THEODORE R. McKELDIN, GOVERNOR                     173

less otherwise provided by the indenture of trust which secures such
bonds, all moneys received by the Authority from whatever source
derived, shall be paid to the treasurer of the Authority. Said moneys
shall be deposited in the first instance by the treasurer in one or more
banks or trust companies in one or more special accounts, and each
of such special accounts to the extent the same is not insured shall be
continuously secured by a pledge of the direct obligations of the
United States of America, of the State of Maryland or of the County,
having an aggregate market value, exclusive of accrued interest, at
all times at least equal to the balance on deposit in such account. Such
securities shall either be deposited with the treasurer, or be held by
a trustee or agent satisfactory to the Authority. All banks and trust
companies are authorized to give such security for such deposits.
The 7noneys in said accounts shall be paid out on the warrant or other
order of the Chairman of the Authority, or of such other person or
persons as the Authority may authorize to execute such warrants
or orders. The Authority shall have an annual examination of its
books, accounts and records by a certified public accountant. A copy
of such audit shall be delivered to the County Commissioners of
Baltimore County and to such other persons named to receive such
audit in the resolution which authorized the issuance of the bonds
or in the trust indenture which secures them. A concise financial
statement of the Authority shall be published annually, in a news-
paper of general circulation in Baltimore County. If such publica-
tion is not made by the Authority, the County Commissioners of
Baltimore County shall publish such statement at the expense of
the Authority. If the Authority fails to make such audit, then the
Comptroller of Baltimore County may be designated and empowered
by the County Commissioners of Baltimore County from time to time
to examine, at the expense of the Authority, the accounts and books
of the Authority, including its receipts, disbursements, contracts,
leases, sinking funds, investments, and any other matters relating to
its finances, operation and affairs. The Solicitor of Baltimore County
shall have the right to examine the books, accounts wad records of the
Authority.

439. (Limitation of Powers.) The State does hereby pledge to
and agree with any person, firm or corporation, or Federal agency
subscribing to or acquiring the revenue bonds to be issued by the
Authority for the construction, extension, improvement, equipping,
furnishing or enlargement of any project or part thereof, that the
State will not limit or alter the rights hereby vested in the Authority
until all such bonds at any time issued to provide funds for such
project or part thereof, together with the interest thereon, are fully
met and discharged, it being the intent of this Act that the Authority
shall continue to have and may exercise all powers herein granted,
so long as the same shall be necessary or desirable for the carrying
out of the purposes of this Act.

440. (Tax Exemption.) It is hereby found, determined and de-
clared that the establishment of the project or projects under the
provisions of this Act is in all respects for the benefit of the inhabit-
ants of Baltimore County and of the State of Maryland, and is a
public purpose, and that the County Commissioners of Baltimore