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Session Laws, 1937
Volume 412, Page 707   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 707

such purchasers. It shall be lawful for any bank or trust com-
pany incorporated under the laws of this State to act as such
depository and to furnish such indemnifying bonds or to pledge
such securities as may be required by the Commission. Such
indenture may set forth the rights and remedies of the bond-
holders and of the trustee, and may restrict the individual
right of action of bondholders as is customary in trust inden-
tures securing bonds and debentures of corporations. In ad-
dition to the foregoing, such trust indenture may contain such
other provisions as the Commission may deem reasonable and
proper for the security of bondholders. All expenses incurred
in carrying out such trust indenture may be treated as a part
of the cost of maintenance, operation, and repairs of the proj-
ect or projects affected by such indenture.

113. TOLLS, AND REVENUES. The Commission is hereby au-
thorized to fix and to revise from time to time tolls for the
use of each project constructed or acquired by it and to charge
and collect the same, and to contract with any person, part-
nership, association or corporation desiring the use of any
bridge, its approaches and appurtenances or any part thereof,
for placing thereon water, gas, oil pipe lines, telephone, tele-
graph, electric light or power lines, tracks for railroad or
railway use, or for any other purpose, and to fix the terms,
conditions and rates of charges for such use.

Such tolls shall be so fixed and adjusted in respect of the
aggregate of tolls from the project or projects for which a
single issue of revenue bonds is issued, as to provide a fund
sufficient with other revenues of such project or projects, if
any, to pay (a) the cost of maintaining, repairing and oper-
ating the project or projects unless such cost shall be other-
wise provided for, and (b) the bonds and the interest thereon
as the same shall become due, subject, however, to any appli-
cable law or regulation of the United States of America now
in force or hereafter to be enacted or made. Such tolls shall
not be subject to supervision or regulation by any other State
commission, board, bureau or agency. The tolls and all other
revenues derived from the project or projects for which a
single issue of bonds is issued, except such part thereof as may
be required to pay the cost of maintaining, repairing and
operating the project or projects and to provide such reserves
therefor as may be provided for in the resolution authorizing
the issuance of the bonds or in the trust indenture, shall be
set aside at such regular intervals as may be provided in such
resolution or such trust indenture, 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 the bonds as the same shall fall due, (3) the
necessary fiscal agency charges for paying principal and

 

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Session Laws, 1937
Volume 412, Page 707   View pdf image (33K)
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