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Session Laws, 1959
Volume 642, Page 930   View pdf image (33K)
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930                              Laws of Maryland                       [Ch. 618

Sec. 5. And be it further enacted, That the Commission is hereby
authorized to fix and revise, from time to time, rates or charges for
the use or lease of the buildings, piers, structures, and facilities of
the boat basin and marina, including parking and other ancillary
facilities, and to charge and collect the same, and to contract with
any person, firm, or corporation, desiring the use of any of the facili-
ties of the boat basin and marina 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 fixed and adjusted so as to provide a fund
sufficient with other revenues of the boat basin and marina, if any,
to pay (a) the cost of maintaining, repairing and operating the boat
basin and marina unless such costs shall otherwise be provided for,
including reserves for such purposes and for replacements, depre-
ciation and necessary extensions, and (b) the bonds and interest
thereon as the same shall become due, and reserves for such pur-
poses. Such rates or charges shall not be subject to supervision or
regulation by any other commission, board, bureau, or agency of the
State or any political subdivision thereof. The rates, charges and other
revenue derived from the boat basin and marina, and from the facil-
ities constructed and operated in connection therewith, except such
part or parts thereof as may be required to pay the cost of main-
taining, repairing, and operating said boat basin and marina and to
provide such reserves as may be provided for in the resolution of the
Commission authorizing the issuance of the bonds, shall be set aside
at such regular intervals as may be provided in such resolution in
a sinking fund which is hereby pledged to and charged with the
payment of (a) the interest upon such bonds as such interest shall
fall due, (b) the principal of the bonds as the same shall fall due,
(c) the necessary fiscal agency charges for paying principal and
interest and (d) 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 reso-
lution authorizing the issuance of the bonds, but, except as may
otherwise be provided in such resolution, such sinking fund shall be a
fund for the benefit of all the bonds without distinction or priority
of one over another. Subject to the provisions of the resolution
authorizing the issuance of bonds, any monies 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.

Sec. 6. And be it further enacted, That if in any year, or at any
time, the revenues from rates or charges hereinabove provided for,
are not sufficient to pay the bonds and interest thereon as the same
shall become due, then for the purpose of retiring bonds authorized
to be issued by this Act, and payment of the interest thereon, there
shall be levied against all of the assessable property within that
portion of the Sanitary District lying within Prince George's County,
Maryland, annually, so long as said bonds are outstanding and not
paid, a tax sufficient to meet the interest on said bonds, and to pay
the principal thereof as said principal and interest mature or become
due. Said tax shall be determined, levied, collected and paid over to
the said Commission in the manner provided by Section 6 of Chapter
122 of the Acts of the General Assembly of Maryland of 1918, as
amended, and all of the provisions of said Section 6 shall apply to the
bonds issued hereunder.

 

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Session Laws, 1959
Volume 642, Page 930   View pdf image (33K)
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