1646

LAWS OF MARYLAND

Ch. 608

the Commission pursuant to the provisions of this
subtitle including the cost of replacements, renewals and
improvements. Such tolls shall not be subject to
supervision or regulation by any other commission, board,
bureau or agency of the State. 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 authorizing 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 principal 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)
and clause (D) of this paragraph if so provided in such
resolution or trust agreement. The use and disposition
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 the bonds at the
redemption price then applicable.

(b)     Pledge of tolls in payment.— 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 heretofore constructed and financed
under the provisions of ARTICLE 89B, §§ 163 to 181,
inclusive, of [this article] THE ANNOTATED CODE OF
MARYLAND (1957 EDITION, AS AMENDED), and pledge such
tolls to the payment of any bonds issued under the
provisions of this subheading. To the extent that this
section is inconsistent with the provisions of § 173 of
[this] THAT article, the provisions of this section shall
be deemed controlling.

(c)   Covenant to pay costs of maintaining, repairing
and operating.—Notwithstanding any of the foregoing
provisions of this section, the Commission may, by
resolution passed prior to the issuance of revenue bonds
or revenue refunding bonds under the provisions of this
subheading or in the trust agreement securing such bonds,
covenant to pay all or any part of the cost of
maintaining, repairing and operating any project
constructed under the provisions of this subheading or