ALBERT C. RITCHIE, GOVERNOR. 747

3. That no part of the proceeds of the loan hereby author-
ized shall be spent except upon the recommendation of the com-
mission hereinafter required to be appointed, which recom-
mendation shall state the character of the improvements to be
made, the terms upon which the property improved shall be
rented, leased or otherwise let or conveyed; and until the Mayor
and City Council of Baltimore, with the approval of the Board
of Estimates, shall have entered into a binding contract, with
any person, firm or corporation, public, quasi public, or private,
covering a period of not less than ten (10) years, secured to the
satisfaction of said Board for the rental of the property so ac-
quired, or to be acquired, improved or to be improved, at
an annual rental charge equal to or greater than, the sum
of the annual interest on the expenditure for the acquisition,
construction or improvement of the said property and the
annual sinking or retirement fund charged thereon; and
should the construction or improvement be upon or appurte-
nant to land or other property now owned by the City, the
appraised value of such land or other property shall be in-
cluded as a part of the cost of construction or improvement.

SEC. 2. And be it further enacted, That the Port Devel-
opment Commission shall carefully study the commerce of
the Port of Baltimore and the handling and movement of such
commerce; and it shall from time to time report its findings
and recommendations to the Mayor of Baltimore. The said
Commission is hereby further authorized and empowered, with
the approval of the Mayor, to petition any Federal, State or
Municipal official, body or commission, whether legislative,
administrative, or judicial, and, with the approval of the
Mayor, to petition or intervene and participate in behalf of the
Mayor and City Council of Baltimore in any proceedings
affecting the commerce of the Port of Baltimore.

SEC. 3. And be it further enacted,, That nothing contained
in this Act shall be construed to repeal, alter or affect in
any manner the validity of any action heretofore taken or
contract heretofore made under the authority of the said Chap-
ter 560 of the Acts of 1920 by the Port Development Com-
mission appointed under the authority thereof, or by the
Mayor and City Council of Baltimore or the Board of Esti-
mates; nor shall anything contained in this Act in anywise
affect any of the stock heretofore issued under the authority
of the said Act; nor shall the term of office of any member