HARRY HUGHES, Governor

4143

COMMITTEE NOTE: Former Article 67, § 13-3 is proposed
for repeal as obsolete because the construction
and improvements have been completed.

[(67, § 13-4. Rates and charges; sinking fund.

The commission is hereby authorized to fix and revise,
from time to time, rates or charges for the use or lease of
the buildings, piers, structures, and facilities of the boat
basin and marina, including parking and other ancillary
facilities, and to charge and collect the same, and to
contract with any person, firm, or corporation, desiring the
use of any of the facilities of the boat basin and marina or
any part or parts thereof, and to fix the terms, conditions
and rates of charges for such use. Such rates or charges
shall be fixed and adjusted so as to provide a fund
sufficient with other revenues of the boat basin and marina,
if any, to pay (1) the cost of maintaining, repairing and
operating the boat basin and marina unless such costs shall
otherwise be provided for, including reserves for such
purposes and for replacements, depreciation and necessary
extensions, and (2) the bonds and interest thereon as the
same shall become due, and reserves for such purposes. Such
rates or charges shall not be subject to supervision or
regulation by any other commission, board, bureau, or agency
of the state or any political subdivision thereof. The
rates, charges and other revenue derived from the boat basin
and marina, and from the facilities constructed and operated
in connection therewith, except such part or parts thereof
as may be required to pay the cost of maintaining,
repairing, and operating the boat basin and marina and to
provide such reserves as may be provided for in the
resolution of the commission authorizing the issuance of the
bonds, shall be set aside at such regular intervals as may
be provided in such resolution 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 the bonds as the same shall fall due,

(3) the necessary fiscal agency charges for paying principal
and interest and (4) any premium upon bonds retired by call
or purchase as herein provided. The use and disposition of
such sinking fund shall be subject to such regulations as
may be provided in the resolution authorizing the issuance
of the bonds, but, except as may otherwise be provided in
such resolution, such sinking fund shall be a fund for the
benefit of all the bonds without distinction or priority of
one over another. Subject to the provisions of the
resolution authorizing the issuance of bonds, any monies in
such sinking fund in excess of an amount equal to one year's
interest on all bonds then outstanding may be applied to the
purchase or redemption of bonds. All bonds so purchased or
redeemed shall forthwith be cancelled.]

COMMITTEE NOTE: Former Article 67, § 13-4 is proposed
for repeal as obsolete.