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PRINTER'S NO. 1224
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1062
Session of
2019
INTRODUCED BY PEIFER, MILLARD, RYAN, LEWIS, MARSHALL, PICKETT,
TOOHIL, TOPPER, HICKERNELL, IRVIN, JAMES, KAUFER, OBERLANDER,
ZIMMERMAN, NEILSON AND SCHLEGEL CULVER, APRIL 5, 2019
REFERRED TO COMMITTEE ON TRANSPORTATION, APRIL 5, 2019
AN ACT
Repealing the act of July 16, 1941 (P.L.386, No.149), entitled
"An act providing for the establishment, construction,
operation and maintenance of a mountain ridge road or parkway
in the Pocono Mountains through, bordering or accessible to
the counties of Monroe, Northampton, Carbon, Luzerne,
Lackawanna, Wayne and Pike, to be known as the "Pocono
Mountain Memorial Parkway"; providing for the creation of the
Pennsylvania Parkway Commission, and conferring powers, and
imposing duties on said commission; authorizing the issuance
of parkway revenue bonds of the Commonwealth, payable solely
from tolls, to pay the cost of such parkway; providing that
no debt of the Commonwealth shall be incurred in the exercise
of any of the powers granted by this act; providing for the
collection of tolls for the payment of such bonds and for the
cost of maintenance, operation and repair of the parkway;
making such bonds exempt from taxation; constituting such
bonds legal investments in certain instances; prescribing
conditions upon which such parkway shall become free;
providing for condemnation; granting certain powers and
authority to municipal subdivisions and other agencies of the
Commonwealth to cooperate with the commission; conferring
powers and imposing duties on the Department of Highways and
authorizing the issuance of parkway revenue refunding bonds."
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of July 16, 1941 (P.L.386, No.149),
entitled "An act providing for the establishment, construction,
operation and maintenance of a mountain ridge road or parkway in
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the Pocono Mountains through, bordering or accessible to the
counties of Monroe, Northampton, Carbon, Luzerne, Lackawanna,
Wayne and Pike, to be known as the "Pocono Mountain Memorial
Parkway"; providing for the creation of the Pennsylvania Parkway
Commission, and conferring powers, and imposing duties on said
commission; authorizing the issuance of parkway revenue bonds of
the Commonwealth, payable solely from tolls, to pay the cost of
such parkway; providing that no debt of the Commonwealth shall
be incurred in the exercise of any of the powers granted by this
act; providing for the collection of tolls for the payment of
such bonds and for the cost of maintenance, operation and repair
of the parkway; making such bonds exempt from taxation;
constituting such bonds legal investments in certain instances;
prescribing conditions upon which such parkway shall become
free; providing for condemnation; granting certain powers and
authority to municipal subdivisions and other agencies of the
Commonwealth to cooperate with the commission; conferring powers
and imposing duties on the Department of Highways and
authorizing the issuance of parkway revenue refunding bonds," is
repealed:
[AN ACT
Providing for the establishment, construction, operation and
maintenance of a mountain ridge road or parkway in the Pocono
Mountains through, bordering or accessible to the counties of
Monroe, Northampton, Carbon, Luzerne, Lackawanna, Wayne and
Pike, to be known as the "Pocono Mountain Memorial Parkway";
providing for the creation of the Pennsylvania Parkway
Commission, and conferring powers, and imposing duties on
said commission; authorizing the issuance of parkway revenue
bonds of the Commonwealth, payable solely from tolls, to pay
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the cost of such parkway; providing that no debt of the
Commonwealth shall be incurred in the exercise of any of the
powers granted by this act; providing for the collection of
tolls for the payment of such bonds and for the cost of
maintenance, operation and repair of the parkway; making such
bonds exempt from taxation; constituting such bonds legal
investments in certain instances; prescribing conditions upon
which such parkway shall become free; providing for
condemnation; granting certain powers and authority to
municipal subdivisions and other agencies of the Commonwealth
to cooperate with the commission; conferring powers and
imposing duties on the Department of Highways and authorizing
the issuance of parkway revenue refunding bonds.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The Department of Highways shall as soon as
possible after the effective date of this act make surveys,
estimates of costs and plans for the construction of a mountain
ridge road or parkway over the Pocono Mountains through, or
bordering, or accessible to, the counties of Monroe,
Northampton, Carbon, Luzerne, Lackawanna, Wayne and Pike from a
point at or near Delaware Water Gap in Monroe County to a point
at or near Milford in Pike County, a distance of about seventy
miles, to be known as the "Pocono Mountain Memorial Parkway" and
shall be dedicated as a memorial to the sons and daughters of
Pennsylvania who served in World Wars I and II.
Section 2. It shall be the plan of the parkway to avoid
congested areas, if possible. The highway shall have as light
grades as possible, and shall be designed primarily for tourist
traffic and passenger vehicles. No intersecting highways
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carrying more than three hundred vehicles per day shall enter at
grade level, nor shall any public driveways of any sort be
permitted to enter thereon at intervals more frequent than five
miles apart, at such points as the Secretary of Highways shall
designate. No advertisements of any sort shall be permitted to
be erected along said highway or within five hundred feet
thereof under any circumstances, and no notices, signals or
directions, other than those erected by the Department of
Highways. Bridle trails and pedestrian foot paths may be
constructed and maintained as their prospective use may seem to
warrant. Landscaping and plantings shall be so planned that the
Commonwealth's native plant life be utilized, and in such a
manner that trees, high shrubbery or plantings will not obstruct
the view of the valley side of the parkway. The parkway shall be
constructed wherever possible over and through lands now owned
by the Commonwealth as State forest, game or fish lands.
The commission hereinafter created may from time to time as
it sees fit prohibit the use of the parkway by any commercial
vehicle, and it shall so prohibit the use thereof during the
months of June, July, August and September, by any commercial
vehicles except for forest fire protection, local deliveries,
maintenance or emergency work involving service lines or
military purposes.
Section 3. The Pennsylvania Parkway Commission hereinafter
created is hereby authorized and empowered to construct, operate
and maintain the said parkway in accordance with the survey made
by the Department of Highways, together with connecting tunnels
and bridges, and to issue parkway revenue bonds of the
Commonwealth, payable solely from tolls, to pay the cost of such
construction.
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Parkway revenue bonds issued under the provisions of this act
shall not be deemed to be a debt of the Commonwealth or a pledge
of the faith and credit of the Commonwealth, but such bonds
shall be payable exclusively from the fund herein provided
therefor from tolls. All such bonds shall contain a statement on
their face that the Commonwealth is not obligated to pay the
same or the interest thereon except from tolls and that the
faith and credit of the Commonwealth is not pledged to the
payment of the principal or interest of such bonds. The issuance
of parkway revenue bonds under the provisions of this act shall
not directly or indirectly or contingently obligate the
Commonwealth to levy or to pledge any form of taxation whatever
therefor or to make any appropriation for their payment.
Section 4. The following words and terms shall have the
following meanings:
(a) The word "commission" shall mean the Pennsylvania
Parkway Commission hereinafter created, or, if said commission
shall be abolished, any board, commission or officer succeeding
to the principal functions thereof, or upon whom the powers
given by this act to said commission shall be given by law.
(b) The word "owner" shall include all individuals,
copartnerships, associations or corporations having any title or
interest in any property rights, easements or franchises
authorized to be acquired by this act.
(c) The word "parkway" shall mean the "Pocono Memorial
Parkway" to be constructed as herein provided either bordering
on or accessible to the Counties of Monroe, Northampton, Carbon,
Luzerne, Lackawanna, Wayne and Pike and shall be deemed to
include not only the road and all tunnels and bridges and
connecting roads, not exceeding one thousand feet in length,
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connected therewith, but also all property rights, easements,
franchises relating thereto and deemed necessary or convenient
for the construction or operation thereof.
(d) The term "cost of the parkway" shall embrace the cost of
constructing the parkway and all connecting tunnels and bridges
and connecting roads not more than one thousand feet in length;
the cost of all lands, property rights, easements and franchises
required which are deemed necessary for such construction; the
cost of all machinery and equipment, financing charges and
interest; the cost of traffic estimates and of engineering and
legal expenses, plans, specifications, surveys, estimates of
cost and of revenues other than expenses necessary or incident
to determining the feasibility or practicability of the
enterprise, administrative expense and such other expenses as
may be necessary or incident to the financing herein authorized,
the condemnation of property necessary for such construction and
bridges, the placing of the same in operation and the
condemnation of property necessary for such construction and
operation. Any obligation or expense heretofore or hereafter
incurred by the Department of Highways of the Commonwealth for
surveys, traffic surveys, preparation of plans and
specifications, supervision of construction and other
engineering services performed by the department and its agents
and employes in connection with the construction of the parkway
or any of the connecting tunnels and bridges shall be regarded
as a part of the cost of the parkway and shall be reimbursed to
the Department of Highways out of the proceeds of the tolls
collected and hereinafter authorized.
Section 5. There is hereby created a commission to be known
as the "Pennsylvania Parkway Commission", and by that name the
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commission may sue and be sued, plead and be impleaded, contract
and be contracted with, and have an official seal. The
commission is hereby constituted an instrumentality of the
Commonwealth, and the exercise by the commission of the powers
conferred by this act in the construction, operation and
maintenance of the parkway shall be deemed and held to be an
essential governmental function of the Commonwealth. The
commission shall consist of three members, and the Secretary of
Highways shall be a member ex officio. The two remaining members
shall be appointed by the Governor by and with the advice and
consent of two-thirds of the members of the Senate, and shall be
residents of the Commonwealth of Pennsylvania at the time of
their appointment and qualification, and shall also at such time
have been qualified electors therein for a period of at least
one year next preceding their appointment. The appointed members
of the commission shall continue in office for terms of eight
and ten years respectively from the dates of their appointment
and until their respective successors shall be duly appointed
and qualified, the term of each appointed member to be
designated by the Governor at the time of his appointment, but
their successors shall each be appointed for a term of ten
years, except that any person appointed to fill a vacancy shall
serve only for the unexpired term, and any member of the
commission shall be eligible for reappointment. Immediately
after such appointments the members of the commission shall
enter upon their duties. Each appointed member of the commission
before entering upon his duties shall take the oath prescribed
by Article VIII of the Constitution of the Commonwealth. The
commission shall elect one of the appointed members as chairman
of the commission and shall also elect a secretary and treasurer
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who may not be a member of the commission. Two members of the
commission shall constitute a quorum who for all purposes must
act unanimously. No vacancy in the commission shall impair the
right of a quorum of the commissioners to exercise all the
rights and perform all the duties of the commission. Before the
issuance of any parkway revenue bonds under the provisions of
this act, each appointed member of the commission shall execute
a bond in the penalty of twenty-five thousand dollars ($25,000),
and the secretary and treasurer shall execute a bond in the
penalty of fifty thousand dollars ($50,000), each such bond to
be approved by the Governor, and to be conditioned upon the
faithful performance of the duties of his office, which bonds
shall be filed in the office of the Secretary of the
Commonwealth. The commission shall make necessary rules and
regulations for its own government and shall have power and
authority to acquire, own, use, hire, lease, operate and dispose
of personal property, real property and interests in real
property, and to make and enter into all contracts and
agreements necessary or incidental to the performance of its
duties and the execution of its powers under this act, and to
employ engineering, traffic, architectural and construction
experts and inspectors and attorneys and such other employes as
may be necessary in its judgment, and fix their compensation:
Provided, however, That all contracts and agreements relating to
the construction of the parkway and connecting tunnels and
bridges shall be approved by the Department of Highways, and the
parkway and connecting tunnels and bridges shall be constructed
under the supervision of the Department of Highways. Each
appointed member of the commission shall receive an annual
salary of five thousand dollars ($5,000) payable in monthly
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installments, and each member of the commission shall be
reimbursed for necessary expenses incurred in the performance of
his duties. All such compensation and salaries and all expenses
incurred in carrying out the provisions of this act shall be
paid solely from funds provided under the authority of this act,
and no liability or obligation shall be incurred hereunder
beyond the extent to which money shall have been provided under
the authority of this act. All public or private property
damaged or destroyed in carrying out the powers granted by this
act shall be restored or repaired and placed in their original
condition as nearly as practicable, or adequate compensation
made therefor out of funds provided under the authority of this
act.
Section 6. The commission with the approval of the
Department of Highways is hereby authorized and empowered to
acquire by purchase, whenever it shall deem such purchase
expedient, such tunnels, whether wholly or partly constructed,
rights of way, franchises, easements and other interests in
lands, as it may deem necessary for the construction and
operation of the parkway, upon such terms and at such price as
may be considered by it to be reasonable and can be agreed upon
between the commission and the owner thereof, and to take title
thereto in the name of the commission.
Section 7. Whenever a reasonable price cannot be agreed upon
or whenever the owner is legally incapacitated, or is absent, or
is unable to convey valid title, or is unknown, the commission
is hereby authorized and empowered to acquire by condemnation
any such tunnel or tunnels, whether wholly or partly
constructed, or interest or interests therein, and any lands,
rights, easements, franchises and other property deemed
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necessary or convenient for the construction or the efficient
operation of the parkway in the manner hereinafter provided.
Title to any property condemned by the commission shall be taken
in the name of the commission. The commission shall be under no
obligation to accept and pay for any property condemned or any
costs incidental to any condemnation proceedings and shall in no
event pay for the same except from the funds provided by this
act, and in any condemnation proceedings the court having
jurisdiction of the suit, action or proceeding may make such
orders as may be just to the commission and to the owners of the
property to be condemned and may require an undertaking or other
security to secure such owners against any loss or damage by
reason of the failure of the commission to accept and pay for
the property, but such undertaking or security shall impose no
liability upon the Commonwealth, except such as may be paid from
the funds provided under the authority of this act.
All counties, cities, boroughs, townships and other political
subdivisions and municipalities and all public agencies and
commissions of the Commonwealth of Pennsylvania, notwithstanding
any contrary provision of law, are hereby authorized and
empowered to lease, lend, grant or convey to the commission upon
its request upon such terms and conditions as the proper
authorities of such counties, cities, boroughs, townships,
political subdivisions or other municipalities may deem
reasonable and fair and without the necessity for any
advertisement, order of court or other action or formality,
other than the regular and formal action of the authorities
concerned, any real property which may be necessary or
convenient to the effectuation of the authorized purposes of the
commission, including real property already devoted to public
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use.
Section 8. Whenever the commission decides to acquire any
such tunnel or tunnels, lands, right, easements and franchises
or interests therein by condemnation as hereinbefore provided
and has tendered a bond or other security in sufficient sum to
secure the owner or owners for damages and the same has been
accepted, or, if the acceptance of said bond has been refused
and the same had been filed in and approved by the court in
which such condemnation proceeding is instituted, the commission
shall have the right to immediate possession of the property
which is the subject matter of the condemnation proceedings and
may enter thereon in the name of the commission. If the owner,
lessee or occupier of any of said premises shall refuse to
remove his personal property therefrom or give up possession
thereof, the commission may proceed to obtain possession in the
manner now provided by law for the obtaining possession by the
Secretary of Highways of occupied structures.
Section 9. The commission is hereby authorized to provide by
resolution at one time or from time to time for the issuance of
parkway revenue bonds of the Commonwealth for the purpose of
paying the cost as hereinabove defined of the parkway, which
resolution shall recite an estimate of such cost. The principal
and interest of such bonds shall be payable solely from the
special fund herein provided for such payment. The bonds shall
be dated, shall bear interest at such rate or rates, not
exceeding six per centum per annum, payable semi-annually, shall
mature at such time or times, not exceeding forty years from
their date or dates, as may be determined by the commission and
may be made redeemable before maturity at the option of the
commission at such price or prices and under such terms and
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conditions as may be fixed by the commission prior to the
issuance of the bonds: Provided, however, That the amount of
premium on any bonds shall not cause the yield to be more than
six per centum per annum from the date of such bonds to the date
of their redemption. The bonds may be issued in series with
varying provisions as to rates of interest, maturity and other
provisions not inconsistent with this act, but all bonds of
whatever series shall share ratably in the tolls hereinafter
pledged as security therefor. The principal and interest of such
bonds may be made payable in any lawful medium. The commission
shall determine the form of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination
or denominations of the bonds and the place or places of payment
of principal and interest thereof, which may be at any bank or
trust company within or without the Commonwealth. The bonds
shall be signed by the Governor and by the chairman of the
commission, and the official seal of the commission shall be
affixed thereto and attested by the secretary and treasurer of
the commission, and any coupons attached thereto shall bear the
facsimile signature of the chairman of the commission. In case
any officer whose signature shall appear on any bonds or coupons
shall cease to be such officer before the delivery of such
bonds, such signature shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until
such delivery. All parkway revenue bonds issued under the
provisions of this act shall have and are hereby declared to
have all the qualities and incidents of negotiable instruments
under the negotiable instruments law of the Commonwealth. The
bonds may be issued in coupon or in registered form, or both, as
the commission may determine, and provision may be made for the
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registration of any coupon bond as to principal alone and also
as to both principal and interest, and registered and coupon
bonds shall be interchangeable. The commission may sell such
bonds in such manner and for such price as it may determine to
be for the best interests of the Commonwealth, but no such sale
shall be made at a price so low as to require the payment of
interest on the money received therefor at more than six per
centum per annum computed with relation to the absolute maturity
of the bonds in accordance with standard tables of bond values.
The proceeds of such bonds shall be used solely for the payment
of the cost of the parkway and shall be disbursed upon
requisition of the chairman of the commission under such
restrictions, if any, as the resolution authorizing the issuance
of the bonds or the trust indenture hereinafter mentioned may
provide. If the proceeds of such bonds, by error of calculation
or otherwise, shall be less than the cost of the parkway,
additional bonds may in like manner be issued to provide the
amount of such deficit, and, unless otherwise provided in the
resolution authorizing the issuance of the bonds or in the trust
indenture, shall be deemed to be of the same issue and shall be
entitled to payment from the same fund without preference or
priority of the bonds first issued. If the proceeds of the bonds
shall exceed the cost of the parkway, the surplus shall be paid
into the fund hereinafter provided for the payment of principal
and interest of such bonds. Prior to the preparation of
definitive bonds the commission may, under like restrictions,
issue temporary bonds, with or without coupons, exchangeable for
definitive bonds upon the issuance of the latter. The commission
may also provide for the replacement of any bond which shall
become mutilated or be destroyed or lost. Such parkway revenue
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bonds may be issued without any other proceedings or the
happening of any other conditions or things than those
proceedings, conditions and things which are specified and
required by this act.
Such bonds are hereby made securities in which all State and
municipal officers and administrative departments, boards and
commissions of the Commonwealth, all banks, bankers, savings
banks, trust companies, saving and loan associations, investment
companies and other persons carrying on a banking business, all
insurance companies, insurance associations and other persons
carrying on an insurance business and all administrators,
executors, guardians, trustees and other fiduciaries and all
other persons whatsoever who now or may hereafter be authorized
to invest in bonds or other obligations of the Commonwealth may
properly and legally invest any funds, including capital
belonging to them or within their control, and said bonds or
other securities or obligations are hereby made securities which
may properly and legally be deposited with and received by any
State or municipal officers or agency of the Commonwealth for
any purpose for which the deposit of bonds or other obligations
of the Commonwealth is now or may hereafter be authorized by
law.
Section 10. All moneys received from any bonds issued
pursuant to this act shall be applied solely to the payment of
the cost of making surveys, estimates of costs and plans for the
construction of the parkway and the cost of the parkway or to
the appurtenant fund, and there shall be and hereby is created
and granted a lien upon such moneys until so applied in favor of
holders of such bonds or the trustee hereinafter provided for in
respect of such bonds.
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Section 11. In the discretion of the commission such bonds
may be secured by a trust indenture by and between the
commission and a corporate trustee which may be any trust
company or bank having the powers of a trust company within or
outside of the Commonwealth. Such trust indenture may pledge or
assign tolls and revenue to be received, but shall not convey or
mortgage the parkway or any part thereof. Either the resolution
providing for the issuance of such bonds or such trust indenture
may contain such provisions for protecting and enforcing the
rights and remedies of the bondholders as may be reasonable and
proper and not in violation of law, including covenants setting
forth the duties of the commission in relation to the
acquisition of properties and the construction, maintenance,
operation and repair and insurance of the parkway and the
custody, safeguarding and application of all moneys. It shall be
lawful for any bank or trust company incorporated under the laws
of this Commonwealth to act as depository of the proceeds of the
bonds or revenues and to furnish such indemnity bonds or to
pledge such securities as may be required by the commission.
Such indenture may set forth the rights and remedies of the
bondholders and of the trustee and may restrict the individual
right of action of bondholders as is customary in trust
indentures securing bonds and debentures of corporations. In
addition to the foregoing such trust indenture may contain such
other provisions as the commission may deem reasonable and
proper for the security of bondholders. All expenses incurred in
carrying out such trust indenture may be treated as part of the
cost of maintenance, operation and repair of the parkway.
Section 12. The accomplishment by the commission of the
authorized purposes stated in this act being for the benefit of
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the people of the Commonwealth and for the improvement of their
commerce and prosperity, in which accomplishment the commission
will be performing essential governmental functions, the
commission shall not be required to pay any taxes or assessments
on any property acquired or used by it for the purposes provided
in this act, and the bonds or other securities and obligations
issued by the commission, their transfer and the income
therefrom, including any profits made on the sale thereof, shall
at all times be free from taxation within the Commonwealth.
Section 13. The parkway when completed and opened to traffic
shall be maintained and repaired by and under the control of the
commission, through the Department of Highways of the
Commonwealth, and all charges and costs for such maintenance and
repairs actually expended by said Department of Highways shall
be paid to it by the commission, upon certification thereof, out
of tolls. Such parkway shall also be policed and operated by
such force of police, toll-takers and other operating employes
as the commission may in its discretion employ.
The commission is hereby authorized to (a) fix and to revise
from time to time tolls for the use of the parkway and the
different parts or sections thereof and to charge and collect
the same, except that no toll shall be collected from officers
of the Departments of Forests and Waters, Game and Fish, or
Highways, operating vehicles thereon, when on official business
of the Commonwealth and (b) contract with any person,
partnership, association or corporation desiring the use of any
part thereof, including the right of way adjoining the paved
portion for placing thereon telephone, telegraph, electric light
or power lines, gas stations, garages, stores, hotels,
restaurants and advertising signs or for any other purpose,
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except for tracts for railroad or railway use, and to fix the
terms, conditions, rents and rates of charges for such use. Such
tolls shall be so fixed and adjusted as to provide a fund at
least sufficient with other revenues of the parkway, if any, to
pay (a) the cost of maintaining, repairing and operating the
parkway and (b) the bonds and the interest thereon and all
sinking fund requirements and other requirements provided by the
resolution authorizing the issuance of the bonds or by the trust
indenture as the same shall become due. Such tolls shall not be
subject to supervision or regulation by any other State
commission, board, bureau or agency. The tolls and all other
revenues derived from the parkway, except such part thereof as
may be required to pay the cost of maintenance, repairing and
operating the parkway and to provide such reserves therefor as
may be provided for in the resolution authorizing the issuance
of the bonds or in the trust indenture, 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 (1) the interest upon such
bonds as such interest shall fall due, (2) the principal of the
bonds as the same shall fall due, (3) the necessary fiscal
agency charges for paying principal and interest, and (4) any
premium upon bonds retired by call or purchase as herein
provided. The use and disposition of such sinking fund shall be
subject to such regulations as may be provided in the resolution
authorizing the issuance of bonds or in the trust indenture,
but, except as may otherwise be provided in such resolution or
trust indenture, such sinking fund shall be a fund for the
benefit of all bonds issued hereunder without distinction or
priority of one over another. Subject to the provisions of the
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resolutions authorizing the issuance of bonds or of the trust
indenture, any moneys in such sinking fund in excess of an
amount equal to one year's interest on all bonds then
outstanding may be applied to the purchase or redemption of
bonds. All bonds so purchased or redeemed shall forthwith be
cancelled and shall not again be issued.
Section 14. The commission is hereby authorized to provide
by resolution for the issuance of parkway revenue refunding
bonds of the Commonwealth for the purpose of refunding any
parkway revenue bonds issued under the provisions of this act
and then outstanding. The issuance of such parkway revenue
refunding bonds, the maturities and other details thereof, the
rights of the holders thereof and the duties of the Commonwealth
and of the commission in respect to the same shall be governed
by the foregoing provisions of this act in so far as the same
may be applicable and by the following provisions:
(a) No parkway revenue refunding bonds shall be delivered
unless delivered in exchange for parkway revenue bonds to be
refunded thereby, except in the amount necessary to provide for
the payment of matured or redeemable parkway revenue bonds or
parkway revenue bonds maturing or redeemable within three
months, including any redemption premium thereon;
(b) No parkway revenue refunding bonds shall be issued
unless issued to refund parkway revenue bonds which have matured
or will mature within three months or unless the interest rate
of the parkway revenue refunding bonds shall be at least one-
fourth of one per centum less than the interest rate borne by
the parkway revenue bonds to be refunded.
Section 15. Any holder of bonds issued under the provisions
of this act or any of the coupons attached thereto and the
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trustee under the trust indenture, if any, except to the extent
the rights herein given may be restricted by resolution passed
before the issuance of the bonds or by the trust indenture, may
either at law or in equity by suit, action, mandamus or other
proceedings protect and enforce any and all rights granted
hereunder or under such resolution or trust indenture and may
enforce and compel performance of all duties required by this
act or by such resolution or trust indenture to be performed by
the commission or any officer thereof, including the fixing,
charging and collecting of tolls for the use of the parkway.
Section 16. When all bonds and the interest thereon shall
have been paid or a sufficient amount for the payment of all
bonds and the interest to maturity thereon shall have been set
aside in trust for the benefit of the bondholders and shall
continue to be held for that purpose, the parkway and the
connecting tunnels and bridges shall become a part of the system
of State highways and shall be maintained by the Department of
Highways free of tolls, and thereupon the commission shall be
dissolved, and all funds of the commission not required for the
payment of the bonds and all machinery, equipment and other
property belonging to the commission shall be vested in the
Department of Highways.
Section 17. The foregoing sections of this act shall be
deemed to provide an additional and alternative method for the
doing of the things authorized thereby and shall be regarded as
supplemental and additional to powers conferred by other laws
and shall not be regarded as in derogation of any powers now
existing. Such sections being necessary for the welfare of the
Commonwealth and its inhabitants shall be liberally construed to
effect the purposes thereof.
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Section 19. This act shall become effective immediately upon
final enactment.]
Section 2. This act shall take effect in 60 days.
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