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Session Laws, 1955
Volume 620, Page 738   View pdf image (33K)
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738                               LAWS OF MARYLAND                        [CH. 437

pay such cost of maintenance, repair and operation and to provide
such reserves therefor as may be provided for in the resolution
authorizing the issuance of such bonds or in the trust agreement
securing the same, shall be set aside at such regular intervals as
may be provided in such resolution or such trust agreement 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
become due, (2) the principal of such bonds as the same shall be-
come due, (3) the necessary charges of paying agents for paying
principal and interest, and (4) the redemption price or the pur-
chase price of bonds retired by call or purchase as therein pro-
vided. Such pledge shall be valid and binding from the time when
the pledge is made; the tolls or other revenues or other moneys so
pledged and thereafter received by the Commission shall imme-
diately be subject to the lien of such pledge without any physical
delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of
any kind in tort, contract or otherwise against the Commission,
irrespective of whether such parties have notice thereof. Neither
the resolution nor any trust agreement by which a pledge is created
need be filed or recorded except in the records of the Commission.
The use and disposition of moneys to the credit of such sinking
fund shall be subject to the provisions of the resolution authoriz-
ing the issuance of such bonds or of such trust agreement. Except
as may otherwise be provided in such resolution or such trust
agreement, such sinking fund shall be a fund for all such bonds
without distinction or priority of one over another.

(b) Notwithstanding any of the foregoing provisions of this
section, the Commission may, by resolution passed prior to the issu-
ance of revenue bonds under the provisions of this sub-title or in
the trust agreement securing such bonds, covenant to pay all or
any part of the cost of maintaining, repairing and operating the
Expressway, and, inasmuch as the Expressway will at all times
belong to the State, such covenant will have the force of contract
between the State and the holders of such revenue bonds.

The Commission is hereby authorized to fix, revise, charge and
collect tolls for the use of each turnpike project and the different
parts or sections thereof, and to contract with any person, partner-
ship, association or corporation desiring the use of any part thereof,
including the right-of-way adjoining the paved portion, for placing
thereon telephone, telegraph, electric light or power lines, gasoline
stations, garages, stores, hotels, and restaurants, or for any other
purpose except for tracks for railroad or railway use, and to fix
the terms, conditions, rents and rates of charge for such use.

Provided, however, that the Commission shall construct any gaso-
line service facilities which it may determine are needed on the
project, and provided further, that to afford users of the project a
reasonable choice of motor fuels
MANUFACTURED, PRODUCED
OR MARKETED BY DIFFERENT COMPANIES of different
brands,
each such gasoline service station shall be separately offered
for lease upon sealed bids, and after notice of the offer has been pub-
lished once a week in three successive weeks in a newspaper having
general circulation in this State
; AND IN ORDER TO PROMOTE
COMPETITION AND PREVENT MONOPOLIES, A SUFFICIENT
NUMBER OF GASOLINE SERVICE STATIONS NOT LESS

 

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Session Laws, 1955
Volume 620, Page 738   View pdf image (33K)
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