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Session Laws, 1935
Volume 579, Page 753   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 753

ments of "Ferry" bonds, and of the "Bridge" bonds if the lat-
ter are made payable from the revenues of the Ferry;

Thirdly, if the funds from both such sources are or become
insufficient, then out of any moneys collected by the State for
that purpose, as hereinafter provided in Section 85 hereof.

85. To provide against any contingency under which the
funds provided in this Article for the debt service require-
ments of the "Ferry" and "Bridge Approach" bonds are or
should become insufficient, there shall be laid and collected an
annual tax sufficient to pay the interest thereon, and principal
thereof as it falls due. Such annual tax shall consist of such
part of the one half cent gasoline tax, required to be paid by
Section 212A of Article 56 of the Public General Laws of
Maryland, as amended by Chapter 249 of the Laws of Mary-
land of 1931, as shall be necessary to meet the deficit, if any,
in the other funds provided in this Act to pay the interest and
principal installments of such bonds as they fall due, and shall
not be repealed, diminished or applied to any other object
until the debt incurred under this Act and interest thereon,
and the obligation hereby assumed by the State for the pay-
ment of such deficit shall be fully discharged. The Authority
is hereby instructed, subject, however, to any agreement with
bondholders, to fix tolls of the projects at such rates, so far as
possible, as to make unnecessary the use of any of the taxes
herein referred to for the debt service requirements of the
"Ferry" and "Bridge Approach" bonds, it being hereby spe-
cifically declared that the primary source of payment of the
debt service requirements thereof shall be from revenues of
the projects, as provided in this Article.

86. All promissory notes, bonds or other evidences of in-
debtedness issued by the Authority under the provisions of
this Act and the gross receipts, tolls and other receipts or
property of said Authority and of the projects, shall be exempt
from assessment, and from State, County and City taxes in
this State.

87. A. In the event that the Authority shall default in the
payment of principal of or interest on any issue of bonds
after the same shall become due, whether at maturity or upon
call for redemption, and such default shall continue for a
period of thirty days, or in the event that the Authority shall
fail or refuse to comply with the provisions of this Act or
shall default in any agreement made with the holders of any
bonds of such issue, the holders of twenty-five per centum in
aggregate principal amount of the bonds of such issue, then

 

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Session Laws, 1935
Volume 579, Page 753   View pdf image (33K)
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