Page:United States Statutes at Large Volume 75.djvu/745

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[75 Stat. 705]
[75 Stat. 705]
PUBLIC LAW 87-000—MMMM. DD, 1961

75

STAT.]

PUBLIC LAW 87-328-SEPT. 27, 1961

12.18 Pledged Revenues. Bond redemption and interest payments shall, to the extent provided in the resolution or indenture, constitute a first, direct and exclusive charge and lien on all such rates, rents, tolls, tees and charges and other revenues and interest thereon received from the use and operation of the facility, and on any sinking or other funds created therefrom. All such rates, rents, tolls, fees, charges and other revenues, together with interest tnereon, shall constitute a trust fund for the security and payment of such bonds and except as and to the extent provided in the indenture with respect to the payment therefrom of expenses for other purposes including admniistration, operation, maintenance, improvements or extensions of the facilities or other purposes shall not be used or pledged for any other purpose so long as such bonds, or any of them, are outstanding and unpaid. 12.19 Remedies. The holder of any bond may for the equal benefit and protection of all holders of bonds similarlj^ situated: (a) by mandamus or other appropriate proceedings require and compel the performance of any or the duties imposed upon the commission or assumed by it, its officers, agents or employees under the provisions of any indenture, in connection with the acquisition, construction, operation, maintenance, repair, reconstruction or insurance of the facilities, or in connection with the collection, deposit, investment, application and disbursement of the rates, rents, tolls, fees, charges and other revenues derived from the operation and use of the facilities, or in connection with the deposit, investment and disbursement oi the proceeds received from the sale of bonds; or (b) by action or suit in a court of competent jurisdiction of any signatory party require the commission to account as if it were the trustee of an express trust, or enjoin any acts or things which may be unlawful or in violation of the rights of the holders of the bonds. The enumeration of such rights and remedies does not, however, exclude the exercise or prosecution of any other rights or remedies available to the holders of bonds. 12.20 Capital Financing by Signatory Parties; Guarantees. (a) The signatory parties will provide such capital funds required for projects of the commission as may be authorized by their respective statutes in accordance with a cost sharing plan prepared pursuant to Article 11 of this compact; but nothing in this section shall be deemed to impose any mandatory obligation on any of the signatory parties other than such obligations as may be assumed by a signatory party in connection with a specific project or facility. (b) Bonds of the commission, notwithstanding any other provision of this compact, may be executed and delivered to any duly authorized agency oi any of the signatory parties without public offering and may be sold and resold with or without the guaranty of such signatory partyj subject to and in accordance with the constitutions of the respective signatory parties. (c) The commission may receive and accept, and the signatory parties may make, loans, grants, appropriations, advances and payments of reimbursable or non-reimbursaole funds or property in any form for the capital or operating purposes of the commission.

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