22                               LAWS OF MARYLAND                         [CH. 4

C.  In addition, no part of the proceeds of sale of said bonds shall
be expended for actually constructing, erecting, altering, expanding,
enlarging, improving or equipping any building, structure or facility
on, under or in any land or property, regardless of who owns or
otherwise holds or controls any such land or property, for storing,
parking and servicing self-propelled vehicles (as distinguished from
funds which are necessary to be expended in connection with the ac-
quisition of land or property or the preparation of plans or the em-
ployment of assistants, aides and employees of The Off-Street Park-
ing Commission of Baltimore City or other matters or things which
are usually and generally preliminary to the commencement of actual
construction work) until after the municipal corporation, with the
approval of its Board of Estimates, shall have entered into a binding
contract with a private, public or quasi-public corporation, partner-
ship, association, person or other legal entity secured to the satisfac-
tion of the said Board of Estimates, under the terms of which the
Mayor and City Council of Baltimore will be reimbursed for at least
all expenditures of money made by it in connection with the particu-
lar project involved, and for all interest charges paid or to be paid
by the Mayor and City Council of Baltimore on all funds borrowed by
it and expended in connection with the particular project involved,
and for all estimated real estate taxes that the Mayor and City Coun-
cil of Baltimore will lose as a result of it acquiring any land or
property involved in the particular project. Any such contract, after
it has been executed on behalf of the Mayor and City Council of
Baltimore by the Mayor of Baltimore City and the corporate seal of
the municipality affixed thereto duly attested by the Treasurer of
the municipality and approved by the said Board of Estimates,
shall constitute a legal and binding obligation of the Mayor and
City Council of Baltimore.

D.  In case any land or property now or hereafter owned by the
Mayor and City Council of Baltimore is sold by it to any legal entity
for the purpose of establishing and constructing on, under or in said
land or property any structure or facility contemplated by the pro-
visions of this Act, then the purchaser of said land or property shall
pay to the municipality at least an amount of money equal to the full
appraised value of said land or property, and in case any such land
or property is leased by the municipality to any legal entity for any
of the purposes hereinbefore mentioned, then the lessee shall pay
annually to the municipality an amount of money equal to the reason-
able rental value of said land or property. In the event any such land
or property is sold by the municipality as aforesaid and such land or
property is then reconveyed back to the municipality as security for
any loan made by the municipality to the purchaser under the pro-
visions of this Act, then such purchaser shall pay annually to the
municipality in lieu of taxes a sum of money equal to an amount ar-
rived at by multiplying the assessed valuation of said land or prop-
erty for the year in which the municipality sells such land or prop-
erty by the then current tax rate of the municipality. All payments
made in lieu of taxes shall be made when real estate taxes of the
municipality ordinarily become due and payable.

Sec. 5. And be it further enacted, That the remainder of the
proceeds derived from the sale of the bonds authorized to be issued
under the provisions of the Act, after providing for the payment
of the items mentioned in Section 3 (a) hereof and providing for