14                                Laws of Maryland                          [Ch. 2

a surety bond in the penal sum of One Hundred Thousand Dollars
($100,000), such surety bond to be conditioned upon the faithful per-
formance of the duties of his office, to be executed by a surety com-
pany authorized to transact business in the State of Maryland as
surety, to be approved by the Attorney General, and to be filed in the
office of the Secretary of State. The premium on such bond shall be
treated as a current expense of the Authority.

(j) The members of the Authority shall not receive any compensa-
tion for their services, but each member shall be reimbursed for his
necessary and proper expenses incurred in the performance of his
duties as such.

4. (Definitions.) (a) As used in this Article, the following words
and terms shall have the following meanings, unless the context shall
indicate another or different meaning or intent:

(b)   The word "Authority" shall mean the Maryland Port Au-
thority, created by Section 8 of this Article, or, if said Authority
shall be abolished, the board, body or commission succeeding to the
principal functions thereof or to which the powers given by this
Article to the Authority shall be given by law.

(c)  The word "cost", as applied to any port facility financed under
the provisions of this Article or any extensions, enlargements or im-
provements of any project, shall embrace the cost of construction or
acquisition, the cost of all labor, materials, machinery and equipment,
the cost of all lands, property, rights, easements and interests ac-
quired by the Authority in connection with the project, financing
charges, interest prior to and during construction and for one year
after completion of construction, cost of revenue estimates and of
engineering and legal services, plans, specifications, surveys, esti-
mates of cost and of revenues, expenses necessary or incident to
determining the feasibility or practicability of the project, adminis-
trative expense, and such other expenses as may be necessary or in-
cident to the construction or acquisition of such port facility or such
extensions, enlargements or improvements, the financing thereof and
the issuance of bonds under the provisions of this Article and
placing the project in operation.

(d)  The term "current expenses" shall mean the Authority's rea-
sonable and necessary current expenses of maintaining, repairing
and operating the projects and shall include, without limiting the
generality of the foregoing, all administrative expenses, insurance
premiums, engineering expenses relating to operation and mainte-
nance, legal expenses, charges of the paying agents, any taxes which
may be lawfully imposed on the Authority or its income or operations
or the property under its control and reserves for such taxes and
any payments in lieu of taxes, ordinary and usual expenses of mainte-
nance and repair which may include expenses not annually recurring,
expenses incurred in the performance of its powers and duties under
the provisions of this Article, and any other expenses required to
be paid by the Authority under the provisions of any trust agreement
securing revenue bonds or by law, but shall not include any allowance
for depreciation or transfers to the credit of the sinking fund for
the revenue bonds.