|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARVIN MANDEL, Governor 127
|
|
|
|
|
|
|
|
|
REVENUE BONDS OF PRIOR ISSUES, ALL RENTALS, RATES, FEES,
TOLLS, AND OTHER CHARGES AND REVENUES DERIVED FROM ANY
TRANSPORTATION FACILITIES PROJECT SHALL BE SET ASIDE IN A
FUND KNOWN AS THE "TRANSPORTATION AUTHORITY FUND".
(2) THE TRANSPORTATION AUTHORITY FUND SHALL
BE PLEDGED TO AND CHARGED WITH THE PAYMENT OF:
(I) THE INTEREST ON BONDS ISSUED UNDER THIS
SUBTITLE AS IT FALLS DUE;
|
|
|
|
|
|
|
|
|
|
(II) THE PRINCIPAL OF THE BONDS AS IT FALLS
|
|
|
|
|
|
|
|
|
DUE;
|
|
|
|
|
|
|
|
|
(III) THE NECESSARY CHARGES OF PAYING AGENTS
FOR PAYING PRINCIPAL AND INTEREST; AND
(IV) THE REDEMPTION PRICE OR PURCHASE PRICE OF
BONDS RETIRED BY CALL OR PURCHASE AS PROVIDED IN THE BOND
AUTHORIZING RESOLUTION OR TRUST AGREEMENT.
(B) EFFECT OF PLEDGE.
(1) THE PLEDGE IS VALID AND BINDING FROM THE
TIME IT IS MADE.
(2) RENTALS, RATES, FEES, TOLLS, AND OTHER
CHARGES AND REVENUES OR OTHER MONEY SO PLEDGED AND
LATER RECEIVED BY THE AUTHORITY IMMEDIATELY SHALL BE
SUBJECT TO THE LIEN OF THE PLEDGE WITHOUT PHYSICAL
DELIVERY OR ANY FURTHER ACT.
(3) THE LIEN OF THE PLEDGE IS VALID AND
BINDING AS AGAINST ALL PARTIES HAVING ANY CLAIMS OF ANY
KIND IN TORT, CONTRACT, OR OTHERWISE AGAINST THE
AUTHORITY, WHETHER OR NOT THESE PARTIES HAVE NOTICE OF
THE PLEDGE.
(4) NOTWITHSTANDING ANY LAW TO THE CONTRARY,
NEITHER THE RESOLUTION NOR ANY TRUST AGREEMENT BY WHICH A
PLEDGE IS CREATED NEED BE FILED OR RECORDED OTHER THAN
IN THE RECORDS OF THE AUTHORITY.
(C) USE OF FUNDS.
(1) ANY AMOUNTS SET ASIDE IN THE
TRANSPORTATION AUTHORITY FUND THAT ARE NOT NEEDED TO
PROVIDE FOR THE PAYMENT OF THE ITEMS SPECIFIED IN
SUBSECTION (A)(2) OF THIS SECTION MAY BE USED FOR ANY
OTHER LAWFUL PURPOSE. TO THE EXTENT PROVIDED IN ANY
APPLICABLE RESOLUTION OR TRUST AGREEMENT.
(2) THE USE AND DISPOSITION OF MONEY TO THE
CREDIT OF THE TRANSPORTATION AUTHORITY FUND IS SUBJECT TO
THE PROVISIONS OF THE APPLICABLE BOND AUTHORIZING
RESOLUTIONS AND RESOLUTION OR TRUST AGREEMENT.
REVISOR'S NOTE: This section presently appears as
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
