1Repealing the act of July 16, 1941 (P.L.386, No.149), entitled,
2as amended, "An act providing for the establishment,
3construction, operation and maintenance of a mountain ridge
4road or parkway in the Pocono Mountains through, bordering or
5accessible to the counties of Monroe, Northampton, Carbon,
6Luzerne, Lackawanna, Wayne and Pike, to be known as the
7"Pocono Mountain Memorial Parkway"; providing for the
8creation of the Pennsylvania Parkway Commission, and
9conferring powers, and imposing duties on said commission;
10authorizing the issuance of parkway revenue bonds of the
11Commonwealth, payable solely from tolls, to pay the cost of
12such parkway; providing that no debt of the Commonwealth
13shall be incurred in the exercise of any of the powers
14granted by this act; providing for the collection of tolls
15for the payment of such bonds and for the cost of
16maintenance, operation and repair of the parkway; making such
17bonds exempt from taxation; constituting such bonds legal
18investments in certain instances; prescribing conditions upon
19which such parkway shall become free; providing for
20condemnation; granting certain powers and authority to
21municipal subdivisions and other agencies of the Commonwealth
22to cooperate with the commission; conferring powers and
23imposing duties on the Department of Highways and authorizing
24the issuance of parkway revenue refunding bonds."

25The General Assembly of the Commonwealth of Pennsylvania
26hereby enacts as follows:

27Section 1. The title and section 1 of the act of July 16,
281941 (P.L.386, No.149), entitled "An act providing for the

1establishment, construction, operation and maintenance of a
2mountain ridge road or parkway in the Pocono Mountains through,
3bordering or accessible to the counties of Monroe, Northampton,
4Carbon, Luzerne, Lackawanna, Wayne and Pike, to be known as the
5"Pocono Mountain Memorial Parkway"; providing for the creation
6of the Pennsylvania Parkway Commission, and conferring powers,
7and imposing duties on said commission; authorizing the issuance
8of parkway revenue bonds of the Commonwealth, payable solely
9from tolls, to pay the cost of such parkway; providing that no
10debt of the Commonwealth shall be incurred in the exercise of
11any of the powers granted by this act; providing for the
12collection of tolls for the payment of such bonds and for the
13cost of maintenance, operation and repair of the parkway; making
14such bonds exempt from taxation; constituting such bonds legal
15investments in certain instances; prescribing conditions upon
16which such parkway shall become free; providing for
17condemnation; granting certain powers and authority to municipal
18subdivisions and other agencies of the Commonwealth to cooperate
19with the commission; conferring powers and imposing duties on
20the Department of Highways and authorizing the issuance of
21parkway revenue refunding bonds," amended May 13, 1949,
22(P.L.1325, No.394), are repealed:

23[AN ACT

24Providing for the establishment, construction, operation and
25maintenance of a mountain ridge road or parkway in the Pocono
26Mountains through, bordering or accessible to the counties of
27Monroe, Northampton, Carbon, Luzerne, Lackawanna, Wayne and
28Pike, to be known as the "Pocono Mountain Memorial Parkway";
29providing for the creation of the Pennsylvania Parkway
30Commission, and conferring powers, and imposing duties on

1said commission; authorizing the issuance of parkway revenue
2bonds of the Commonwealth, payable solely from tolls, to pay
3the cost of such parkway; providing that no debt of the
4Commonwealth shall be incurred in the exercise of any of the
5powers granted by this act; providing for the collection of
6tolls for the payment of such bonds and for the cost of
7maintenance, operation and repair of the parkway; making such
8bonds exempt from taxation; constituting such bonds legal
9investments in certain instances; prescribing conditions upon
10which such parkway shall become free; providing for
11condemnation; granting certain powers and authority to
12municipal subdivisions and other agencies of the Commonwealth
13to cooperate with the commission; conferring powers and
14imposing duties on the Department of Highways and authorizing
15the issuance of parkway revenue refunding bonds.

16Section 1. The Department of Highways shall as soon as
17possible after the effective date of this act make surveys,
18estimates of costs and plans for the construction of a mountain
19ridge road or parkway over the Pocono Mountains through, or
20bordering, or accessible to, the counties of Monroe,
21Northampton, Carbon, Luzerne, Lackawanna, Wayne and Pike from a
22point at or near Delaware Water Gap in Monroe County to a point
23at or near Milford in Pike County, a distance of about seventy
24miles, to be known as the "Pocono Mountain Memorial Parkway" and
25shall be dedicated as a memorial to the sons and daughters of
26Pennsylvania who served in World Wars I and II.]

27Section 2. Sections 2 and 3 of the act are repealed:

28[Section 2. It shall be the plan of the parkway to avoid
29congested areas, if possible. The highway shall have as light
30grades as possible, and shall be designed primarily for tourist

1traffic and passenger vehicles. No intersecting highways
2carrying more than three hundred vehicles per day shall enter at
3grade level, nor shall any public driveways of any sort be
4permitted to enter thereon at intervals more frequent than five
5miles apart, at such points as the Secretary of Highways shall
6designate. No advertisements of any sort shall be permitted to
7be erected along said highway or within five hundred feet
8thereof under any circumstances, and no notices, signals or
9directions, other than those erected by the Department of
10Highways. Bridle trails and pedestrian foot paths may be
11constructed and maintained as their prospective use may seem to
12warrant. Landscaping and plantings shall be so planned that the
13Commonwealth's native plant life be utilized, and in such a
14manner that trees, high shrubbery or plantings will not obstruct
15the view of the valley side of the parkway. The parkway shall be
16constructed wherever possible over and through lands now owned
17by the Commonwealth as State forest, game or fish lands.

18The commission hereinafter created may from time to time as
19it sees fit prohibit the use of the parkway by any commercial
20vehicle, and it shall so prohibit the use thereof during the
21months of June, July, August and September, by any commercial
22vehicles except for forest fire protection, local deliveries,
23maintenance or emergency work involving service lines or
24military purposes.

25Section 3. The Pennsylvania Parkway Commission hereinafter
26created is hereby authorized and empowered to construct, operate
27and maintain the said parkway in accordance with the survey made
28by the Department of Highways, together with connecting tunnels
29and bridges, and to issue parkway revenue bonds of the
30Commonwealth, payable solely from tolls, to pay the cost of such

1construction.

2Parkway revenue bonds issued under the provisions of this act
3shall not be deemed to be a debt of the Commonwealth or a pledge
4of the faith and credit of the Commonwealth, but such bonds
5shall be payable exclusively from the fund herein provided
6therefor from tolls. All such bonds shall contain a statement on
7their face that the Commonwealth is not obligated to pay the
8same or the interest thereon except from tolls and that the
9faith and credit of the Commonwealth is not pledged to the
10payment of the principal or interest of such bonds. The issuance
11of parkway revenue bonds under the provisions of this act shall
12not directly or indirectly or contingently obligate the
13Commonwealth to levy or to pledge any form of taxation whatever
14therefor or to make any appropriation for their payment.]

15Section 3. Section 4 of the act, amended May 13, 1949
16(P.L.1325, No.394), is repealed:

17[Section 4. The following words and terms shall have the
18following meanings:

19(a) The word "commission" shall mean the Pennsylvania
20Parkway Commission hereinafter created, or, if said commission
21shall be abolished, any board, commission or officer succeeding
22to the principal functions thereof, or upon whom the powers
23given by this act to said commission shall be given by law.

24(b) The word "owner" shall include all individuals,
25copartnerships, associations or corporations having any title or
26interest in any property rights, easements or franchises
27authorized to be acquired by this act.

28(c) The word "parkway" shall mean the "Pocono Memorial
29Parkway" to be constructed as herein provided either bordering
30on or accessible to the Counties of Monroe, Northampton, Carbon,

1Luzerne, Lackawanna, Wayne and Pike and shall be deemed to
2include not only the road and all tunnels and bridges and
3connecting roads, not exceeding one thousand feet in length,
4connected therewith, but also all property rights, easements,
5franchises relating thereto and deemed necessary or convenient
6for the construction or operation thereof.

7(d) The term "cost of the parkway" shall embrace the cost of
8constructing the parkway and all connecting tunnels and bridges
9and connecting roads not more than one thousand feet in length;
10the cost of all lands, property rights, easements and franchises
11required which are deemed necessary for such construction; the
12cost of all machinery and equipment, financing charges and
13interest; the cost of traffic estimates and of engineering and
14legal expenses, plans, specifications, surveys, estimates of
15cost and of revenues other than expenses necessary or incident
16to determining the feasibility or practicability of the
17enterprise, administrative expense and such other expenses as
18may be necessary or incident to the financing herein authorized,
19the condemnation of property necessary for such construction and
20bridges, the placing of the same in operation and the
21condemnation of property necessary for such construction and
22operation. Any obligation or expense heretofore or hereafter
23incurred by the Department of Highways of the Commonwealth for
24surveys, traffic surveys, preparation of plans and
25specifications, supervision of construction and other
26engineering services performed by the department and its agents
27and employes in connection with the construction of the parkway
28or any of the connecting tunnels and bridges shall be regarded
29as a part of the cost of the parkway and shall be reimbursed to
30the Department of Highways out of the proceeds of the tolls

1collected and hereinafter authorized.]

2Section 4. Sections 5 and 6 of the act are repealed:

3[Section 5. There is hereby created a commission to be known
4as the "Pennsylvania Parkway Commission", and by that name the
5commission may sue and be sued, plead and be impleaded, contract
6and be contracted with, and have an official seal. The
7commission is hereby constituted an instrumentality of the
8Commonwealth, and the exercise by the commission of the powers
9conferred by this act in the construction, operation and
10maintenance of the parkway shall be deemed and held to be an
11essential governmental function of the Commonwealth. The
12commission shall consist of three members, and the Secretary of
13Highways shall be a member ex officio. The two remaining members
14shall be appointed by the Governor by and with the advice and
15consent of two-thirds of the members of the Senate, and shall be
16residents of the Commonwealth of Pennsylvania at the time of
17their appointment and qualification, and shall also at such time
18have been qualified electors therein for a period of at least
19one year next preceding their appointment. The appointed members
20of the commission shall continue in office for terms of eight
21and ten years respectively from the dates of their appointment
22and until their respective successors shall be duly appointed
23and qualified, the term of each appointed member to be
24designated by the Governor at the time of his appointment, but
25their successors shall each be appointed for a term of ten
26years, except that any person appointed to fill a vacancy shall
27serve only for the unexpired term, and any member of the
28commission shall be eligible for reappointment. Immediately
29after such appointments the members of the commission shall
30enter upon their duties. Each appointed member of the commission

1before entering upon his duties shall take the oath prescribed
2by Article VIII of the Constitution of the Commonwealth. The
3commission shall elect one of the appointed members as chairman
4of the commission and shall also elect a secretary and treasurer
5who may not be a member of the commission. Two members of the
6commission shall constitute a quorum who for all purposes must
7act unanimously. No vacancy in the commission shall impair the
8right of a quorum of the commissioners to exercise all the
9rights and perform all the duties of the commission. Before the
10issuance of any parkway revenue bonds under the provisions of
11this act, each appointed member of the commission shall execute
12a bond in the penalty of twenty-five thousand dollars ($25,000),
13and the secretary and treasurer shall execute a bond in the
14penalty of fifty thousand dollars ($50,000), each such bond to
15be approved by the Governor, and to be conditioned upon the
16faithful performance of the duties of his office, which bonds
17shall be filed in the office of the Secretary of the
18Commonwealth. The commission shall make necessary rules and
19regulations for its own government and shall have power and
20authority to acquire, own, use, hire, lease, operate and dispose
21of personal property, real property and interests in real
22property, and to make and enter into all contracts and
23agreements necessary or incidental to the performance of its
24duties and the execution of its powers under this act, and to
25employ engineering, traffic, architectural and construction
26experts and inspectors and attorneys and such other employes as
27may be necessary in its judgment, and fix their compensation:
28Provided, however, That all contracts and agreements relating to
29the construction of the parkway and connecting tunnels and
30bridges shall be approved by the Department of Highways, and the

1parkway and connecting tunnels and bridges shall be constructed
2under the supervision of the Department of Highways. Each
3appointed member of the commission shall receive an annual
4salary of five thousand dollars ($5,000) payable in monthly
5installments, and each member of the commission shall be
6reimbursed for necessary expenses incurred in the performance of
7his duties. All such compensation and salaries and all expenses
8incurred in carrying out the provisions of this act shall be
9paid solely from funds provided under the authority of this act,
10and no liability or obligation shall be incurred hereunder
11beyond the extent to which money shall have been provided under
12the authority of this act. All public or private property
13damaged or destroyed in carrying out the powers granted by this
14act shall be restored or repaired and placed in their original
15condition as nearly as practicable, or adequate compensation
16made therefor out of funds provided under the authority of this
17act.

18Section 6. The commission with the approval of the
19Department of Highways is hereby authorized and empowered to
20acquire by purchase, whenever it shall deem such purchase
21expedient, such tunnels, whether wholly or partly constructed,
22rights of way, franchises, easements and other interests in
23lands, as it may deem necessary for the construction and
24operation of the parkway, upon such terms and at such price as
25may be considered by it to be reasonable and can be agreed upon
26between the commission and the owner thereof, and to take title
27thereto in the name of the commission.]

28Section 5. Section 7 of the act, repealed in part June 3,
291971 (P.L.118, No.6), is repealed:

30[Section 7. Whenever a reasonable price cannot be agreed

1upon or whenever the owner is legally incapacitated, or is
2absent, or is unable to convey valid title, or is unknown, the
3commission is hereby authorized and empowered to acquire by
4condemnation any such tunnel or tunnels, whether wholly or
5partly constructed, or interest or interests therein, and any
6lands, rights, easements, franchises and other property deemed
7necessary or convenient for the construction or the efficient
8operation of the parkway in the manner hereinafter provided.
9Title to any property condemned by the commission shall be taken
10in the name of the commission. The commission shall be under no
11obligation to accept and pay for any property condemned or any
12costs incidental to any condemnation proceedings and shall in no
13event pay for the same except from the funds provided by this
14act, and in any condemnation proceedings the court having
15jurisdiction of the suit, action or proceeding may make such
16orders as may be just to the commission and to the owners of the
17property to be condemned and may require an undertaking or other
18security to secure such owners against any loss or damage by
19reason of the failure of the commission to accept and pay for
20the property, but such undertaking or security shall impose no
21liability upon the Commonwealth, except such as may be paid from
22the funds provided under the authority of this act.

23All counties, cities, boroughs, townships and other political
24subdivisions and municipalities and all public agencies and
25commissions of the Commonwealth of Pennsylvania, notwithstanding
26any contrary provision of law, are hereby authorized and
27empowered to lease, lend, grant or convey to the commission upon
28its request upon such terms and conditions as the proper
29authorities of such counties, cities, boroughs, townships,
30political subdivisions or other municipalities may deem

1reasonable and fair and without the necessity for any
2advertisement, order of court or other action or formality,
3other than the regular and formal action of the authorities
4concerned, any real property which may be necessary or
5convenient to the effectuation of the authorized purposes of the
6commission, including real property already devoted to public
7use.]

8Section 6. Sections 8 and 9 of the act are repealed:

9[Section 8. Whenever the commission decides to acquire any
10such tunnel or tunnels, lands, right, easements and franchises
11or interests therein by condemnation as hereinbefore provided
12and has tendered a bond or other security in sufficient sum to
13secure the owner or owners for damages and the same has been
14accepted, or, if the acceptance of said bond has been refused
15and the same had been filed in and approved by the court in
16which such condemnation proceeding is instituted, the commission
17shall have the right to immediate possession of the property
18which is the subject matter of the condemnation proceedings and
19may enter thereon in the name of the commission. If the owner,
20lessee or occupier of any of said premises shall refuse to
21remove his personal property therefrom or give up possession
22thereof, the commission may proceed to obtain possession in the
23manner now provided by law for the obtaining possession by the
24Secretary of Highways of occupied structures.

25Section 9. The commission is hereby authorized to provide by
26resolution at one time or from time to time for the issuance of
27parkway revenue bonds of the Commonwealth for the purpose of
28paying the cost as hereinabove defined of the parkway, which
29resolution shall recite an estimate of such cost. The principal
30and interest of such bonds shall be payable solely from the

1special fund herein provided for such payment. The bonds shall
2be dated, shall bear interest at such rate or rates, not
3exceeding six per centum per annum, payable semi-annually, shall
4mature at such time or times, not exceeding forty years from
5their date or dates, as may be determined by the commission and
6may be made redeemable before maturity at the option of the
7commission at such price or prices and under such terms and
8conditions as may be fixed by the commission prior to the
9issuance of the bonds: Provided, however, That the amount of
10premium on any bonds shall not cause the yield to be more than
11six per centum per annum from the date of such bonds to the date
12of their redemption. The bonds may be issued in series with
13varying provisions as to rates of interest, maturity and other
14provisions not inconsistent with this act, but all bonds of
15whatever series shall share ratably in the tolls hereinafter
16pledged as security therefor. The principal and interest of such
17bonds may be made payable in any lawful medium. The commission
18shall determine the form of the bonds, including any interest
19coupons to be attached thereto, and shall fix the denomination
20or denominations of the bonds and the place or places of payment
21of principal and interest thereof, which may be at any bank or
22trust company within or without the Commonwealth. The bonds
23shall be signed by the Governor and by the chairman of the
24commission, and the official seal of the commission shall be
25affixed thereto and attested by the secretary and treasurer of
26the commission, and any coupons attached thereto shall bear the
27facsimile signature of the chairman of the commission. In case
28any officer whose signature shall appear on any bonds or coupons
29shall cease to be such officer before the delivery of such
30bonds, such signature shall nevertheless be valid and sufficient

1for all purposes the same as if he had remained in office until
2such delivery. All parkway revenue bonds issued under the
3provisions of this act shall have and are hereby declared to
4have all the qualities and incidents of negotiable instruments
5under the negotiable instruments law of the Commonwealth. The
6bonds may be issued in coupon or in registered form, or both, as
7the commission may determine, and provision may be made for the
8registration of any coupon bond as to principal alone and also
9as to both principal and interest, and registered and coupon
10bonds shall be interchangeable. The commission may sell such
11bonds in such manner and for such price as it may determine to
12be for the best interests of the Commonwealth, but no such sale
13shall be made at a price so low as to require the payment of
14interest on the money received therefor at more than six per
15centum per annum computed with relation to the absolute maturity
16of the bonds in accordance with standard tables of bond values.
17The proceeds of such bonds shall be used solely for the payment
18of the cost of the parkway and shall be disbursed upon
19requisition of the chairman of the commission under such
20restrictions, if any, as the resolution authorizing the issuance
21of the bonds or the trust indenture hereinafter mentioned may
22provide. If the proceeds of such bonds, by error of calculation
23or otherwise, shall be less than the cost of the parkway,
24additional bonds may in like manner be issued to provide the
25amount of such deficit, and, unless otherwise provided in the
26resolution authorizing the issuance of the bonds or in the trust
27indenture, shall be deemed to be of the same issue and shall be
28entitled to payment from the same fund without preference or
29priority of the bonds first issued. If the proceeds of the bonds
30shall exceed the cost of the parkway, the surplus shall be paid

1into the fund hereinafter provided for the payment of principal
2and interest of such bonds. Prior to the preparation of
3definitive bonds the commission may, under like restrictions,
4issue temporary bonds, with or without coupons, exchangeable for
5definitive bonds upon the issuance of the latter. The commission
6may also provide for the replacement of any bond which shall
7become mutilated or be destroyed or lost. Such parkway revenue
8bonds may be issued without any other proceedings or the
9happening of any other conditions or things than those
10proceedings, conditions and things which are specified and
11required by this act.

12Such bonds are hereby made securities in which all State and
13municipal officers and administrative departments, boards and
14commissions of the Commonwealth, all banks, bankers, savings
15banks, trust companies, saving and loan associations, investment
16companies and other persons carrying on a banking business, all
17insurance companies, insurance associations and other persons
18carrying on an insurance business and all administrators,
19executors, guardians, trustees and other fiduciaries and all
20other persons whatsoever who now or may hereafter be authorized
21to invest in bonds or other obligations of the Commonwealth may
22properly and legally invest any funds, including capital
23belonging to them or within their control, and said bonds or
24other securities or obligations are hereby made securities which
25may properly and legally be deposited with and received by any
26State or municipal officers or agency of the Commonwealth for
27any purpose for which the deposit of bonds or other obligations
28of the Commonwealth is now or may hereafter be authorized by
29law.]

30Section 7. Section 10 of the act, amended May 13, 1949

1(P.L.1325, No.394), is repealed:

2[Section 10. All moneys received from any bonds issued
3pursuant to this act shall be applied solely to the payment of
4the cost of making surveys, estimates of costs and plans for the
5construction of the parkway and the cost of the parkway or to
6the appurtenant fund, and there shall be and hereby is created
7and granted a lien upon such moneys until so applied in favor of
8holders of such bonds or the trustee hereinafter provided for in
9respect of such bonds.]

10Section 8. Sections 11, 12, 13, 14, 15, 16, 17 and 19 of the
11act are repealed:

12[Section 11. In the discretion of the commission such bonds
13may be secured by a trust indenture by and between the
14commission and a corporate trustee which may be any trust
15company or bank having the powers of a trust company within or
16outside of the Commonwealth. Such trust indenture may pledge or
17assign tolls and revenue to be received, but shall not convey or
18mortgage the parkway or any part thereof. Either the resolution
19providing for the issuance of such bonds or such trust indenture
20may contain such provisions for protecting and enforcing the
21rights and remedies of the bondholders as may be reasonable and
22proper and not in violation of law, including covenants setting
23forth the duties of the commission in relation to the
24acquisition of properties and the construction, maintenance,
25operation and repair and insurance of the parkway and the
26custody, safeguarding and application of all moneys. It shall be
27lawful for any bank or trust company incorporated under the laws
28of this Commonwealth to act as depository of the proceeds of the
29bonds or revenues and to furnish such indemnity bonds or to
30pledge such securities as may be required by the commission.

1Such indenture may set forth the rights and remedies of the
2bondholders and of the trustee and may restrict the individual
3right of action of bondholders as is customary in trust
4indentures securing bonds and debentures of corporations. In
5addition to the foregoing such trust indenture may contain such
6other provisions as the commission may deem reasonable and
7proper for the security of bondholders. All expenses incurred in
8carrying out such trust indenture may be treated as part of the
9cost of maintenance, operation and repair of the parkway.

10Section 12. The accomplishment by the commission of the
11authorized purposes stated in this act being for the benefit of
12the people of the Commonwealth and for the improvement of their
13commerce and prosperity, in which accomplishment the commission
14will be performing essential governmental functions, the
15commission shall not be required to pay any taxes or assessments
16on any property acquired or used by it for the purposes provided
17in this act, and the bonds or other securities and obligations
18issued by the commission, their transfer and the income
19therefrom, including any profits made on the sale thereof, shall
20at all times be free from taxation within the Commonwealth.

21Section 13. The parkway when completed and opened to traffic
22shall be maintained and repaired by and under the control of the
23commission, through the Department of Highways of the
24Commonwealth, and all charges and costs for such maintenance and
25repairs actually expended by said Department of Highways shall
26be paid to it by the commission, upon certification thereof, out
27of tolls. Such parkway shall also be policed and operated by
28such force of police, toll-takers and other operating employes
29as the commission may in its discretion employ.

30The commission is hereby authorized to (a) fix and to revise

1from time to time tolls for the use of the parkway and the
2different parts or sections thereof and to charge and collect
3the same, except that no toll shall be collected from officers
4of the Departments of Forests and Waters, Game and Fish, or
5Highways, operating vehicles thereon, when on official business
6of the Commonwealth and (b) contract with any person,
7partnership, association or corporation desiring the use of any
8part thereof, including the right of way adjoining the paved
9portion for placing thereon telephone, telegraph, electric light
10or power lines, gas stations, garages, stores, hotels,
11restaurants and advertising signs or for any other purpose,
12except for tracts for railroad or railway use, and to fix the
13terms, conditions, rents and rates of charges for such use. Such
14tolls shall be so fixed and adjusted as to provide a fund at
15least sufficient with other revenues of the parkway, if any, to
16pay (a) the cost of maintaining, repairing and operating the
17parkway and (b) the bonds and the interest thereon and all
18sinking fund requirements and other requirements provided by the
19resolution authorizing the issuance of the bonds or by the trust
20indenture as the same shall become due. Such tolls shall not be
21subject to supervision or regulation by any other State
22commission, board, bureau or agency. The tolls and all other
23revenues derived from the parkway, except such part thereof as
24may be required to pay the cost of maintenance, repairing and
25operating the parkway and to provide such reserves therefor as
26may be provided for in the resolution authorizing the issuance
27of the bonds or in the trust indenture, shall be set aside at
28such regular intervals as may be provided in such resolution or
29such trust indenture in a sinking fund which is hereby pledged
30to and charged with the payment of (1) the interest upon such

1bonds as such interest shall fall due, (2) the principal of the
2bonds as the same shall fall due, (3) the necessary fiscal
3agency charges for paying principal and interest, and (4) any
4premium upon bonds retired by call or purchase as herein
5provided. The use and disposition of such sinking fund shall be
6subject to such regulations as may be provided in the resolution
7authorizing the issuance of bonds or in the trust indenture,
8but, except as may otherwise be provided in such resolution or
9trust indenture, such sinking fund shall be a fund for the
10benefit of all bonds issued hereunder without distinction or
11priority of one over another. Subject to the provisions of the
12resolutions authorizing the issuance of bonds or of the trust
13indenture, any moneys in such sinking fund in excess of an
14amount equal to one year's interest on all bonds then
15outstanding may be applied to the purchase or redemption of
16bonds. All bonds so purchased or redeemed shall forthwith be
17cancelled and shall not again be issued.

18Section 14. The commission is hereby authorized to provide
19by resolution for the issuance of parkway revenue refunding
20bonds of the Commonwealth for the purpose of refunding any
21parkway revenue bonds issued under the provisions of this act
22and then outstanding. The issuance of such parkway revenue
23refunding bonds, the maturities and other details thereof, the
24rights of the holders thereof and the duties of the Commonwealth
25and of the commission in respect to the same shall be governed
26by the foregoing provisions of this act in so far as the same
27may be applicable and by the following provisions:

28(a) No parkway revenue refunding bonds shall be delivered
29unless delivered in exchange for parkway revenue bonds to be
30refunded thereby, except in the amount necessary to provide for

1the payment of matured or redeemable parkway revenue bonds or
2parkway revenue bonds maturing or redeemable within three
3months, including any redemption premium thereon;

4(b) No parkway revenue refunding bonds shall be issued
5unless issued to refund parkway revenue bonds which have matured
6or will mature within three months or unless the interest rate
7of the parkway revenue refunding bonds shall be at least one-
8fourth of one per centum less than the interest rate borne by
9the parkway revenue bonds to be refunded.

10Section 15. Any holder of bonds issued under the provisions
11of this act or any of the coupons attached thereto and the
12trustee under the trust indenture, if any, except to the extent
13the rights herein given may be restricted by resolution passed
14before the issuance of the bonds or by the trust indenture, may
15either at law or in equity by suit, action, mandamus or other
16proceedings protect and enforce any and all rights granted
17hereunder or under such resolution or trust indenture and may
18enforce and compel performance of all duties required by this
19act or by such resolution or trust indenture to be performed by
20the commission or any officer thereof, including the fixing,
21charging and collecting of tolls for the use of the parkway.

22Section 16. When all bonds and the interest thereon shall
23have been paid or a sufficient amount for the payment of all
24bonds and the interest to maturity thereon shall have been set
25aside in trust for the benefit of the bondholders and shall
26continue to be held for that purpose, the parkway and the
27connecting tunnels and bridges shall become a part of the system
28of State highways and shall be maintained by the Department of
29Highways free of tolls, and thereupon the commission shall be
30dissolved, and all funds of the commission not required for the

1payment of the bonds and all machinery, equipment and other
2property belonging to the commission shall be vested in the
3Department of Highways.

4Section 17. The foregoing sections of this act shall be
5deemed to provide an additional and alternative method for the
6doing of the things authorized thereby and shall be regarded as
7supplemental and additional to powers conferred by other laws
8and shall not be regarded as in derogation of any powers now
9existing. Such sections being necessary for the welfare of the
10Commonwealth and its inhabitants shall be liberally construed to
11effect the purposes thereof.

12Section 19. This act shall become effective immediately upon
13final enactment.]

14Section 9. This act shall take effect in 60 days.