Chap. 399.—An ACT providing for the acquisition, construction, improvement,
operation, and maintenance of certain bridge and ferry and tunnel projects
defined herein; conferring powers and imposing duties on the State Highway
Commission; authorizing the issuance by such commission of revenue bonds of
the State, payable solely from earnings of such projects, to pay the cost of such
projects and improvements thereof; providing that no debt of the State 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 such projects; prescribing conditions upon
which such projects shall become free from tolls; appropriating certain funds
for the purposes of this act; making such bonds exempt from taxation and making
them eligible for certain investments; providing for condemnation; and author-
izing the issuance of revenue refunding bonds. [S B 126]

Approved April 1, 1940

1. Beit enacted by the General Assembly of Virginia, as follows:

Section 1. Short Title—This act shall be known, and may be
cited, as the ‘‘State Revenue Bond Act.”

Section 2. General Powers of Commission.—The State Highway
Commission is hereby authorized and empowered, subject to the pro-
visions of this act: ° |

(a) To acquire by purchase or by condemnation, construct, im-
prove, operate and maintain any one or more of the projects hereinafter
mentioned and included in the undertaking hereinafter defined in
this act;

(b) To issue revenue bonds of this State, to be known and desig-
nated as ‘‘State of Virginia Toll Revenue Bonds’”’, payable solely from
earnings, to pay the cost of such projects; and

(c) To fix and collect tolls and other charges for the use of such
projects.

The cost of such projects shall be paid solely from the proceeds of
State of Virginia Toll Revenue Bonds, or from such proceeds and from
any grant or contribution which may be made thereto pursuant to the
provisions of this Act.

Section 3. Credit of State Not Pledged.—Revenue bonds issued
under the provisions of this act shall not be deemed to constitute a
debt of the State of Virginia or a pledge of the faith and credit of the
State, but such bonds shall be payable solely from the funds herein
provided therefor from tolls and revenues. All such bonds shall state
on their face that the State of Virginia is not obligated to pay the
same or the interest thereon except from the special fund provided
therefor from tolls and revenues under this act, and that the faith
and credit of the State are not pledged to the payment of the principal
or interest of such bonds. The issuance of revenue bonds under the
provisions of this act shall not directly or indirectly or contingently
obligate the State to levy or to pledge any form of taxation whatever
therefor or to make any appropriation for their payment, other than
to appropriate available funds derived as revenues from tolls and
charges collected under this act.

Section 4. Definitions.—As used in this act, the following words
and terms shall have the following meanings:

(a) The word ‘‘commission”’ shall mean the State Highway Com-
mission, or, if the said State Highway 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) Theword “project” or ‘“‘projects’’ shall mean any one or more
of the following:

(1) York River Bridge, extending from a point within the town
of Yorktown, in York County, or within York County across the York
River to Gloucester Point, or some point in Gloucester County;

(2) Rappahannock River Bridge, extending from Greys Point, or
its vicinity, in Middlesex County, across the Rappahannock River to
a point in the vicinity of White Stone, in Lancaster County, or at some
other feasible points in the general vicinity of the two said respective
points;

(3) Claremont Ferry, operating from a point in Charles City
County, route six hundred and seventeen, across the James River to
Claremont, in Surry County, route forty;

(4) James River Bridge, extending from the city of Hopewell
across the James River to a point in Charles City County;

(5) James River Bridge, extending from Jamestown, in James
City County, across the James River to a point at or near Scotland
Wharf, in Surry County;

(6) The Kings Highway, including the Nansemond River Bridge,
in Nansemond County, between route one hundred and ninety-two
near Chuckatuck and route six hundred and twenty-seven at Driver
Station.

(6) Old Point Ferry, operating from Old Point, in Elizabeth City
County, across Hampton Roads to Willoughby, in the city of Norfolk;

(7) James River, Chuckatuck and Nansemond River Bridges, to-
gether with necessary connecting roads, in the counties of Warwick,
Isle of Wight and Nansemond;

(8) Newport News Ferry, operating across Hampton Roads, from
the city of Newport News to Pine Beach, in the city of Norfolk.

And shall be deemed to include all property, rights, easements, and
franchises relating to any of the foregoing projects and deemed neces-
sary or convenient for the operation thereof, and to include approaches
thereto.

(c) The word ‘‘undertaking”’ shall mean all of the projects au-
thorized to be acquired or constructed under this act.

(d) The word “improvements” shall mean such repairs, replace-
ments, additions, and betterments of and to a project acquired by
purchase or by condemnation as are deemed necessary to place it in
a safe and efficient condition for the use of the public, if such repairs,
replacements, additions, and betterments are ordered prior to the sale
of any bonds for the acquisition of such project.

(e) The term ‘‘cost of project’’, as applied to a project to be
acquired by purchase or by condemnation, shall include the purchase
price or the amount of the award, cost of improvements, financing
charges, interest during any period of disuse before completion of
improvements, cost of traffic estimates and of engineering and legal
expenses, plans, specifications and surveys, estimates of cost and of
revenues, other expenses necessary or incident to determining the
feasibility or practicability of the enterprises, administrative expense,
and such other expenses as may be necessary or incident to the financ-
ing herein authorized, and the acquisition of the project and the
placing of the project in operation.

(f) The term ‘‘cost of project,’’ as applied to a project to be con-
structed, shall embrace the cost of construction, the cost of all lands,
properties, rights, easements and franchises acquired, which are
deemed necessary for such construction, the cost of acquiring by
purchase or condemnation any ferry which is deemed by the commis-
sion to be competitive with any bridge to be constructed, 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 data, and engineering and
legal expenses, cost of plans, specifications, surveys, estimates of cost
and of revenues, other expenses necessary or incident to determining
the feasibility or practicability of the enterprise, administrative ex-
pense, and such other expenses as may be necessary or incident to
the financing herein authorized, the construction of the project and
the placing of the project in operation, and the condemnation of
property necessary for such construction and operation.

(g) The word ‘“‘owner’”’ shall include all individuals, incorporated
companies, copartnerships, societies or associations having any title
or interest in any property, rights, easements or franchises authorized
to be acquired by this act.

Section 5. The commission is hereby authorized and empowered,
and it shall be its duty to acquire or construct, as the case may be,
under the provisions of this act, each of the projects included in the
undertaking, at the earliest dates deemed by the commission to be
feasible for the acquisition or construction of each such project and
the financing thereof under this act; provided, however, that if the
commission shall acquire any project which is, at the time of the pas-
sage of this act, in competition with any other named herein, which
is not, at the same time acquired, such project so acquired shall not
be operated so as to increase the competition existing as of January
first, nineteen hundred and forty; nor shall any project which may be
constructed under this act be so operated as to depreciate the value
thereof.

Section 6. Purchase of Projects.—The commission is hereby au-
thorized and empowered to acquire by purchase, whenever it shall
deem such purchase expedient, any of the projects numbered (three),
(six), (seven), and (eight), (nine) as set forth in sub-section (b) of
section four of this act, upon such terms and at such prices as may
be reasonable and can be agreed upon between the commission and
the owner thereof, title thereto to be taken in the name of the State.
The commission shall issue revenue bonds of the State, as hereinafter
provided, to pay the cost of such acquisition.

Section 7. Condemnation of Projects and Property.—-The com-
mission, whenever a reasonable price cannot be agreed upon, or when-
ever the owner is legally incapacitated or is absent or is unable to
convey valid title or is unknown, is hereby authorized and empowered
to acquire by condemnation any project or projects contemplated by
section six of this act, or interest or interests therein, and any lands,
rights, easements, franchises, and other property deemed necessary
or convenient for the improvement or the efficient operation of any
property acquired or constructed under this act, or for the purpose of
constructing any project or portion thereof hereunder, or for securing
right of way leading to any such project or its approaches, in the
manner hereinafter provided. Such condemnation proceedings shall
be conducted, and the compensation to be paid shall be ascertained
and paid, in the manner provided by law with reference to the con-
demnation of property by the commission for State highway purposes.

Title to any property condemned by the commission shall be taken
in the name of the State. The State 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 con-
demnation proceedings, the court having jurisdiction of the suit, action
or proceeding may make such orders as may be just to the State 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 to be sustained by reason of the failure of the State to
accept and pay for the property, but such undertaking or security
shall impose no liability upon the State, except such as may be paid
from the funds provided under the authority of this act; provided,
however, condemnation shall not lie in any case where the State, in
granting a franchise to any project named herein, has stipulated the
terms upon which it may acquire such project.

Section 8. Improvement of Projects Acquired.—It shall be the
duty of the commission, at or before the time any such project shall
be acquired by purchase or by condemnation, to determine what
repairs, replacements, additions, or betterments will be necessary to
place the project in safe and efficient condition for the use of the
public, and to cause an estimate of the cost of such improvement to be
made. The commission shall authorize such improvements before the
sale of any revenue bonds for the acquisition of such project, and the
cost of such improvements shall be paid for out of the proceeds of
such bonds.

Section 9. Construction of Projects——The commission is hereby
authorized and empowered to construct, when ever it shall deem such
construction expedient, any of the projects numbered (one), (two),
(four), and (five), as set forth in subsection (b) of section four of this
act. The commission is hereby authorized to purchase within this
State, solely from funds provided under the authority of this act, such
lands, structures, rights of way, franchises, easements, and other in-
terest in lands, including lands under water and riparian rights of
any person, copartnership, association, railroad or other corporation,
or municipality or political subdivision, deemed necessary for the
construction of any project, upon such terms and at such prices as
may be considered by it to be reasonable and can be agreed upon be-
tween it and the owner thereof, and to take title thereto in the name
of the State. The State of Virginia hereby consents to the use of all
lands lying under water, which are within the State and are necessary
for the construction and operation of any project and the approaches
and appurtenances thereto, which may be constructed under the pro-
visions of this act. All public or private property damaged or de-
stroyed in carrying out the powers granted hereunder shall be restored
or repaired and placed in their original condition, as nearly as prac-
ticable, or adequate compensation made therefor, out of funds pro-
vided under the authority of this act.

Section 10. Revenue Bonds.—The commission is hereby au-
thorized to provide by resolution, at one time or from time to time,
for the issuance of revenue bonds of the State for the purpose of
paying all or any part of the cost as hereinabove defined of any one
or more projects as hereinabove defined. The principal and interest
of such bonds shall be payable solely from the special fund herein pro-
vided for such payment. The bonds of such issue shall be dated, shall
bear interest at such rate or rates not exceeding five 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 de-
termined 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. The principal and interest of
such bonds may be made payable in any lawful medium. The com-
mission shall .determine the form of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or de-
nominations of the bonds and the place or places of payment of prin-
cipal and interest thereof, which may be at any bank or trust company
within or without the State. The bonds shall be signed by the chair-
man of the commission and the official seal of the commission shall
be affixed thereto and attested by the secretary of the commission,
and any coupons attached thereto shall bear the facsimile signature
of said chairman of the commission. In case any officer whose sig-
nature shall appear on the bonds or coupons shall cease to be such
officer before the delivery of such bonds, such signature shall neverthe-
less be valid and sufficient for all purposes the same as if he had re-
mained in office until such delivery. All revenue bonds issued under
the provisions of this act shall have and are hereby declared to have,
as between successive holders, all the qualities and incidents of nego-
tiable instruments under the negotiable instruments law of the State.
Such bonds and the income thereof shall be exempt from all taxation
within the State. 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 bond as to principal alone
and also as to both principal and interest, and for the reconversion of
any bonds registered as to both principal and interest into coupon
bonds. 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 State,
but no such sale shall be made at a price so low as to require the pay-
ment of interest on the money received therefor at more than five
per centum per annum, computed with relation to the absolute ma-
turity of the bonds in accordance with standard tables of bond values,
excluding, however, from such computations the amount of any
premium to be paid on redemption of any bonds prior to maturity.
The proceeds of such bonds shall be used solely for the payment of
the cost of the project or projects for which they are issued, and shall
be disbursed by the chairman of the commission under such restric-
tions, if any, as the commission may provide. If the proceeds of the
bonds of any issue, by error of estimates or otherwise, shall be less
than the cost of the project or projects on account of which such bonds
are issued, additional bonds may in like manner be issued to provide
the amount of such deficit, and unless otherwise provided in the reso-
lution authorizing the issuance of the bonds or in the trust indenture
hereinafter mentioned, 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 for the same project or projects. If
the proceeds of bonds issued for any project or projects shall exceed
the cost thereof, 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 definite bonds, the commission may, under
like restrictions, issue temporary bonds with or without coupons, ex-
changeable 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 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.

The commission may, in its discretion, couple or unite into one
unit for financing purposes any two or more of such projects, whether
acquired by purchase or condemnation or constructed, and revenue
bonds of a single issue may be issued for the purpose of paying the
cost of any one or more projects.

Section 11. All Moneys to Be Trust Funds.—All moneys received
pursuant to the authority of this act, whether as proceeds from the
sale of revenue bonds, as grants or other contributions, or as tolls
and revenues, shall be held and applied solely as provided in this act.
The commission shall, in the resolution authorizing the issuance of
bonds or in the trust indenture, provide for the payment of the pro-
ceeds of the sale of the bonds and the tolls and revenues to be received
into the State treasury and carried on the books of the Comptroller
in a special account and may provide for the turning over, transfer
or paying over of such funds from the State treasury to any officer,
agency, bank or trust company, who shall act as trustee of such funds,
and hold and apply the same to the purposes hereof, subject to such
regulations as this act and such resolution or trust indenture may pro-
vide.

All moneys paid into the State treasury pursuant to the provisions
of this act are hereby appropriated to the commission for the purpose
of carrying out the provisions of this act; disbursements and pay-
ments of moneys so paid into the State treasury shall be made by the
State Treasurer upon warrants of the State Comptroller which he
shall issue upon vouchers signed by such person or persons as shall
be designated by the commission for such purpose.

Section 12. Trust Indenture.—In the discretion of the commis-
sion, each or any issue of revenue 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 State. Such trust indenture
may pledge tolls and revenues to be received, but no such trust in-
denture shall convey or mortgage any project or any part thereof.
Either the resolution providing for the issuance of revenue 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,
construction, improvement, maintenance, operation, repair and in-
surance of the projects, and the custody, safeguarding and application
of all moneys, and may also provide that the project or projects shall
be acquired, or acquired and improved, or constructed, and paid for
under the supervision and approval of consulting engineers employed
or designated by the commission and satisfactory to the original pur-
chasers of the bonds issued therefor, and may also require that the
security given by contractors and by any depository of the proceeds of
the bonds or revenues of the project or projects or other moneys per-
taining thereto be satisfactory to such purchasers. It shall be lawful
for any bank or trust company incorporated under the laws of this
State to act as such depository and to furnish such indemnifying
bonds or to pledge such securities as may be required by the commis-
sion. 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 com-
mission may deem reasonable and proper for the security of the bond-
holders. Except as in this act otherwise provided, the commission
may provide, by resolution or by such trust indenture, that after the
payment of the proceeds of the sale of the bonds and the revenues of
the project or projects into the State treasury the commission will
immediately transfer or pay same over to such officer, board, or de-
pository as it may determine for the custody thereof, and for the
method of disbursement thereof, with such safeguards and restrictions
as it may determine. All expenses incurred in carrying out such trust
indenture may be treated as a part of the cost of maintenance, opera-
tion and repairs of the project or projects affected by such indenture.

Section 13. Tolls—The commission shall fix and revise from time
to time as may be necessary tolls for the use of each project or projects
on account of which bonds are issued under the provisions of this act
and shall charge and collect the same, and is authorized to contract
with any person, partnership, association or corporation desiring the
use of such project or projects, approaches and appurtenances, and
any part thereof, for placing thereon water, gas, oil pipe lines, tele-
phone, telegraph, electric light or power lines, or for any other purpose,
and to fix the terms, conditions and rates and charges for such use.
Such tolls shall be so fixed and adjusted, in respect of the aggregate
of tolls from the project or projects on account of which a single issue
of bonds is issued under this act, as to provide a fund sufficient with
other revenues of such project or projects, if any, to pay (a) the cost
of maintaining, repairing and operating such project or projects un-
less such cost shall be otherwise provided for, and (b) such bonds and
the interest thereon as the same shall become due. Such tolls shall
not be subject to supervision or regulation by any other State, com-
mission, board, bureau or agency. The tolls and all other revenues
derived from the project or projects for which a single issue of bonds
is issued, except such part thereof as may be required to pay the cost
of maintaining, repairing and operating such project or projects and
to provide such reserves therefor as may be provided for in the resolu-
tion authorizing the issuance of such 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 (one) the interest upon
such bonds as such interest shall fall due, (two) the principal of the
bonds as the same shall fall due, (three) the necessary charges of
paying agents for paying principal and interest, and (four) any pre-
mium upon bonds retired by call or purchase as herein provided. The
use and disposition of such sinking fund shall be subject to such regu-
lations as may be provided in the resolution authorizing the issuance
of the 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 all such bonds without distinction or priority of one over
another. Subject to the provisions of the resolution authorizing the
issuance of the 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. Use of Certain Construction and Maintenance Funds
by the Commission.—The commission is authorized and empowered,
in its discretion, to use any part of funds available for the construction
of State highways, in any construction district in which any project
is wholly or partly located, to aid in the payment of the cost of such
projects and for the payment purchase or redemption of revenue
bonds issued in connection with any such project, or in connection
with any such project and any one or more other projects; the com-
mission is also authorized and empowered, in its discretion, to use any
part of funds available for the maintenance of State highways, in any
construction district in which any project is wholly or partly located,
to provide for the operation, maintenance and repair of any such
project and for the payment of interest on revenue bonds issued in
connection with any such project, or in connection with any such
project and any one or more other projects.

Provided, however, that in the event the commission uses any part
of the fund available to itself for the construction of roads in the State
highway system without reference to construction districts (commonly
called the ‘gap fund’”’) for any purpose permitted by this section, it
shall not expend in excess of three-eights of the amount of such fund,
including other amounts of said fund that may be expended in the three
districts in which said projects are located, and provided further that
in no case shall any of the funds of any construction district other than
those in which the projects are located be used for the purposes of this
act.

Section 15. Cessation of Tolls—When the particular revenue
bonds issued for any project or projects and the interest thereon shall
have been paid, or a sufficient amount shall have been provided for
their payment and shall continue to be held for that purpose, the
commission shall cease to charge tolls for the use of such project or
projects, and thereafter such project or projects shall be free; provided,
however, that the commission may thereafter charge tolls for the use
of any such project in the event that tolls are required for maintaining,
repairing and operating such project due to the lack of funds from other
sources than tolls or in the event that such tolls shall have been pledged
by the commission to the payment of revenue bonds issued under the
provisions of the act for another project or projects. But any such
pledge of tolls of a project to the payment of bonds issued for another
project shall not be effectual until the principal and interest of the
bonds issued for the first mentioned project shall have been paid or
provision made for their payment.

Section 16. Remedies of Bondholders and Trustee.—Any holder
of revenue bonds 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 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 under the
laws of the United States or of the State of Virginia or granted here-
under 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 State or by the
commission, or any officer thereof, including the fixing, charging, and
collecting of tolls for the use of such project or projects.

Section 17. Contributions.—The commission, in addition to the
revenues which may be received from the sale of revenue bonds and
from the collection of tolls and other revenues derived under the pro-
visions of this act, shall have authority to receive and accept from
any federal agency or other public or private body contributions of
either money or property or other things of value, to be held, used, and
applied for the purposes in this act provided.

Section 18. Highway Connections.—Upon the letting of a con-
tract for the construction of a project under the provisions of this act,
it shall be the duty of the commission to proceed with the construction
of any highways which may be necessary to connect such project with
State highways in the State of Virginia and to complete the construc-
tion of such connecting highways on or before the date such project
shall be opened for traffic.

Section 19. Competing Bridges, Ferries and Tunnels.—No bridge
or tunnel other than those specified in Section four of this act for the
use of the traveling public shall hereafter be constructed and operated
by the State or by any county, municipal corporation, or political
subdivision of the State, or by any agency or instrumentality thereof,
or by any public body or authority, or by any person, copartnership,
association, or corporation, within ten miles of any terminus of any
project, acquired or constructed under the provisions of this act, and
no franchise shall hereafter be granted for the operation of a ferry,
within ten miles of any project for the acquisition or construction of
which project revenue bonds shall have been authorized under this
act, except under a written permit granted by the commission, which
is hereby exclusively authorized to grant such permits under the terms
and conditions hereof. No such permit shall be granted by the com-
mission until it shall ascertain by an investigation, including a hearing
upon such notice and under such rules as the commission may pre-
scribe, that there is an urgent public need for the operation of such
bridge, tunnel or such ferry, and that its operation will not affect the
revenues of any such project of the State so as to impair the security
of any revenue bonds issued for the acquisition or construction of such
project.

Either before or after completion of construction of project num-
bered One, the commission shall acquire by purchase or by condem-
nation the Gloucester- Yorktown Ferry, which is to include ferry boats,
docks, landings, machinery, franchise, easements, and all property
relating to the said Gloucester-Yorktown Ferry. The cost of Glou-
cester-Yorktown Ferry for the purpose of this act is to be added in
the costs of the construction of construction project numbered One,
but the acquisition of said Ferry shall not take place until project
numbered One is in operation.
The distance of ten miles hereinabove mentioned in this section
shall be measured in a straight line between the nearest point of such
project and any terminal of such ferry.

Section 20. Incidental Powers of the Commission.—The commis-
sion shall have power and authority to make and enter into all con-
tracts or agreements necessary or incidental to the execution of its
powers under this act, and may employ engineering, architectural and
construction experts and inspectors, brokers and such other employees
as may be deemed necessary, and may fix their compensation. All
such compensation 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 in-
curred hereunder beyond the extent to which money shall have been
provided under the authority of this act. The commission may
exercise any powers which are necessary or convenient for the execution
of its powers under this act.

The powers and duties of the commission hereinabove enumerated
in this act shall not be construed as a limitation of the general powers
or duties of said commission. It shall be the duty of the commission,
in addition to the powers and duties enumerated in this act, to do and
perform any and all things and acts necessary in the construction or
acquisition, maintenance and operation of any project to be con-
structed or acquired under the. provisions of this act, to the end that
such project or projects may become and be operated free of tolls as
early as possible and practicable, subject only to the express limitations
of this act and the limitations of other laws and constitutional pro-
visions applicable thereto.

Section 21. Revenue Refunding Bonds.—The commission is here-
by authorized to provide by resolution for the issuance of revenue
refunding bonds of the State subject to all of the provisions of section
three of this act for the purpose of refunding any revenue bonds issued
under the provisions of this act and then outstanding. The issuance
of such revenue refunding bonds, the maturities and other details
thereof, the rights of the holders thereof, and the duties of the State
and of the commission in respect to the same, shall be governed by the
foregoing provisions of this act insofar as the same may be applicable,
and by the following provisions:

(a) No revenue refunding bonds shall be delivered, unless de-
livered in exchange for revenue bonds to be refunded thereby, except
in the amount necessary to provide for the payment of matured or
redeemable revenue bonds or revenue bonds maturing or redeemable
within three months, including any redemption premium thereon.

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

Section 22. Act Provides Alternative Method.—This act shall be
deemed to provide an additional and alternative method for the doing
of the things authorized hereby and shall be regarded as supplementa
and additional to powers conferred by other laws, and shall not be
regarded as in derogation of any powers now existing.

Section 23. Act Liberally Construed.—This act, being necessary
for the welfare of the State and its inhabitants, shall be liberally con-
strued to effect the purposes hereof.

Section 24. Constitutional Construction.—The provisions of this
act are severable and if any of its provisions shall be held unconsti-
tutional by any court of competent jurisdiction, the decision of such
court shall not affect or impair any of the remaining provisions of this
act. It is hereby declared to be the legislative intent that this act
could have been adopted had such unconstitutional provisions not
been included therein.

2. All acts and parts of acts, general, special, private and local,
inconsistent with the provisions of this act are hereby repealed to the
extent of such inconsistency.