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Session Laws, 1941
Volume 582, Page 1554   View pdf image (33K)
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1554 LAWS OF MARYLAND. [CH. 858

with other revenues of the motorway, if any, to pay (a) the cost
of maintaining, repairing and operating the motorway and (b)
the bonds and the interest thereon as the same shall become
due. Such tolls shall not be subject to supervision or regula-
tion by any other State commission, board, bureau, or agency.
The tolls and all other revenues derived from the motorway ex-
cept such part thereof as shall be required to pay the cost of
maintaining, repairing and operating the motorway and to pro-
vide such reserves therefor as may be provided for in the reso-
lution 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 interest, and (4) any premium upon bonds
retired by call or purchase as herein provided. The use and
disposition of such sinking fund shall be subject to such regu-
lations as may be provided in the resolution authorizing the
issuance of bonds, or in the trust indenture, but, except as
may otherwise be provided in such resolution or trust inden-
ture, such sinking fund shall be a fund for the benefit of all
bonds without distinction or priority of one over another.
Subject to the provisions of the resolution authorizing the
issuance of bonds or of the trust indenture, any moneys in
such sinking fund in excess of an amount equal to one year's
interest on all bonds then outstanding may be applied to the
purchase or redemption of bonds. All bonds so purchased or
redeemed shall forthwith be cancelled and shall not again be
issued.

Upon the letting of a contract for the construction of the
motorway under provisions of this sub-title, the Commission
may, in its discretion, proceed with the construction of any
approach highways, the construction of which is not pro-
vided to be paid out of the proceeds of the sale of revenue
bonds, but which may be necessary to connect the points of
ingress to and egress from the motorway with other roads and
highways and to complete the construction of such approach
highways 011 or before the date such motorway shall be opened
for traffic; provided that the approaches from any intersecting
highway with said motorway shall be paid for from the pro-
ceeds of the said bond issues.

122H. When the particular revenue bonds issued for the
motorway and the interest thereon shall have been paid, or a
sufficient amount shall have been provided for their payment
and shall continue to be held for that purpose, the motorway

 

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Session Laws, 1941
Volume 582, Page 1554   View pdf image (33K)   << PREVIOUS  NEXT >>


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