PARRIS N. GLENDENING, Governor

Ch. 494

ARTICLE VII

TRUST INDENTURE

IN THE DISCRETION OF THE AUTHORITY, ANY BONDS, NOTES, OR OTHER
EVIDENCE OF OBLIGATION ISSUED UNDER THE PROVISIONS OF THIS ACT MAY BE
SECURED BY A TRUST INDENTURE BY AND BETWEEN THE AUTHORITY AND A
CORPORATE TRUSTEE, WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE
POWERS OF A TRUST COMPANY WITHIN OR WITHOUT THE STATE OF MARYLAND.
SUCH TRUST INDENTURE OR THE RESOLUTION PROVIDING FOR THE ISSUANCE OF
SUCH BONDS MAY PLEDGE OR ASSIGN THE TOLLS AND OTHER REVENUES TO BE
RECEIVED, BUT SHALL NOT CONVEY OR MORTGAGE THE PROJECT OR ANY PART
THEREOF.

ARTICLE VIII

REVENUES

THE AUTHORITY IS HEREBY AUTHORIZED TO FIX, REVISE, CHARGE, AND
COLLECT TOLLS FOR THE USE OF THE PROJECT OR ANY PUBLIC FERRY SERVICE
THEN BEING OPERATED BY THE AUTHORITY, AND TO CONTRACT WITH ANY
PERSON, PARTNERSHIP, ASSOCIATION, OR CORPORATION DESIRING THE USE
THEREOF, AND TO FIX THE TERMS, CONDITIONS, RENTS, AND RATES OF CHARGES
FOR SUCH USE.

SUCH TOLLS SHALL BE SO FIXED AND ADJUSTED IN RESPECT OF THE
AGGREGATE OF TOLLS FROM THE PROJECT AS TO PROVIDE A FUND SUFFICIENT
WITH OTHER REVENUES, IF ANY, TO PAY (I) THE COST OF MAINTAINING,
REPAIRING, AND OPERATING SUCH PROJECT AND (II) THE PRINCIPAL OF AND THE
INTEREST ON SUCH BONDS AS THE SAME SHALL BECOME DUE AND PAYABLE, AND
TO CREATE RESERVES FOR SUCH PURPOSES. SUCH TOLLS SHALL NOT BE SUBJECT BE
SUBJECT TO PERIODIC APPROVAL OF THE GOVERNORS OF THE COMMONWEALTH
OF VIRGINIA AND THE STATE OF MARYLAND; PROVIDED THAT IN NO EVENT SHALL
SAID GOVERNORS REQUIRE THAT TOLLS BE SET AT A RATE LESS THAN THAT
REQUIRED TO MEET PAYMENTS UNDER ANY APPLICABLE TRUST INDENTURE FOR
THE PROJECT. TO SUPERVISION OR REGULATION BY ANY OTHER AUTHORITY,
BOARD, BUREAU, OR AGENCY OF THE STATE OF MARYLAND. THE TOLLS AND ALL
OTHER REVENUES DERIVED FROM THE PROJECT 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 INDENTURE SECURING THE SAME, SHALL BE SET ASIDE AT SUCH REGULAR
INTERVALS AS MAY BE PROVIDED IN SUCH RESOLUTION OR SUCH TRUST
INDENTURE IN A SINKING FUND WHICH IS HEREBY PLEDGED TO, AND CHARGED
WITH, THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON SUCH BONDS AS
THE SAME SHALL BECOME DUE, AND, UPON THE APPROVAL OF THE GOVERNORS OF
THE COMMONWEALTH OF VIRGINIA AND THE STATE OF MARYLAND, THE
REDEMPTION PRICE OR THE PURCHASE PRICE OF BONDS RETIRED BY CALL OR

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