1644

LAWS OF MARYLAND

Ch. 608

the provisions of this subheading to pay the cost of such
crossing or the cost of such crossing and other projects,
the Commission shall provide on or prior to the issuance
of such bonds for the redemption and retirement of all of
the outstanding revenue bonds designated "State Roads
Commission of Maryland Chesapeake Bay Ferry Revenue 1
1/2% Bonds of 1941" which were issued under the
provisions of [§§ 140A to 140M, inclusive, of this
article (]Chapter 856 of the Acts of the General Assembly
of Maryland of 1941[)], and for the redemption and
retirement of all outstanding bonds designated "State
Roads Commission of Maryland Chesapeake Bay Ferry System
Improvement Bonds," which were issued under the
provisions of [§§ 140N to 140U, inclusive, of this
article (]Chapter 755 of the Acts of the General Assembly
of Maryland of 1945[) ]. The Commission shall apply to
the redemption and retirement of such outstanding bonds
all sinking fund reserves and all special reserves then
accumulated for the purpose of paying such outstanding
bonds at maturity. The balance required for the
redemption and retirement of such outstanding bonds shall
be deemed to be a part of the cost of such crossing.
Upon making provision for such redemption and retirement,
all revenues of the Chesapeake Bay ferry system shall be
applied to the extent necessary to the payment of the
cost of maintaining, repairing and operating the ferries
and other properties belonging to said system and any
residue thereof shall be applied to the payment of the
cost of such crossing or shall be deposited to the credit
of the sinking fund for the revenue bonds issued for such
crossing or for such crossing and other projects. The
current schedules of ferry rates and tariffs shall not be
reduced during the period of crossing construction. Upon
completing the construction of such crossing and opening
the same to traffic the Commission shall sell or
otherwise dispose of all ferries and other properties
belonging to said system, except such properties as the
Commission may deem desirable to retain in connection
with the operation of such crossing or of the
Claiborne-Romancoke ferry service, and the proceeds of
such sale or other disposition shall be applied to the
payment of any remaining items of cost of such crossing
or shall be deposited to the credit of the sinking fund
for the revenue bonds issued for such crossing or for
such crossing and other projects.

§13. £§ 128.] Trust agreement.

In the discretion of the Commission any bonds issued
under the provisions of this subheading may be secured by
a trust agreement by and between the Commission and a
corporate trustee, which may be any trust company or bank
having the powers of a trust company within or without
the State. Any such trust agreement may pledge or
assign the tolls and other revenues to be received from
the operation of the project or projects in connection
with which the bonds secured by such trust agreement
shall be issued, but shall not convey or mortgage any