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Session Laws, 1941
Volume 582, Page 1552   View pdf image (33K)
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1552 LAWS OF MARYLAND. [CH. 858

tion of definitive bonds, the Commission may, under like
restrictions, issue temporary bonds, with or without coupons,
exchangeable for definitive bonds upon the issuance of the
latter. The Commission may also provide for the replacement
of any bond which shall become mutilated or be destroyed or
lost.

Revenue bonds issued under the provisions of this sub-title
«hall not be deemed to constitute a debt of the State of Mary-
land or a pledge of the faith and credit of the State, but such
bonds shall be payable exclusively from the fund hereinafter
provided therefor from tolls and revenues. All such bonds
shall contain a statement on their face that the State of
Maryland is not obligated to pay the same or the interest
thereon except from revenues of the motorway for which they
. are issued and that the faith and credit of the State is not
pledged to the payment of the principal or interest of such
bonds. The issuance of revenue bonds under the provisions
of this sub-title shall not directly or indirectly or contingently
obligate the State to levy or to pledge any form of taxation
whatever therefor or to make any appropriation for their pay-
ment.

122E. All moneys received pursuant to the authority of this
sub-title, whether as proceeds from the sale of revenue bonds,
as grants or other contributions, or as tolls and revenues, shall
toe deemed to be trust funds, to be held and applied solely as
provided in this sub-title. The Commission shall, in the reso-
lution authorizing the issuance of bonds or in the trust inden-
ture, provide for the payment of the proceeds of the sale of
the bonds and the tolls and revenues to be received to any
-officer, agency, bank or trust company, who shall act as Trus-
tee of such funds, and hold and apply the same to the pur-
poses hereof, subject to such regulations as this sub-title and
such resolution or trust indenture may provide.

H22F. In the discretion of the Commission, each and any
issue of such revenue bonds may be secured by a trust inden-
ture by and between the Commission and a corporate trustee,
which may be any trust company or bank having the powers
of a trust company within or outside of the State. Such trust
indenture may pledge or assign tolls and revenues to be
received, but shall not convey or mortgage the motorway or
any part thereof. Either the resolution providing for the
issuance of revenue bonds or such trust indenture may contain
such provisions for protecting and enforcing the rights and
remedies of the bondholders as may be reasonable and proper
and not in violation of law, including covenants setting forth
the duties of the Commission in relation to the establishment,

 

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Session Laws, 1941
Volume 582, Page 1552   View pdf image (33K)   << PREVIOUS  NEXT >>


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