The Board is hereby authorized to fix, revise, charge and collect tolls forthe use of each turnpike project and the different parts or sections thereof,and to contract with any person, partnership, association or corporationdesiring the use of any part thereof, including the right-of-way adjoiningthe paved portion, for placing thereon telephone, telegraph, electric lightor power lines, gas stations, garages, stores, hotels and restaurants, or forany other purpose except tracks for railroad or railway use, and to fix theterms, conditions, rents and rates of charges for such use, provided, that asufficient number of the aforementioned facilities shall be authorized to beestablished in each service area along any such turnpike project to permitreasonable competition by private business in the public interest. Such tollsshall be fixed and adjusted in respect of the aggregate of tolls from theturnpike project in connection with which the bonds of any issue shall havebeen issued as to provide a fund sufficient with other revenues, if any, topay (a) the cost of maintaining, repairing and operating such turnpikeproject and (b) the principal of and interest on such bonds as the same shallbecome due and payable, and to create reserves for such purposes. Such tollsshall not be subject to supervision or regulation by any other commission,board, bureau or agency of the Commonwealth. The tolls and all other revenuesderived from the turnpike project in connection with which the bonds of anyissue shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made; the tolls orother revenues or other moneys so pledged and thereafter received by theBoard shall immediately be subject to the lien of such pledge without anyphysical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kindin tort, contract or otherwise against the Board, irrespective of whethersuch parties have notice thereof. Neither the resolution nor any trustagreement by which a pledge is created need be filed or recorded except inthe records of the Board. The use and disposition of moneys to the credit ofsuch sinking fund shall be subject to the provisions of the resolutionauthorizing the issuance of such bonds or of such trust agreement. Except asmay otherwise be provided in such resolution or such trust agreement, suchsinking fund shall be a fund for all such bonds without distinction orpriority of one over another.
Notwithstanding the provisions of the foregoing paragraph of this section,the Board may provide that no tolls shall be charged on any project duringany period for which there are available to the Board from sources other thantolls amounts sufficient to meet the maintenance, repair, operation, sinkingfund and reserve requirements of the resolution authorizing the issuance ofbonds for such project or of the trust agreement securing such bonds, and mayalso provide that the tolls on any such project may be reduced uponcompliance with the conditions, restrictions and limitations contained insuch resolution or trust agreement. During any such period the Board shallcollect any rates and charges other than tolls, and such rates and chargesshall remain subject to the provisions of such resolution or trust agreementapplicable thereto.
Any funds made available to the Board to meet the sinking fund requirementsof the resolution authorizing the issuance of bonds for any project or of thetrust agreement securing such bonds shall be paid by the Board into thesinking fund for such bonds from time to time as shall be necessary to meetsuch requirements.
(Code 1950, § 33-255.9; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c.322.)
The Board is hereby authorized to fix, revise, charge and collect tolls forthe use of each turnpike project and the different parts or sections thereof,and to contract with any person, partnership, association or corporationdesiring the use of any part thereof, including the right-of-way adjoiningthe paved portion, for placing thereon telephone, telegraph, electric lightor power lines, gas stations, garages, stores, hotels and restaurants, or forany other purpose except tracks for railroad or railway use, and to fix theterms, conditions, rents and rates of charges for such use, provided, that asufficient number of the aforementioned facilities shall be authorized to beestablished in each service area along any such turnpike project to permitreasonable competition by private business in the public interest. Such tollsshall be fixed and adjusted in respect of the aggregate of tolls from theturnpike project in connection with which the bonds of any issue shall havebeen issued as to provide a fund sufficient with other revenues, if any, topay (a) the cost of maintaining, repairing and operating such turnpikeproject and (b) the principal of and interest on such bonds as the same shallbecome due and payable, and to create reserves for such purposes. Such tollsshall not be subject to supervision or regulation by any other commission,board, bureau or agency of the Commonwealth. The tolls and all other revenuesderived from the turnpike project in connection with which the bonds of anyissue shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made; the tolls orother revenues or other moneys so pledged and thereafter received by theBoard shall immediately be subject to the lien of such pledge without anyphysical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kindin tort, contract or otherwise against the Board, irrespective of whethersuch parties have notice thereof. Neither the resolution nor any trustagreement by which a pledge is created need be filed or recorded except inthe records of the Board. The use and disposition of moneys to the credit ofsuch sinking fund shall be subject to the provisions of the resolutionauthorizing the issuance of such bonds or of such trust agreement. Except asmay otherwise be provided in such resolution or such trust agreement, suchsinking fund shall be a fund for all such bonds without distinction orpriority of one over another.
Notwithstanding the provisions of the foregoing paragraph of this section,the Board may provide that no tolls shall be charged on any project duringany period for which there are available to the Board from sources other thantolls amounts sufficient to meet the maintenance, repair, operation, sinkingfund and reserve requirements of the resolution authorizing the issuance ofbonds for such project or of the trust agreement securing such bonds, and mayalso provide that the tolls on any such project may be reduced uponcompliance with the conditions, restrictions and limitations contained insuch resolution or trust agreement. During any such period the Board shallcollect any rates and charges other than tolls, and such rates and chargesshall remain subject to the provisions of such resolution or trust agreementapplicable thereto.
Any funds made available to the Board to meet the sinking fund requirementsof the resolution authorizing the issuance of bonds for any project or of thetrust agreement securing such bonds shall be paid by the Board into thesinking fund for such bonds from time to time as shall be necessary to meetsuch requirements.
(Code 1950, § 33-255.9; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c.322.)
The Board is hereby authorized to fix, revise, charge and collect tolls forthe use of each turnpike project and the different parts or sections thereof,and to contract with any person, partnership, association or corporationdesiring the use of any part thereof, including the right-of-way adjoiningthe paved portion, for placing thereon telephone, telegraph, electric lightor power lines, gas stations, garages, stores, hotels and restaurants, or forany other purpose except tracks for railroad or railway use, and to fix theterms, conditions, rents and rates of charges for such use, provided, that asufficient number of the aforementioned facilities shall be authorized to beestablished in each service area along any such turnpike project to permitreasonable competition by private business in the public interest. Such tollsshall be fixed and adjusted in respect of the aggregate of tolls from theturnpike project in connection with which the bonds of any issue shall havebeen issued as to provide a fund sufficient with other revenues, if any, topay (a) the cost of maintaining, repairing and operating such turnpikeproject and (b) the principal of and interest on such bonds as the same shallbecome due and payable, and to create reserves for such purposes. Such tollsshall not be subject to supervision or regulation by any other commission,board, bureau or agency of the Commonwealth. The tolls and all other revenuesderived from the turnpike project in connection with which the bonds of anyissue shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made; the tolls orother revenues or other moneys so pledged and thereafter received by theBoard shall immediately be subject to the lien of such pledge without anyphysical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kindin tort, contract or otherwise against the Board, irrespective of whethersuch parties have notice thereof. Neither the resolution nor any trustagreement by which a pledge is created need be filed or recorded except inthe records of the Board. The use and disposition of moneys to the credit ofsuch sinking fund shall be subject to the provisions of the resolutionauthorizing the issuance of such bonds or of such trust agreement. Except asmay otherwise be provided in such resolution or such trust agreement, suchsinking fund shall be a fund for all such bonds without distinction orpriority of one over another.
Notwithstanding the provisions of the foregoing paragraph of this section,the Board may provide that no tolls shall be charged on any project duringany period for which there are available to the Board from sources other thantolls amounts sufficient to meet the maintenance, repair, operation, sinkingfund and reserve requirements of the resolution authorizing the issuance ofbonds for such project or of the trust agreement securing such bonds, and mayalso provide that the tolls on any such project may be reduced uponcompliance with the conditions, restrictions and limitations contained insuch resolution or trust agreement. During any such period the Board shallcollect any rates and charges other than tolls, and such rates and chargesshall remain subject to the provisions of such resolution or trust agreementapplicable thereto.
Any funds made available to the Board to meet the sinking fund requirementsof the resolution authorizing the issuance of bonds for any project or of thetrust agreement securing such bonds shall be paid by the Board into thesinking fund for such bonds from time to time as shall be necessary to meetsuch requirements.
(Code 1950, § 33-255.9; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c.322.)
