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Session Laws, 1966
Volume 678, Page 887   View pdf image (33K)
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J. MILLARD TAWES, Governor                       887

to pay the cost of such project. Be it further provided, however, that
the State Roads Commission shall not construct any other toll facil-
ities until so authorized by an Act of the General Assembly of Mary-
land, duly approved by the Governor. It is hereby declared as legis-

lative policy that if the State Roads Commission shall determine

that additional toll facilities, other than those now existing and

those herein authorized, are necessary or desirable the Commission
shall not issue revenue bonds for the construction of such facilities
without prior legislative approval.

122.

(e) The word "project" shall mean any authorized bridge, tun-
nel, crossing or motorway or any improvements of any thereof con-
structed by the Commission under the provisions of this subheading.
The word "improvements" shall mean any extension, enlargement
or improvement of any authorized project.

123.

The Commission is hereby authorized and empowered: (a) To
construct, maintain, repair and operate bridges over and tunnels
under rivers and navigable waters which are wholly or partly within
the State, and motorways at such locations within the State as may
be determined by the Commission and improvements thereto;

126.

(a) The Commission is hereby authorized to provide by resolu-
tion, at one time or from time to time, for the issuance of revenue
bonds of the State for the purpose of paying all or any part of the
cost of any one or more projects or any part of parts thereof, and
the cost of improvements.
The principal of and interest on such
bonds shall be payable solely from the funds herein provided for
such payment. The bonds of each issue shall be dated, shall bear
interests at such rate or rates not exceeding five per centum per
annum, shall mature at such time or times not exceeding forty
years from their date or dates, as may be determined by the Com-
mission, and may be made redeemable before maturity, at the option
of the Commission, at such price or prices and under such terms and
conditions as may be fixed by the Commission prior to the issuance
of the bonds. The Commission shall determine the form of the bonds,
including any interest coupons to be attached thereto, and shall fix
the denomination or denominations of the bonds and the place or
places of payment of principal and interest, which may be at any
bank or trust company, within or without the State. The bonds shall
bear the manual of facsimile signature of the Chairman or one of
the other members of the Commission and the official seal of the
Commission or a facsimile thereof shall be affixed to said bonds,
attested by the manual or facsimile signature of the secretary or an
assistant secretary of the Commission, provided that at least one of
said signatures with respect to each of said bonds shall be a manual
signature, and any coupons attached thereto shall bear the facsimile
signature of the Chairman of the Commission. In case any officer
whose signature or a facsimile of whose signature shall appear on
any bonds or coupons shall cease to be such officer before the delivery
of such bonds, such signatures or such facsimile shall nevertheless

 

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Session Laws, 1966
Volume 678, Page 887   View pdf image (33K)   << PREVIOUS  NEXT >>


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