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Session Laws, 1976
Volume 734, Page 1649   View pdf image
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MARVIN MANDEL, Governor

1649

§20. [§ 135.] Cessation of tolls.

When all bonds issued under the provisions of this
subheading in connection with any project or projects and
the interest thereon shall have been paid or a sufficient
amount for the payment of all such bonds and the interest
thereon to the maturity thereof shall have been set aside
in trust for the benefit of the bondholders, such project
or projects, if then in good condition and repair, shall
become part of the State highway system and shall
thereafter be maintained by the Commission free of tolls;
provided, however, that the Commission may thereafter
charge tolls for the use of any such project or projects
and pledge such tolls to the payment of bonds issued
under the provisions of this subheading in connection
with another project or projects, subject to any
applicable federal limitations, but any such pledge of
tolls of a project to the payment of bonds issued in
connection with another project or projects shall not be
effectual until the principal of and the interest on the
bonds issued in connection with the first mentioned
project shall have been paid or provision made for their
payment, or the Commission may thereafter charge tolls
for the use of any such project in order to provide funds
for reimbursing the Commission any sum theretofore
expended in paying a part of the cost of maintaining,
repairing and operating such project, and such tolls may
be continued until such sum shall have been reimbursed to
the Commission.

§21. [§ 136.] Preliminary expenses.

The Commission is hereby authorized to expend 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
purpose of effecting such study and to pay for such
additional engineering and such traffic advice and
reports as it may deem expedient, and all such expenses
incurred by the Commission prior to the issuance of
revenue bonds under the provisions of this subheading
shall be paid by the Commission and charged to the
appropriate project or projects, and the Commission shall
keep proper records and accounts showing each amount so
charged. Upon the sale of revenue bonds for any project
or projects, the fund so expended by the Commission in
connection with such project or projects shall be
reimbursed to the Commission from the proceeds of such
bonds.

§22. [§ 137.] Revenue refunding bonds.

The Commission is hereby authorized to provide by
resolution for the issuance of revenue refunding bonds of
the State for the purpose of refunding any bonds then
outstanding which shall have been issued under the
provisions of this subheading or under the provisions of

 

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Session Laws, 1976
Volume 734, Page 1649   View pdf image
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