660                                Laws of Maryland                        [Ch. 446

operation and affairs. The County Attorney shall have the right to
examine the books, accounts and records of the Authority.

15.     (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.

16.     (Tax Exemption) — (a) It is hereby found, determined and
declared that the establishment of the project or projects under the
provisions of this Act is in all respects for the benefit of the inhab-
itants of Montgomery County and is a public purpose, and that the
County Council of Montgomery County and of the State of Mary-
land and the Authority will be performing an essential governmen-
tal function in the exercise of the powers conferred by this Act, and
the Authority shall not be required to pay any taxes or assessments
upon any facility or any part thereof or upon its activities in the
operation and maintenance of any facility or upon any revenues
therefrom, and the project or projects and the bonds of the Author-
ity, the interest thereon and any gain realized from the sale or
exchange thereof shall be and remain forever exempt from all state,
municipal and local taxation.

(b) The Authority and the State, County, and other incorporated
cities or towns within the County are authorized and empowered, in
their individual discretion from time to time, to enter into agree-
ments, for such duration as they may determine, for the payment
by the Authority to the State or political subdivision of a stated
sum or sums in lieu of such taxes. The Authority shall be subject
to any and all benefit assessments, including but not limited to road,
street, sewer and water charges which may be levied by operation
of law.

17.     (Bonds Eligible for Investment)—Revenue bonds issued
under the provisions of this Act are hereby made securities in which
all public officers and public agencies of the State and its political
subdivisions, and all banks, trust companies, savings and loan asso-
ciations, investment companies and others carrying on a banking
business, all insurance companies and insurance associations and
others carrying on an insurance business, all administrators, execu-
tors, guardians, trustees and other fiduciaries, and all other persons
may legally and properly invest funds, including capital in their
control or belonging to them. Such bonds are hereby made securities
which may properly and legally be deposited with and received by
any State or municipal officer or any agency or political subdivision
of the State for any purpose for which the deposit of bonds or other
obligations of the State is now or may hereafter be authorized by
law.