clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
Session Laws, 1955
Volume 620, Page 1108   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

1108                             LAWS OF MARYLAND                        [CH. 662

bonds issued hereunder, and may further provide that the security
given by contractors and by any depositary of the proceeds of the
bonds or revenues of any market or other moneys pertaining thereto,
be satisfactory to such purchasers. It shall be lawful for any bank
or trust company incorporated under the laws of this State to act as
depositary of the proceeds of the bonds or revenue and to furnish such
indemnity bonds or to pledge such securities as may be required by
the Authority.

Such resolution or such trust indenture may set forth the rights
and remedies of the bondholders and of the trustee, and may restrict
the individual right of action of bondholders as is customary in trust
indentures securing bonds and debentures of corporations. Except
as in this Act otherwise provided, the Authority may provide by
resolution or by such trust indenture for the payment of the proceeds
of the sale of the bonds and the revenue of the market to such officer,
board or depositary as it may determine for the custody thereof, and
for the method of disbursement thereof, with such safeguards and
restrictions as it may determine.
ALL EXPENSES INCURRED IN
CARRYING OUT SUCH TRUST INDENTURE MAY BE
TREATED AS A PART OF THE COST OF MAINTENANCE,
OPERATION AND REPAIR OF THE MARKET.

SEC. 12 11. And be it further enacted:

(Revenues.) The Authority is hereby authorized to fix and to re-
vise, from time to time, rates or charges for the use of the facilities
of the market including parking and other ancillary facilities, and to
charge and collect the same, and to contract with any person, partner-
ship, association or corporation desiring the use of any of the facili-
ties of the market or any part or parts thereof, and to fix the terms,
conditions and rates of charges for such use.

Such rates or charges shall be so fixed and adjusted as to provide
a fund sufficient with other revenues of the market, if any, to pay
(a) the cost of maintaining, repairing and operating the market un-
less such cost shall be otherwise provided for, including reserves for
such purposes and for replacements, depreciation and necessary ex-
tensions, and (b) the bonds and the interest thereon as the same shall
become due, and reserves for such purpose. Such rates or charges
shall not be subject to supervision or regulation by any other com-
mission, board, bureau or agency of the State or any political sub-
division thereof. The rates, charges and all other revenues derived
from the market, except such part or parts thereof as may be required
to pay the cost of maintaining, repairing, and operating the market
and to provide such reserves 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 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 regulations
as may be provided in the resolution authorizing the issuance of
bonds, or in the trust indenture, but, except as may otherwise be pro-


 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1955
Volume 620, Page 1108   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  October 10, 2023
Maryland State Archives