482                             LAWS OF MARYLAND                      [CH. 227

266H.

(a)   If a surplus is accumulated in the operating and maintenance
funds, if any, equal to the cost of maintaining and operating the
industrial building or buildings or port facilities during the remainder
of the calendar, operating or fiscal year, and during the succeeding
like year, any excess over such amount may be transferred at any
time by the legislative body of the municipality or county to the
depreciation account, to be used for improvements, extensions, or
additions to the building or buildings or port facilities.

(b)   The funds accumulating to the depreciation account, if any,
shall be expended in balancing depreciation in the industrial building
or buildings or port facilities or in making new constructions, ex-
tensions or additions thereto. Any such accumulations may be in-
vested as the legislative body of the municipality or county may
designate, and if invested, the income from such investment shall be
carried into the depreciation account.

(c)  Upon liquidation of the project or the conveyance of the
property under the terms of this subheading, all funds remaining
in the depreciation account, if any, or other surplus funds accruing
to the project shall revert to the general funds of the municipality
or county.

266-I.

(a)   If the legislative body of the municipality or county finds that
the bonds authorized will be insufficient to accomplish the purpose
desired, additional bonds may be authorized and issued in the same
manner.

(b)   Any municipality or county acquiring an industrial building
or buildings or port facility pursuant to the provisions of this sub-
heading at the time of issuing the bonds for the acquisition, may
provide for additional bonds for rehabilitation, remodelling, exten-
sions, and permanent improvements, to be placed in escrow and to
be negotiated from time to time as proceeds for that purpose may be
necessary. Bonds placed in escrow when negotiated, shall have equal
standing with the bonds of the same issue.

(c)  The municipality or county may issue new bonds to provide
funds for the payment of any outstanding bonds, in accordance with
the procedure prescribed by this subheading. The new bonds shall
be secured to the same extent and shall have the same source of
payment as the bonds refunded.

(d)  As an alternative to the procedures for the issuance of reve-
nue bonds authorized by this subheading, any municipal corporation
subject to the provisions of Article 11E of the Constitution of Mary-
land may, by charter amendment adopted pursuant to Article 23A,
Sections 31 through 39, inclusive, as amended from time to time, of
this Code, provide for the issuance of revenue bonds on such terms
and conditions as said municipal corporation may deem necessary or
appropriate to enable it to exercise the authority and achieve the
public purpose contained in Section 266B of this Article.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved April 29, 1966.