THEODORE K. MCKELDIN, GOVERNOR 505

In addition, no part of the proceeds of sale of the certificates
of indebtedness hereby authorized to be issued shall be expend-
ed for actually establishing, developing, redeveloping, con-
structing, reconstructing, enlarging, extending, altering, im-
proving, renovating, modernizing or equipping any building,
structure or facility on, above, under or in any land or prop-
erty, regardless of who owns or otherwise holds or controls
any such land or property, for or in connection with extend-
ing, developing or improving the harbor or Port of Baltimore
and its facilities, as provided for or contemplated by Para-
graphs (b) and (c) of Section 2 of this Act, until after the
Mayor and City Council of Baltimore, with approval of its
Board of Estimates, shall have entered into a binding contract
with a private, public or quasi-public corporation, partner-
ship, association, person or other legal entity, secured to the
satisfaction of the said Board of Estimates.

In the event any such contract provides only for the leasing
or renting of any land or property owned or otherwise held
or controlled by the Mayor and City Council of Baltimore to a
legal entity for a term of years and provides that upon the
expiration of the contract or the termination thereof for any
cause that said land or property and all improvements placed
thereon by any one shall be the sole and absolute property of
the Mayor and City Council of Baltimore, then said agreement
shall provide that the Mayor and City Council of Baltimore
will be reimbursed for at least sixty per cent (60%) of all
expenditures of money made by it in connection with the par-
ticular project involved, and for all interest, redemption or
other charges paid or to be paid by the Mayor and City Council
of Baltimore on or in connection with all funds borrowed by it
and expended in connection with the particular project in-
volved, and for all estimated real estate taxes that the Mayor
and City Council of Baltimore will lose as a result of its ac-
quiring any land or property involved in the particular project.

In case any such contract provides for the sale of, or the
transfer at any time of title to, any land or property owned
or otherwise held or controlled by the Mayor and City Council
of Baltimore, or any improvements placed thereon by any one,
to a legal entity, then said contract shall provide that the
Mayor and City Council of Baltimore will be reimbursed for
at least all expenditures of money made by it in connection
with the particular project involved, and for all interest, re-
demption or other charges paid or to be paid by the Mayor and
City Council of Baltimore on or in connection with all funds
borrowed by it and expended in connection with the particular
project involved, and for all estimated real estate taxes that
the Mayor and City Council of Baltimore will lose as a result