1598                             Laws of Maryland                      [Ch. 845

NOTWITHSTANDING THE PROVISIONS OF SECTION 2 OF
THIS ACT TO THE EFFECT THAT WHEN ALL OF THE BONDS
OF THE AUTHORITY SHALL HAVE BEEN PAID AND RE-
TIRED, THE AUTHORITY SHALL THEREUPON TRANSFER
ALL OF ITS PROPERTY TO THE MAYOR AND CITY COUNCIL
OF BALTIMORE, AND THAT THE AUTHORITY SHALL
THEREUPON BE CONSIDERED AUTOMATICALLY DIS-
SOLVED, WHEN ALL OF THE INTEREST ON AND PRINCIPAL
OF ALL BONDS ISSUED BY THE AUTHORITY HEREUNDER
SHALL HAVE BEEN PAID OR PROVISION FOR SUCH PAY-
MENT SHALL HAVE BEEN MADE, IN THE EVENT THAT
THE STATE OF MARYLAND SHALL HAVE LEVIED AND COL-
LECTED ANY STATE TAX FOR THE PAYMENT OF INTER-
EST ON AND PRINCIPAL OF SAID BONDS PURSUANT TO
THE PROVISIONS OF THIS SECTION, THE AUTHORITY
SHALL CONTINUE TO HOLD TITLE TO ALL OF ITS PROP-
ERTY AND SHALL CONTINUE TO REMAIN IN EXISTENCE,
AND SHALL THENCEFORTH PAY OVER TO THE COMP-
TROLLER OF THE STATE OF MARYLAND OUT OF MARKET
REVENUES, AFTER DEDUCTION FOR THE COST OF MAIN-
TAINING, REPAIRING AND OPERATING THE MARKET, IN-
CLUDING RESERVES FOR SUCH PURPOSES AND FOR RE-
PLACEMENTS, DEPRECIATION AND NECESSARY EXTEN-
SIONS, THE AMOUNT OF ANY TAXES LEVIED AND COL-
LECTED BY THE STATE OF MARYLAND FOR THE PAY-
MENT OF INTEREST ON AND PRINCIPAL OF SAID BONDS.
SAID PAYMENTS TO THE STATE SHALL BE WITHOUT IN-
TEREST AND SHALL BE MADE ON OR BEFORE FEBRUARY
15 OF EACH YEAR COMMENCING ON FEBRUARY 15 OF THE
YEAR NEXT SUCCEEDING THE YEAR IN WHICH ALL OF
SAID BONDS SHALL HAVE BEEN PAID AND RETIRED, OR
IN WHICH PROVISION FOR SUCH PAYMENT SHALL HAVE
BEEN MADE, UNTIL ALL OF SAID STATE TAX SHALL HAVE
BEEN REPAID TO THE STATE OF MARYLAND. WHEN ALL
OF SAID BONDS SHALL HAVE BEEN PAID OR RETIRED AND
ALL OF SAID STATE TAX SHALL HAVE BEEN REPAID TO
THE STATE OF MARYLAND, THE AUTHORITY SHALL
THEREUPON PROMPTLY CONVEY ALL OF ITS PROPERTY
AND ASSETS TO THE MAYOR AND CITY COUNCIL OF BAL-
TIMORE AND THE AUTHORITY SHALL BE CONSIDERED
AUTOMATICALLY DISSOLVED, AS PROVIDED BY SECTION 2
OF THIS ACT.

Sec. 2. And be it further enacted, That this section is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and having been passed
by a yea and nay vote supported by three-fifths of the members elected
to each of the two houses of the General Assembly, the same shall
take effect from the day of its passage.

Approved April 17, 1957.