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Session Laws, 1955
Volume 620, Page 740   View pdf image (33K)
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740                               LAWS OF MARYLAND                        [CH. 437

shall at all times be free from taxation by the State of Maryland or
by any of its political sub-divisions, or by any town or incorporated
municipality or any other public agency within the State.

126N. (Bonds Eligible for Investment.) Bonds issued under the
provisions of this sub-title are hereby made securities in which all
public officers and public agencies of the State and its political sub-
divisions, and all banks, trust companies, savings and loan associa-
tions, investment companies and others carrying on a banking
business, all insurance companies and insurance associations and
others carrying on an insurance business, all administrators, ex-
ecutors, guardians, trustees and other fiduciaries, and all other
persons may legally and properly invest funds, including capital in
their control or belonging to them. Such bonds are hereby made
securities which may properly and legally be deposited with and
received by any State or municipal officer or any agency or political
sub-division of the State for any purpose for which the deposit of
bonds or other obligations of the State is now or may hereafter be
authorized by law.

126-0. (Miscellaneous.) The Expressway when constructed and
opened to traffic shall be maintained and kept in good condition and
repair by the Commission. The Expressway shall also be policed and
operated by such force of police, watchmen, toll-takers and other
operating employees as the Commission may in its discretion employ.

All private property damaged or destroyed in carrying out the
powers granted by this sub-title shall be restored or repaired and
placed in its original condition as nearly as practicable or adequate
compensation made therefor out of funds provided urtder the author-
ity of this sub-title.

All counties, cities, villages, townships and other political sub-
divisions and all public agencies and commissions of the State of
Maryland, notwithstanding any contrary provision of law, are hereby
authorized and empowered to lease, lend, grant or convey to the
Commission at its request upon such terms and conditions as the
proper authorities of such counties, cities, villages, townships, other
political sub-divisions or public agencies and commissions of the
State may deem reasonable and fair and without the necessity of any
advertisement, order of court or other action or formality, other than
the regular and formal action of the authorities concerned, any real
property or tangible or intangible personal property, which may be
necessary or convenient to the effectuation of the authorized purposes
of the Commission, including public roads and other real property
and tangible or intangible personal property already devoted to
public use.

126P. (Cessation of Tolls.) When all bonds issued under the
provisions of this sub-title and the interest thereon shall have been
paid or a sufficient amount for the payment of all such bonds and
the interest thereon to the maturity thereof shall have been set aside
in trust for the benefit of the bondholders, the Expressway, if then
in good condition and repair, shall become part of the State highway
system and shall thereafter be maintained by the Commission free
of tolls, or the Commission may thereafter charge tolls for the use
of the Expressway in order to provide funds for reimbursing the
Commission any sum theretofore expended in paying a part of the


 

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Session Laws, 1955
Volume 620, Page 740   View pdf image (33K)
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