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Session Laws, 1957
Volume 640, Page 658   View pdf image (33K)
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658                               Laws of Maryland                        [Ch. 446

revenues, rentals or receipts from which are or may be applicable
to the payment of the bonds so in default, and operate and maintain
the same, and collect and receive all rentals and other revenues
thereafter arising therefrom in the same manner as the Authority
might do, and shall deposit all such moneys in a separate account,
and apply the same in such manner as the court shall direct. In any
suit, action or proceeding by the trustees, the fees, counsel fees,
and expenses of the trustee and of the receiver, if any, and all costs
and disbursements allowed by the court, shall be a first charge on
any revenues and receipts derived from the facilities of the Authority,
the revenues or receipts from which are or may be applicable to the
payment of the bonds so in default. Said trustee shall, in addition to
the foregoing, have and possess all of the powers necessary or ap-
propriate for the exercise of any functions specifically set forth
herein or incident to the general representation of the bondholders
in the enforcement and protection of their rights.

In addition to all other rights and all other remedies, any holder
of bonds of the Authority shall have the right by mandamus or
other suit, action, or proceeding at law or in equity to enforce his
rights against the Authority, including the right to require the Au-
thority to collect tolls, fees, rentals and other charges adequate to
carry out any agreement as to or pledge of such tolls, fees, rentals,
or other charges, or income, revenues and receipts, and to require
the Authority to carry out any of its covenants and agreements
with the bondholders, and to perform its and their duties under
this Act; provided, however, that nothing in this section or any
other section of this Act shall authorize any receiver appointed
pursuant to this Act for the purpose of operating and maintaining
any project or projects of the Authority, to sell, assign, mortgage or
otherwise dispose of, any of the assets of whatever kind and charac-
ter belonging to the Authority. It is the intention of this Act to
limit the powers of such receiver to the operation and maintenance
of the facilities of the Authority as the court shall direct, and no
holder of bonds of the Authority, nor any trustee, shall ever have
the right in any suit, action or proceedings at law or in equity to
compel a receiver, nor shall any receiver ever be authorized, or any
court be empowered to direct the receiver, to sell, assign, mortgage,
or otherwise dispose of any assets of whatever kind or character
belonging to the Authority.

13. (Award of Contracts)—If any project or any portion there-
of or any improvement thereof shall be constructed, equipped or
furnished pursuant to a contract and the estimated cost thereof
exceeds One Thousand Dollars ($1,000.00), such contract shall be
awarded to the lowest responsible bidder after advertisement for
bids. The Authority may make rules and regulations for the sub-
mission of bids and the construction, equipping, furnishing and im-
provement of any project or portion thereof. No contract shall be
entered into for construction, equipping, furnishing or improvement
of any project, or portion thereof, or for the purchase of materials,
unless the contractor shall give an undertaking with a sufficient
surety or sureties approved by the Authority, and in an amount
fixed by the Authority, for the faithful performance of the contract;
and such contract shall be accompanied by an additional bond for
the protection of those to furnish labor and material. All construc-
tion contracts shall provide, among other things, that the person or

 

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Session Laws, 1957
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