

Bonds may be issued under the provisions of this sub-title
without obtaining the consent of any department, division,
commission, board, bureau or agency of the State, and with-
out any other proceedings or the happening of any other con-
ditions or things than those proceedings, conditions or things
which are specifically required by this sub-title. The provis-
ions of Sections 34 to 36, inclusive, of Article 31 of the Anno-
tated Code of Maryland, 1939 Edition, and any amendments
thereto, shall not apply to revenue bonds or to revenue re-
funding bonds issued under the provisions of this sub-title.

122H. (Chesapeake Bay Bridge.) If the Commission
shall determine to construct a bridge across the Chesapeake
Bay from a point in Anne Arundel County at or near Sandy
Point to a point approximately opposite on Kent Island and
shall authorize and issue revenue bonds under the provis-
ions of this sub-title to pay the cost of such bridge or the
cost of such bridge and other projects, the Commission shall
provide on or prior to the issuance of such bonds for the
redemption and retirement of all of the outstanding revenue
bonds designated "State Roads Commission of Maryland
Chesapeake Bay Ferry Revenue 1 1/2% Bonds of 1941" which
were issued under the provisions of Sections 140A to 140M,
inclusive, of this Article (Chapter 856 of the Acts of the
General Assembly of Maryland of 1941), and for the re-
demption and retirement of all the outstanding bonds desig-
nated "State Roads Commission of Maryland Chesapeake
Bay Ferry System Improvement Bonds" which were issued
under the provisions of Sections 140N to 140U, inclusive,
of this Article (Chapter 755 of the Acts of the General As-
sembly of Maryland of 1945). The Commission shall apply
to the redemption and retirement of such outstanding bonds
all sinking fund reserves and all special reserves then accu-
mulated for the purpose of paying such outstanding bonds at
maturity. The balance required for the redemption and re-

 

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Session Laws, 1947
Volume 411, Page 1392   View pdf image (33K)
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