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Session Laws, 1947
Volume 411, Page 1394   View pdf image (33K)
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1394 LAWS OF MARYLAND. [CH. 561

depositary of the proceeds of bonds or of revenues to furnish
such indemnifying bonds or to pledge such securities as may
be required by the Commission. Any such trust agreement
may set forth the rights and remedies of the bondholders and
of the trustee, and may restrict the individual right of action
by bondholders as is customary in trust agreements or trust
indentures securing bonds and debentures of corporations.
In addition to the foregoing, any such trust agreement may
contain such other provisions as the Commission may deem
reasonable and proper for the security of the bondholders, in-
cluding covenants restricting or prohibiting the construction
or operation of competing facilities. All expenses incurred
in carrying out the provisions of any such trust agreement
may be treated as a part of the cost of the operation of the
project or projects.

122J. (Revenues.) The Commission is hereby authorized
to fix, revise, charge and collect tolls for the use of each project
and the different parts or sections thereof, and to contract
with any person, partnership, association or corporation de-
siring the use of any part thereof for placing thereon tele-
phone, telegraph, electric light or power lines, gas stations,
garages, stores, hotels, restaurants and advertising signs, or
for any other purpose, and to fix the terms, conditions, rents
and rates of charges for such use. Such tolls shall be so fixed
and adjusted in respect to the aggregate of tolls from the
project or projects in connection with which the bonds of any
issue shall have been issued as to provide a fund sufficient
with other revenues, if any, to pay (a) the cost of maintaining,
repairing and operating such project or projects, and (b) the
principal of and the interest on such bonds as the same shall
become due and payable, and to create reserves for such pur-
poses. Such tolls shall not be subject to supervision or regu-
lation by any other commission, board, bureau or agency of
the State. The tolls and all other revenues derived from the
project or projects in connection with which the bonds of any
issue shall have been issued, except such part thereof as may
be necessary to pay such cost of maintenance, repair and oper-
ation and to provide such reserves therefor as may be pro-
vided for in the resolution authorizing the issuance of such
bonds or in the trust agreement securing the same, shall be
set aside at such regular intervals as may be provided in such
resolution or such trust agreement in a sinking fund which
is hereby pledged to, and charged with, the payment of (1)
the interest upon such bonds as such interest shall fall due,
(2) the principal of such bonds as the same shall fall due, (3)
the necessary charges of paying agents for paying principal
and interest, and (4) the redemption price or the purchase

 

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Session Laws, 1947
Volume 411, Page 1394   View pdf image (33K)
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