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Session Laws, 1947
Volume 411, Page 1395   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 1395

price of bonds retired by call or purchase as therein provided.
The use and disposition of moneys to the credit of such sink-
ing fund shall be subject to the provisions of the resolution
authorizing the issuance of such bonds or of such trust agree-
ment. Except as may otherwise be provided in such resolution
or such trust agreement, such sinking fund shall be a fund for
all such bonds without distinction or priority of one over an-
other. The moneys in the sinking fund, less such reserve as
may be provided in such resolution or trust agreement, if not
used within a reasonable time for the purchase of bonds for
cancellation as above provided, shall be applied to the redemp-
tion of bonds at the redemption price then applicable.

If the Commission shall not then be prohibited by any Federal
law, it may charge tolls for the use of any bridge or bridges
heretofore constructed and financed under the provisions of
Sections 123 to 140, inclusive, of this Article (sub-title "Reve-
nue Bonds") and pledge such tolls to the payment of any bonds
issued under the provisions of this sub-title, but such pledge
shall not be effectual unless the outstanding bridge revenue
refunding bonds to the payment of which such tolls are
now pledged shall be refunded by redemption or exchange
under the provisions of Section 122R of this sub-title or until
the principal of and the interest on such outstanding bridge
revenue refunding bonds shall have been paid or provision
made for their payment. To the extent that this section is in-
consistent with the provisions of Section 132 of this Article,
the provisions of this section shall be deemed controlling.

Notwithstanding any of the foregoing provisions of this
section, the Commission may, by resolution passed prior to the
issuance of revenue bonds or revenue refunding bonds under
the provisions of this sub-title or in the trust agreement secur-
ing such bonds, covenant to pay all or any part of the cost of
maintaining, repairing and operating any project constructed
under the provisions of this sub-title or under the provisions
of Sections 123 to 140, inclusive, of this Article (sub-title
"Revenue Bonds"), and, inasmuch as such project will at all
times belong to the State, such covenant will have the force of
contract between the State and the holders of the revenue
bonds or revenue refunding bonds issued on account of such
project.

122K. (Trust Funds.) All moneys received pursuant to the
authority of this sub-title, whether as proceeds from the sale
of bonds or as revenues, shall be deemed to be trust funds, to
be held and applied solely as provided in this sub-title. The
resolution authorizing the issuance of bonds of any issue or
the trust agreement securing such bonds shall provide that any
officer to whom, or any bank or trust company to which, such

 

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Session Laws, 1947
Volume 411, Page 1395   View pdf image (33K)
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