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Session Laws, 1947
Volume 411, Page 1384   View pdf image (33K)
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1384 LAWS OF MARYLAND. [CH. 561

hibited by any Federal law, the continuance of. tolls on
other projects for the payment of such bonds and the in-
terest thereon and for the cost of maintaining, repairing
and operating such projects; prescribing the conditions
upon which such projects shall become free from tolls;
making such bonds exempt from taxation; providing for
the retirement of all Chesapeake Bay ferry bonds and for
the disposition of ferry property; and providing for con-
demnation and authorizing the issuance of revenue refund-
ing bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 122A to 122R, inclusive, of Article 89B
of the Annotated Code of Maryland (1943 Supplement),
title "State Roads", sub-title "Motorways", Chapter 858 of
the Acts of the General Assembly of Maryland of 1941, be
and they are hereby repealed, and twenty-one new sections
are hereby enacted in lieu thereof, to follow immediately after
Section 122 of said Article, under a new sub-title "Bridge,
Tunnel and Motorway Revenue Bonds", to be known as Sec-
tions 122A to 122TJ, inclusive, and to read as follows:

BRIDGE, TUNNEL AND MOTORWAY REVENUE BONDS

122A. (Constructing and Financing Bridges, Tunnels and
Motorways.) In order to remove the present handicaps and
hazards on the congested highways in the State, to facilitate
vehicular traffic between the different sections of the State,
to promote the agricultural and industrial development of
the State, and to provide for the construction of modern
transportation facilities embodying practical safety devices,
the State Roads Commission is hereby authorized and em-
powered to construct, maintain, repair and operate bridges,
tunnels and motorways (as hereinafter defined), including a
bridge across the Chesapeake Bay, and to issue revenue bonds
of the State, payable solely from revenues, to pay the cost of
such projects.

122B. (Credit of State Not Pledged.) Revenue bonds is-
sued under the provisions of this sub-title shall not be deemed
to constitute a debt of the State or a pledge of the faith and
credit of the State, but such bonds shall be payable solely
from the funds herein provided therefor from revenues. All
such revenue bonds shall contain on the face thereof a state-
ment to the effect that the State is not obligated to pay the
same or the interest thereon except from revenues of the
project or projects for which they are issued and that neither
the faith and credit nor the taxing power of the State is

 

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Session Laws, 1947
Volume 411, Page 1384   View pdf image (33K)
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