22                                Laws of Maryland                          [Ch. 2

the principal functions thereof are not vested in another board, body
or commission, and no bonds issued by the Authority are outstanding
and unpaid, then the McComas Street Terminal, the National Gypsum
Company Pier and the Broadway Pier (Recreation Pier) shall revert
to and become the property of the Mayor and City Council of Balti-
more.

(f) The Authority is authorized to purchase, and the Mayor and
City Council of Baltimore is authorized to sell to the Authority upon
such terms and conditions and at and for such price or prices as may
be mutually agreed upon by the Authority and the Board of Esti-
mates of the Mayor and City Council of Baltimore, any and all of the
right, title or interest which the Mayor and City Council of Baltimore
may have in any other land and property, both real and personal,
and used for or in connection with the operation of the Port of
Baltimore, except such property as may be needed or used for or in
connection with the operation of the Fire or Police Department of
Baltimore City.

8. (Special Obligation Bonds.) (a) The Authority is hereby au-
thorized and empowered to provide by resolution for the issuance at
one time, or in series from time to time, of special obligation bonds of
the Authority in an aggregate principal amount not exceeding Fif-
teen Million Dollars ($15,000,000) for the purpose of providing fiinds
(i) for making the payments to the Mayor and City Council of
Baltimore which are provided for in Section 7 of this Article, (ii)
for paying the cost of any extensions, enlargements or improvements
of the existing port facilities, and (iii) for paying the cost of any
additional port facilities. Such bonds shall be signed by the State
Treasurer and by the Chairman of the Authority or with a facsimile
signature of said Chairman and countersigned by the State Comp-
troller, and a facsimile of the official seal of the Authority shall be
imprinted on the bonds and attested by the Secretary-Treasurer of
the Authority, and any coupons attached to the bonds shall bear the
facsimile signatures of the Chairman of the Authority, the State
Treasurer and the State Comptroller.

(b)  The bonds of each series issued under the provisions of this
section shall bear interest at a rate or rates not exceeding four per
centum (4%) per annum, payable semi-annually, and shall be stated
to mature in annual instalments, the first of which shall be made
payable not more than two (2) years after their date and the last of
which shall be made payable not more than fifteen (15) years after
their date, and such annual instalments shall be so fixed that the
total amount of the principal of and the interest on such bonds which
shall be payable in each fiscal year beginning ivith the first fiscal year
in which such bonds mature shall be as nearly equal as practicable.

(c)  The proceeds of the bonds issued under the provisions of this
section shall be paid to the State Treasurer and shall be paid out by
the State Treasurer upon the order of the Authority, and upon war-
rants of the State Comptroller, solely for the purposes set forth in
Sub-section (a) of this section.

(d)  For the payment of the principal of and the interest on the
bonds issued under the provision of this section as the same become
due and payable, there shall be and is hereby laid an annual tax which
shall consist of such amounts as may be necessary of the proceeds of