Ch. 599

1996 LAWS OF MARYLAND

The Authority is hereby authorized to fix, revise, charge, and collect tolls for the use
of the project, 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 IN COMBINATION 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 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.] 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 AND THE MAYOR OF THE
DISTRICT OF COLUMBIA, the redemption price or the purchase price of bonds retired by
call or purchase as therein provided. Such pledge shall be valid and binding from the time
when the pledge is made; the tolls or other revenues or other moneys so pledged and
thereafter received by the Authority shall immediately be subject to the lien of such
pledge without any physical delivery thereof or further act, and the lien of any such
pledge shall be valid and binding as against all parties having claims of any kind in tort,
contract, or otherwise against the Authority, irrespective of whether such parties have
notice thereof. Neither the resolution nor any trust indenture by which a pledge is created
need be filed or recorded except in the records of the Authority. 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 indenture. Except as
may otherwise be provided in such resolution or such trust indenture, such sinking fund
shall be a fund for all such bonds without distinction or priority of one over another.

[In the event that revenues generated by the project are in excess of that required
to meet payments under any applicable trust indenture for the project, then, unless
otherwise approved by the Governors of the Commonwealth of Virginia and the State of
Maryland, all revenues for each fiscal year in excess of that needed to meet payments
under any applicable trust indenture for the project, and interest accrued thereon shall be
paid in equal amounts to the Maryland Department of Transportation and the Virginia
Department of Transportation no later than the first day of October of the following
fiscal year.] TOLLS SHALL BE SET AT RATES SUCH THAT REVENUES GENERATED BY
THE PROJECT SHALL NOT EXCEED THAT REQUIRED TO MEET PAYMENTS
NECESSARY TO MEET REQUIREMENTS UNDER ANY APPLICABLE TRUST INDENTURE
FOR THE PROJECT.

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