clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
Session Laws, 1966
Volume 678, Page 889   View pdf image (33K)
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

J. MILLARD TAWES, Governor                       889

pairing and operating such other projects as are authorized by the
General Assembly of Maryland, duly approved by the Governor, and
authorized by the Commission.
PURSUANT TO THE PROVISIONS
OF THIS SUBTITLE INCLUDING THE COST OF REPLACE-
MENTS, RENEWALS AND IMPROVEMENTS. Such tolls shall not
be subject to supervision or regulation by any other commission,
board, bureau or agency of the State. [The tolls and all other reve-
nues] A sufficient amount of the tolls and other revenues derived from
the project or projects in connection with which the bonds of any issue
shall have been issued, except such part thereof as may be necessary to
pay such cost of maintenance, repair and operation and to provide
such reserves therefor as may be provided for in the resolution au-
thorizing 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
fall due, (2) the principal of such bonds as the same shall fall
due, (3) the necessary charges of paying agents for paying princi-
pal and interest, and (4) the redemption price or the purchase price
of bonds retired by call or purchase as therein provided. The balance
of such tolls and other revenues may be applied to the purposes set
forth in clause
(c) (C) AND CLAUSE (D) of this paragraph if so
provided in such resolution or trust agreement.
The use and disposi-
tion of moneys to the credit of such sinking fund shall be subject to the
provisions of the resolution authorizing 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.
The moneys in the sinking fund, less such reserve as may be provided
in such resolution or trust agreement, if not used within a reasonable
time for the purchase of bonds for cancellation as above provided,
shall be applied to the redemption of bonds at the redemption price
then applicable.

(b) If the Commission shall not then be prohibited by any
federal law, it may charge tolls for the use of any tunnel, bridge,
OR bridges or [bridges] tunnels heretofore constructed and financed
under the provisions of Section 163 to 181, inclusive, of this article
and pledge such tolls to the payment of any bonds issued under the
provisions of this subheading [, but such pledge shall not be effectual
unless the outstanding bridge revenue refunding bonds to the pay-
ment of which such tolls are now pledged shall be refunded by
redemption or exchange under the provisions of Section 137 of this
subheading or until the principal of and the interest on such out-
standing bridge revenue refunding bonds shall have been paid or
provision made for their payment]. To the extent that this section is
inconsistent with the provisions of Section 173 of this Article, the
provisions of this section shall be deemed controlling.

136.

The Commission is hereby authorized to expend [out of any funds
available for the purpose] from its construction fund such moneys
as may be necessary for the study of any proposed toll
project or projects and to use its engineering and other forces, and
the services of consulting engineers and traffic engineers, for the

 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1966
Volume 678, Page 889   View pdf image (33K)   << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  August 17, 2024
Maryland State Archives