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Session Laws, 1935
Volume 579, Page 752   View pdf image (33K)
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752 LAWS OF MARYLAND, [CH. 330

Thirdly, if the funds from both such sources are insuffi-
cient, or if the Ferry revenues are insufficient and the Bridge
is not constructed, then out of any moneys collected by the
State for that purpose, as hereinafter provided in Section 85
hereof.

The Authority shall include in the debt service require-
ments for the 'Ferry' bonds a provision requiring that all
surplus earnings shall, after proper operating reserves are
established, be accumulated in a special reserve fund for use
only in the event that the revenues from the Ferry become in-
sufficient, in any period, to meet expenses and debt service re-
quirements on Ferry bonds. The accumulations in this fund
shall be maintained until the fund, together with the mini-
mum estimated earnings, is sufficient to meet the debt serv-
ice requirements on the 'Ferry' bonds to maturity. After this
point is reached, all subsequent surplus earnings of the Ferry,
and such moneys in said special reserve fund as are not need-
ed for Ferry bond debt service requirements, shall be avail-
able for any of the corporate purposes of the Authority in-
cluding operating costs of other projects, and any debt serv-
ice requirement of other bonds which are payable from the
revenues of the Ferry or from the general assets of the Au-
thority.

84. In the event that the Authority makes a contract for
the construction of the Bridge, and in the event that the State
Roads Commission reports to the Authority that sufficient
funds are not available from other sources for the building of
the approaches to the Bridge and, subject to any agreement
with bondholders or with the Federal Emergency Adminis-
trator of Public Works or any other Federal Agency with
respect to Bridge and/or Ferry bonds, it may borrow such
sums as may be necessary, but not in excess of Five Hundred
and Twenty Thousand Dollars ($520, 000) out of the total
amount the Authority is authorized by this Act to borrow, for
the building of said approaches. The bonds issued for such
purpose shall be known as "Bridge Approach" bonds and shall
mature at periods not exceeding fifteen years from the date
thereof and such bonds and the interest thereon shall be pay-
able—

Firstly, out of the earnings derived from the operation of
the Bridge, over and above those required for operating costs
of the Bridge and debt service requirements of "Bridge" and
"Ferry" bonds;

Secondly, if such revenues are or become insufficient, then
out of the earnings derived from the Ferry, over and above
the operating costs of the Ferry and the debt service require-

 

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Session Laws, 1935
Volume 579, Page 752   View pdf image (33K)
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