J. MILLARD TAWES, Governor                      481

(b) The municipality or county may make an agreement or con-
tract with the industrial concern or port facility tenant or tenants
which is to occupy and use the building, buildings, and other facil-
ities provided for in this subheading, that at the time the principal
of and interest on the bonds (or so much thereof as may be ap-
plicable to the particular industrial concern or port facility tenant)
have been paid in full, the industrial concern or port facility tenant
may or shall purchase or otherwise acquire whatever building, build-
ings, and other facilities were acquired with the proceeds of these
bond funds. In such event, the consideration for the conveyance or
acquisition may be set at a nominal figure.

266F.

If there is any default in the payment of principal or interest of
any bond, any court having jurisdiction of the action may appoint
a receiver to administer the industrial building or buildings or port
facility on behalf of the municipality or county, with power to charge
and collect rents sufficient to provide for the payment of any bonds
or obligations outstanding against the building or buildings or port
facility, and for the payment of operating expenses, and to apply the
income and revenue in conformity with this subheading and the
ordinance or resolution adopted pursuant thereto.

266G.

(a)  At or before the issuance of bonds the legislative body of the
municipality or county, by ordinance or resolution, shall set aside and
pledge the income and revenue of the industrial building or buildings
or port facilities into a separate and special fund to be used and
applied in payment of the cost thereof and, if hereinafter required,
in the maintenance, operation, and depreciation thereof. The ordi-
nance or resolution shall definitely fix and determine the amount of
revenue necessary to be set apart and applied to the payment of
principal and interest of the bonds. In the absence of an agreement
described in 266G (c) of this subheading, the resolution or ordinance
shall also definitely fix and determine the proportion of the balance
of the income and revenue to be set aside as a proper and adequate
depreciation account; and the remaining proportion of the balance
shall be set aside for the reasonable and proper operation and mainte-
nance of the industrial building or buildings or port facilities.

(b)   The rents to be charged for the use of the building or build-
ings or port facilities shall be fixed and revised from time to time so
as to be sufficient to provide for payment of interest upon all bonds
and to create a sinking fund to pay the principal thereof when due,
and, in the absence of an agreement described in 266G (c) of this
subheading, to provide for the operation and maintenance of the
building or buildings or port facilities and an adequate depreciation
account.

(c)  The ordinance or resolution may provide that the lessee shall
covenant and agree properly to operate and maintain the industrial
building or buildings or port facilities during the time any bonds
issued to finance the industrial building or buildings or port facilities
are outstanding. Any such agreement to maintain shall include a
specific undertaking by the lessee to make all equipment replacements
and repairs necessary to insure that the security for the industrial
or port facility bonds shall not be impaired.