160 LAWS OF MARYLAND. [CH. 34

WHEREAS, George Washington Memorial Bridge Public
Corporation ((formerly known as the George Washington-
Wakefield Memorial Bridge, Inc. ) has offered to issue its
entire capital stock to the State Roads Commission without
any cost to the State; and

WHEREAS, It is proposed that said Corporation shall apply
to the Federal Emergency Administrator of Public Works
for a loan secured upon its bonds, which, together with a
grant not in excess of thirty per cent, of the cost of the
labor and materials to be employed upon the project for
which such Corporation may apply as a public body under
Section 203-a of the National Industrial Recovery Act, will
be sufficient to pay the entire cost of the project, and in
order to obtain such loan and grant appropriate legislation
is required constituting the Corporation a public instru-
mentality and therefore expressly (a) exempting the bonds
so proposed to be sold to the Federal Emergency Adminis-
trator of Public Works from all taxation, (b) exempting
the tolls pledged to secure the same from all taxation, (c)
providing that all real property of said Corporation
located in Maryland shall, subject to any mortgage or other
lien given to secure the bonds of said Corporation, be taken
in the name of the State Roads Commission, and (d) pro-
viding that the tolls to be charged be fixed at and limited to
amounts sufficient to pay the expenses of operation, repairs
and maintenance of said bridge, and the interest on and
principal of said bonds; and

WHEREAS, It is desired to obtain for the people of the
State of Maryland the benefit of such grant and loan for
the purpose of the construction of said bridge, especially
during the present employment emergency, and it is there-
fore deemed wise that George Washington Memorial
Bridge Public Corporation shall in substance have the
status of a public body within the meaning of the said
National Industrial Recovery Act; and

WHEREAS, It is of public importance to the State that the
said bridge shall become a free bridge as soon as the funds
so to be borrowed from the Federal Emergency Adminis-
trator of Public Works shall be repaid out of the tolls from
said bridge; and

WHEREAS, It is further desirable that it should be made
clear that the State of Maryland shall not be liable, legally,
equitably, morally, or otherwise, for or on account of any
of the obligations of George Washington Memorial Bridge
Public Corporation; and