act-1951-0-74•Pennsylvania Act 1951-74 — PENNSYLVANIA TURNPIKE DELAWARE RIVER EXTENSION ACT
Pennsylvania Act 1951-74 — PENNSYLVANIA TURNPIKE DELAWARE RIVER EXTENSION ACT
act-1951-0-741951 Pa. Act 74Law
Act text
PENNSYLVANIA TURNPIKE DELAWARE RIVER EXTENSION ACT
Act of May 23, 1951, P.L. 335, No. 74 Cl. 36
AN ACT
To facilitate vehicular traffic across the Commonwealth by
providing for the construction, operation and maintenance of
a turnpike from a connection with the Eastern Extension of
the Pennsylvania Turnpike System, at such point as the
Pennsylvania Turnpike Commission may decide is most feasible
and practicable, to a point on or near the Delaware River
between the Commonwealth of Pennsylvania and the State of New
Jersey; and authorizing the Pennsylvania Turnpike Commission
to construct, operate and maintain, either alone or in
conjunction with the New Jersey Turnpike Authority, or to
contract with the New Jersey Turnpike Authority for the
construction, operation and maintenance of a bridge across
the Delaware River, or to acquire the use of a bridge
heretofore or hereafter constructed, for the further
extension of the Pennsylvania Turnpike System, and conferring
powers and imposing duties on the Pennsylvania Turnpike
Commission; authorizing the issuance of turnpike revenue
bonds, notes or other obligations of the Commonwealth,
payable solely from revenues of the commission, including
tolls, or from such funds as may be available to the
commission for that purpose, to pay the cost of such turnpike
and bridge; 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, notes or other obligations, and for
the cost of maintenance, operation and repair of the
turnpike; making such turnpike bonds, notes or other
obligations exempt from taxation; constituting such bonds
legal investments in certain instances; requiring suits
against the commission to be brought in Dauphin County;
prescribing conditions on which such turnpike shall become
free; providing for grade separations, grade changes,
relocations, restorations and vacation of public roads and
State highways affected by the turnpike; providing for the
purchasing or condemnation of land and procedure for
determining damages in condemnation; granting certain powers
and authority to municipal subdivisions and agencies of the
Commonwealth to cooperate with the commission; and
authorizing the issuance of turnpike revenue refunding bonds.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. This act shall be known and may be cited as the
"Pennsylvania Turnpike Delaware River Extension Act."
Section 2. In order to facilitate vehicular traffic across
the Commonwealth, the Pennsylvania Turnpike Commission
heretofore created by virtue of the provisions of the act,
approved the 21st day of May, 1937, (Pamphlet Laws 774) and the
supplements and amendments thereto, is hereby authorized and
empowered to construct, operate and maintain a turnpike at such
location as shall be approved by the Governor and the Department
of Highways, from a connection with the Eastern Extension of the
Pennsylvania Turnpike system, at such point as the Pennsylvania
Turnpike Commission may decide is most feasible and practicable,
to a point on or near the Delaware River between the
Commonwealth of Pennsylvania and the State of New Jersey, and
there to construct, operate and maintain, either alone or in
conjunction with the New Jersey Turnpike Authority, or to
contract with the New Jersey Turnpike Authority for the
construction, operation and maintenance of a bridge across the
Delaware River, pursuant to such compact as may be entered into
between the Commonwealth of Pennsylvania and the State of New
Jersey: Provided, however, That the Pennsylvania Turnpike
Commission may, in its sole discretion, enter into such
agreement as it may deem expedient to acquire, either for itself
or jointly with any other commission or authority, the use,
operation and maintenance of any bridge across the Delaware
River heretofore or hereafter constructed, together with
connecting roads, tunnels and bridges, and further, to issue
turnpike revenue bonds of the Commonwealth, notes or other
obligations, payable solely from revenues of the commission,
including tolls, or from such funds as may be available to the
commission for that purpose, to pay the cost of any and all
construction.
Section 3. The turnpike revenue bonds, notes or other
obligations 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, notes or other
obligations shall be payable solely from revenues of the
commission, including tolls, or from such funds as may be
available to the commission for that purpose. All such bonds,
notes or other obligations shall contain a statement on their
face that the Commonwealth is not obligated to pay the same or
the interest thereon except from revenues of the commission,
including tolls, or from such funds as may be available to the
commission for that purpose and that the faith and credit of the
Commonwealth is not pledged to the payment of the principal or
interest of such bonds, notes or other obligations. The issuance
of turnpike revenue bonds, notes or other obligations 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
Turnpike Commission heretofore created by the act, approved the
twenty-first day of May, one thousand nine hundred and thirty-
seven (Pamphlet Laws 774), or if said commission shall be
abolished, any board, commission or officer succeeding to the
principal functions thereof or upon whom the power and functions
given by this act to said commission shall be given by law.
(b) The word "owner" shall include all individuals, co-
partnerships, associations or corporations having any title or
interest in any property rights, easements or franchises
authorized to be acquired by this act.
(c) The words "the turnpike" shall mean the turnpike to be
constructed, as hereinafter provided, from a connection with the
Eastern Extension of the Pennsylvania Turnpike system to a point
on or near the Delaware River between the Commonwealth of
Pennsylvania and the State of New Jersey, and shall be deemed to
include not only the turnpike and all connecting roads, tunnels
and bridges connected therewith, including a bridge across the
Delaware River, but also all property rights, easements and
franchises relating thereto and deemed necessary or convenient
for the construction or the operation thereof.
(d) The term "cost of the turnpike" shall embrace the cost
of constructing the turnpike and all connecting roads, tunnels
and bridges, including a bridge across the Delaware River, the
cost of all lands, property rights, rights of way, easements and
franchises acquired, which are deemed necessary or convenient
for such construction, the cost of all machinery and equipment,
financing charges, interest prior to and during construction and
for one year after completion of construction, cost of traffic
estimates and of engineering and legal expenses, plans,
specifications, surveys, estimates of cost and of revenues,
other expenses necessary or incident to determining the
feasibility or practicability of the enterprise, administrative
and legal expense, and such other expenses as may be necessary
or incident to the financing herein authorized, the construction
of the turnpike and connecting roads, tunnels and bridges, the
placing of the same in operation, and the condemnation of
property necessary for such construction and operation. Any
obligation or expense contracted for by the commission with the
Department of Highways of the Commonwealth of Pennsylvania, or
with the United States or any agency thereof, or with the New
Jersey Turnpike Authority, for traffic surveys, preparation of
plans and specifications, supervision of construction, and other
engineering, administrative and legal services and expenses in
connection with the construction of the turnpike or any of the
connecting roads, tunnels and bridges, shall be regarded as a
part of the cost of the turnpike, and shall be reimbursed or
paid out of the proceeds of the turnpike revenue bonds, notes or
other obligations hereinafter authorized. Payment of any notes
or other obligations shall be considered payment of the cost of
the turnpike, provided such notes or other obligations were
issued for such purpose.
Section 5. The exercise by the commission of the powers
conferred by this act in the construction, operation and
maintenance of the turnpike shall be deemed and held to be an
essential governmental function of the Commonwealth.
Section 6. The commission shall have the following powers
and duties:
(a) It shall maintain a principal office at such place as
shall be designated by the commission.
(b) The commission may contract and be contracted with in
its own name.
(c) The commission may sue and be sued in its own name,
plead and be impleaded: Provided, however, That any and all
actions at law or in equity against the commission shall be
brought only in the proper courts at the county of Dauphin.
(d) The commission shall have an official seal.
(e) 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 in its judgment be necessary, and fix their compensation:
Provided, however, That all contracts and agreements relating to
the construction of the turnpike and connecting roads, tunnels
and bridges shall be approved by the Department of Highways, and
the turnpike and connecting roads, tunnels and bridges shall be
constructed under the supervision of the Department of Highways.
(f) The turnpike 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 turnpike shall also be policed and operated by
such force of police, tolltakers and other operating employes as
the commission may, in its discretion, employ.
(g) The commission shall have authority, at its own cost, to
provide grade separations with respect to all public roads and
State highways intersected by the turnpike and to change and
adjust the lines and grades thereof so as to accommodate the
same to the design of such grade separation: Provided, however,
That the damages incurred in changing and adjusting the lines
and grades of such public roads and State highways shall be
ascertained and paid by the commission in the same manner as is
provided for by this act in regard to the location and
construction of the turnpike.
(h) If the commission shall find it necessary to provide a
grade separation or change the site of any portion of any State
highway or public road, or vacate the same, it shall cause it to
be reconstructed and restored forthwith, at the commission's own
proper expense, on the most favorable location and in as
satisfactory a manner as the original road, or vacate it, as the
case may be: Provided, That the method of acquiring the right-
of-way and determining damages incurred in changing the location
of or vacating such road or State highway shall be ascertained
and paid for by the commission in the same manner as is provided
for by this act in regard to the location and construction of
the turnpike. In such cases, the plan of such reconstruction and
restoration or vacation shall be submitted to the supervisors of
the proper township for approval, and in the event of failure of
the supervisors to approve the plan, then it shall be submitted
to the Department of Highways for final approval. In the case of
State highways, the plan shall be submitted to the Department of
Highways for its approval.
(i) The commission shall also have authority to petition the
court of quarter sessions of the county wherein is situate any
public road or part thereof affected by the location therein of
the turnpike, for the vacation, relocation, or supply of the
same, or any part thereof, with the same force and effect as is
now given by existing laws to the inhabitants of any township of
such county, and the proceedings upon such petition, whether it
be for the appointment of viewers, or otherwise, shall be the
same as provided by existing law for similar proceedings upon
such petitions.
(j) The commission shall otherwise have all of the powers
and perform all of the duties prescribed by the act, approved
the twenty-first day of May, one thousand nine hundred and
thirty-seven (Pamphlet Laws 774), and any supplements or
amendments thereto.
(k) Adequate compensation shall be made by the commission
out of funds provided under the authority of this act for
damages to all public or private property taken, injured or
destroyed in carrying out the powers granted by this act, or
such property may be restored or repaired and placed in its
original condition as nearly as practicable, as the commission
may deem it expedient in any particular case.
Section 7. (a) Each member of the commission shall be
reimbursed for the necessary expenses incurred in the
performance of the duties performed under the provisions of this
act.
(b) 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 sufficient funds shall be provided
under the authority of this act to meet any liability or
obligation incurred in carrying out the provisions of this act.
(c) Before the issuance of any turnpike revenue bonds, notes
or other obligations 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 under the provisions of
this act, which bonds shall be filed in the office of the
Secretary of the Commonwealth.
Section 8. (a) The commission is hereby authorized and
empowered to condemn, by resolution, any lands, interests in
lands, property rights, rights of way, franchises, easements and
other property deemed necessary or convenient for the
construction and efficient operation of the turnpike or
necessary in the restoration or relocation of public or private
property damaged or destroyed, and the date of such resolution
shall be the effective date of condemnation.
(b) The commission is hereby authorized and empowered to
acquire by purchase, whenever it shall deem such purchase
expedient, any lands, interests in lands, property rights,
rights of way, franchises, easements and other property deemed
necessary or convenient for the construction and efficient
operation of the turnpike or necessary in the restoration or
relocation of public or private property damaged or destroyed,
whether the same had theretofore been condemned or otherwise,
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 9. (a) Title to any property condemned by the
commission shall be taken in the name of the commission. Prior
to physical entry upon the land, the commission shall be under
no obligation to accept and pay for any property condemned or
any costs incidental to any condemnation proceedings: Provided,
however, That 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 enter upon, accept
and pay for the property, but neither such undertaking or
security nor any act or obligation of the commission shall
impose any liability upon the Commonwealth except such as may be
paid from the funds provided under the authority of this act.
The commission, in its discretion, may vacate any portion or
all of the land condemned either prior to or after physical
entry upon the land or any part thereof and prior to final
determination of damages. In such cases, the commission shall be
under no obligation to accept and pay for any property condemned
and subsequently vacated: Provided, however, That in any such
case, 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, and may require an
undertaking or other security to secure such owners against any
and all loss or damages occasioned to the owner from the time of
the original condemnation to the time of the modification
thereof, but neither such undertaking or security nor any act or
obligation of the commission shall impose any liability upon the
Commonwealth except such as may be paid from the funds provided
under the authority of this act.
((a) repealed in part June 3, 1971, P.L.118, No.6)
(b) In addition to the foregoing powers, the commission and
its authorized agents and employes may enter upon any lands,
waters and premises in the State for the purpose of making
surveys, soundings, drillings and examinations, as it may deem
necessary or convenient for the purpose of this act, and such
entry shall not be deemed a trespass, nor shall an entry for
such purposes be deemed an entry under any condemnation
proceedings which may be then pending: Provided, however, That
the commission shall make reimbursement for any actual damages
resulting to such lands, waters and premises as a result of such
activities.
(c) 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, other political subdivisions and municipalities, or
public agencies and commissions of the Commonwealth of
Pennsylvania 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 public roads and other real property
already devoted to public use.
Section 10. Whenever the commission has condemned any lands,
rights, rights of way, easements and franchises, or interests
therein, as hereinbefore provided, and has tendered a bond or
other security 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 has been filed in and approved by the
court of common pleas of the county in which the property is
located, or, in the case of property located in two or more
counties, then in any one of such counties, the commission shall
have the right to immediate possession of the property covered
by the bond and may enter thereon in the name of the commission.
If the owner, lessee or occupier of any of said premises or any
building or structure thereon 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 11. (a) The commission is hereby authorized to
provide, by resolution, at one time or from time to time, for
the issuance of turnpike revenue bonds of the Commonwealth for
the purpose of paying the cost, as hereinabove defined, of the
turnpike, which resolution shall recite an estimate of such
cost. The principal and interest of such bonds shall be payable
solely from revenues of the commission, including tolls, or from
such funds as may be available to the commission for that
purpose. 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 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 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 bear the facsimile signatures of
the Governor and of the chairman of the commission, and the
facsimile of the official seal of the commission shall be
affixed thereto, 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 turnpike 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
registration of any coupon bonds 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 interest 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 turnpike, 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 turnpike,
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 turnpike, 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 turnpike revenue
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 are
hereby made securities which may properly and legally be
deposited with and receive 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.
(b) The commission is hereby authorized to provide, by
resolution, from time to time, for the issuance of turnpike
revenue notes or other revenue obligations of the Commonwealth
to provide for preliminary or interim financing up to but not
exceeding the estimated total cost of the turnpike, and to
pledge as collateral for such notes, turnpike revenue bonds
issued under the provisions of this act. All such notes or other
obligations shall contain a statement on their face that the
Commonwealth is not obligated to pay the same or interest
thereon, except from revenues of the commission, including
tolls, or from such funds as may be available to the commission
for that purpose, and that the faith and credit of the
Commonwealth is not pledged to the payment of the principal or
interest of such notes or other obligations. The issuance of
turnpike notes or other obligations 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
therefor or make any appropriation for their payment.
Section 12. All moneys received from any bonds, notes or
other obligations issued pursuant to this act shall be applied
solely to the payment of the cost of the turnpike 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, notes or other obligations or the trustee
hereinafter provided for in respect of such bonds, notes or
other obligations.
Section 13. In the discretion of the commission, such bonds,
notes or other obligations 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 turnpike or any part
thereof. Either the resolution providing for the issuance of
such bonds, notes or other obligations or such trust indenture
may contain such provisions for protecting and enforcing the
rights and remedies of the bondholders or holders of notes or
other obligations 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 turnpike, 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 bonds, notes or other
obligations 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 or holders of notes or other obligations and of the
trustee, and may restrict the individual right of action of
bondholders or holders of notes or other obligations as is
customary in trust indentures securing bonds, debentures of
corporations, notes or other obligations. 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 or holders of notes or other
obligations. All expenses incurred in carrying out such trust
indenture may be treated as part of the cost of maintenance,
operation and repair of the turnpike.
Section 14. The accomplishment by the commission of the
authorized purposes stated in this act being for the benefit of
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, notes or other 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 15. The commission is hereby authorized to fix, and
to revise from time to time, tolls for the use of the turnpike
and the different parts or sections thereof, and to charge and
collect the same, and to 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, except for
tracks 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 turnpike, if any, to pay
(a) the cost of maintaining, repairing and operating the
turnpike, and (b) the bonds, notes or other obligations and the
interest thereon, and all sinking fund requirements, and other
requirements provided by the resolution authorizing the issuance
of the bonds, notes or other obligations 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 turnpike, except such part thereof as
may be required to pay the cost of maintaining, repairing and
operating the turnpike and to provide such reserves therefor as
may be provided for in the resolution authorizing the issuance
of the bonds, notes or other obligations 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, notes or other
obligations, as such interest shall fall due, (2) the principal
of the bonds, notes or other obligations, 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,
notes or other obligations 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, notes or other obligations issued hereunder, without
distinction or priority of one over another. Subject to the
provisions of the resolutions authorizing the issuance of bonds,
notes or other obligations 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, notes or other obligations then
outstanding may be applied to the purchase or redemption of
bonds, notes or other obligations. All bonds, notes or other
obligations so purchased or redeemed shall forthwith be
cancelled and shall not again be issued.
Section 16. The commission is hereby authorized to provide,
by resolution, for the issuance of turnpike revenue refunding
bonds of the Commonwealth for the purpose of refunding any
turnpike revenue bonds, notes or other obligations issued under
the provisions of this act and then outstanding. The issuance of
such turnpike 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 turnpike revenue refunding bonds shall be delivered
unless delivered in exchange for turnpike revenue bonds, notes
or other obligations to be refunded thereby, except in the
amount necessary to provide for the payment of matured or
redeemable turnpike revenue bonds, notes or other obligations,
or turnpike revenue bonds, notes or other obligations maturing
or redeemable within three months, including any redemption
premium thereon.
(b) No turnpike revenue refunding bonds shall be issued
unless issued to refund turnpike revenue bonds, notes or other
obligations which have matured or will mature within three
months, or unless the interest rate of the turnpike revenue
refunding bonds shall be at least one-fourth of one per centum
less than the interest rate borne by the turnpike revenue bonds,
notes or other obligations to be refunded.
Section 17. Any holder of bonds, notes or other obligations
issued under the provisions of this act, or any of the coupons
attached thereto, and the 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, notes or other obligations 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
turnpike.
Section 18. (18 repealed Sept. 30, 1985, P.L.240, No.61)
Section 19. The foregoing sections of this act shall be
deemed to provide an additional and alternative method for the
doing of 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.
Section 20. The provisions of this act are severable and if
any of its provisions shall be held unconstitutional by any
court of competent jurisdiction, the decision of such court
shall not effect or impair any of the remaining provisions. It
is hereby declared to be the legislative intent that this act
would have been adopted had such unconstitutional provisions not
been included therein.
Section 21. All acts and parts of acts inconsistent with
this act are hereby repealed.
Section 22. This act shall become effective immediately upon
its final enactment.
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