Theodore R. McKeldin, Governor                      943

legally be deposited with and received by any State or municipal
officer or any agency or political sub-division 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.

563-I. Revenue Refunding Bonds. The Commission is hereby
authorized to provide by resolution for the issuance of its revenue
refunding bonds for the purpose of refunding any revenue bonds then
outstanding which shall have been issued under the provisions of
this law, including the payment of any redemption premium thereon
and any interest accrued or to accrue to the date of redemption of
such bonds.

563J. Exemption from Taxation. The exercise of the powers
granted by this law will be in all respects for the benefit of the people
of the State of Maryland, for the increase of their commerce and
prosperity, and for the improvement of their health and living con-
ditions, and as the operation and maintenance of the facilities by the
Commission will constitute the performance of essential govern-
mental functions, the Commission shall not be required to pay any
taxes or assessments upon any facilities constructed, purchased or
otherwise acquired, maintained and operated by it under the pro-
visions of this law, or upon the income therefrom, and the bonds
issued under the provisions of this law, their transfer and the income
therefrom (including any profit made on the sale thereof) shall at
all times be free from taxation by the State of Maryland or any of
its political sub-divisions, or by any town or municipality or any
other public agency of or within the State.

563K. Disposal of Facilities. When the Commission shall have
paid or provided for the payment of the principal and interest on all
bonds that shall have been issued for the construction, purchase or
other acquisition, operation and maintenance of the facilities, the
Commission may (subject to any contracts or agreements that it may
have concerning the operation or disposition of the facilities) sell,
transfer, grant and convey the facilities to any municipality or cor-
poration, public or private, which shall have contributed to the con-
struction, purchase or other acquisition of the facilities by having
contracted to furnish and having furnished to the Commission reve-
nues for the treatment of sewage, industrial or other wastes. Any
such sale, transfer, grant and conveyance shall be for a purchase price
in the amount of the cost of the facilities plus ten per cent (10%)
of such cost less the aggregate amount contributed to such cost by
the purchasing or acquiring municipality or corporation. The terms
of any such sale, transfer, grant and conveyance shall include pro-
vision for continuing the then operations of the facilities and the
treatment and disposal of all sewage, industrial and other wastes
then begin BEING handled by the facilities and for those who have
contributed to its construction. THE NET AMOUNT RECEIVED
BY THE COMMISSION FROM ANY SUCH SALE, TRANSFER,
GRANT OR CONVEYANCE SHALL FORTHWITH BE PAID
OVER BY THE COMMISSION TO ANY MUNICIPALITY OR
POLITICAL SUBDIVISION OF THIS OR ANY OTHER STATE
OR TO ANY PERSON, PARTNERSHIP, ASSOCIATION OR COR-

PORATION WHICH HAS CONTRACTED WITH THE COMMIS-
SION FOR THE USE OF THE FACILITIES, THE PAYMENT
TO EACH SUCH CONTRACT PARTY TO BE THAT PROPOR-