Theodore R. McKeldin, Governor                      23

the tax on the net income of certain corporations imposed pursuant
to the provisions of Section 283 (D-2) of Article 81 of the Annotated
Code of Maryland (1951 Edition, as amended).

(e)  Until all of the bonds issued under the provisions of this section
and the interest thereon shall be paid or provision for such pay-
ment shall be made, the proceeds of the tax on the net income of
certain corporations so laid and deposited to the credit of the Mary-
land Port Authority Fund shall be set aside by the State Treasurer
as received and transferred from the Maryland Port Authority
Fund, created by said Section 283 (D-2), to the credit of a sinking
fund for the payment of the principal of and interest on such bonds
until the amount held for the credit of said sinking fund shall be
equal to the amount required for the payment of the principal of and
the interest on the bonds then outstanding which will become pay-
able in the current fiscal year and in the next succeeding fiscal year.
The proceeds of the taxes so laid are hereby irrevocably pledged to
the payment of the principal of and the interest on such bonds as the
same shall become due and payable and such taxes, to the extent
hereby required, shall not be repealed, diminished or applied to any
other object until such bonds shall be fully paid.

(f)  In anticipation of the receipt of the proceeds of the sale of the
bonds authorized by this Section, the Authority may borrow money at
one time or from time to time in an amount not exceeding the esti-
mated tax revenue it will receive within the following twelve months
into the Maryland Port Authority Fund, for the purposes for which
said bonds are to be issued and to provide funds for paying the
current expenses of the Authority prior to the time when monies
will be available for such purpose under the provisions of this Act,
and issue its tax anticipation notes for the moneys so borrowed.
Such notes may be renewed or extended from time to time. All such
notes shall be executed in the manner hereinabove provided for the
execution of the bonds. Pending the issuance of the bonds such notes
shall be payable from the same fund and in the same manner as said
bonds. Upon the issuance of said bonds a sufficient amount of the
proceeds thereof (excluding accrued interest) shall be applied to the
payment of such notes.

9.    (Payment of Current Expenses.) The monies remaining to
the credit of the Maryland Port Authority Fund after making the
transfers to the credit of the sinking fund under the provisions of
sub-section (e) of Section 8 of this Article shall be applied and such
monies shall be and hereby are specifically appropriated to the pay-
ment of Current Expenses of the Authority. Any surplus of such
monies after providing for the payment of such Current Expenses
may be expended by the Authority for paying the cost of enlarging,
extending, reconstructing or improving any project under the control
of the Authority.

10.    (Revenue Bonds.) (a) The Authority is hereby authorized
and empowered to provide by resolution for the issuance at one time,
or in series from time to time, of revenue bonds of the Authority for
the purpose of providing funds for paying the cost of any port
facilities, or for paying the cost of any extensions, enlargements or
improvements of any project then under the control of the Authoritr
Such bonds and any interest coupons to be attached thereto shall be
executed in such manner as may be determined by the Authority.