SPIRO T. AGNEW, Governor                      1035

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 obliga-
tion of the Mayor and City Council of Baltimore.

(c) 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
reasonable 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 provisions of this Act, then such purchaser shall pay
annually to the municipality in lieu of taxes a sum of money equal
to an amount arrived at by multiplying the assessed valuation of
said land or property for the year in which the municipality sells
such land or property 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. 6. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and having been passed
by a yea and nay vote supported by three-fifths of the members
elected to each of the two Houses of the General Assembly of Mary-
land, the same shall take effect from the date of its passage.

Approved April 21, 1967.

CHAPTER 444
(Senate Bill 211)

AN ACT to authorize the Mayor and City Council of Baltimore
to create a debt, and to issue and sell its certificates of indebted-
ness as evidence thereof, to an amount not exceeding Three Mil-
lion Nine Hundred Thousand Dollars ($3,900,000.00), the proceeds
derived from the sale of the certificates of indebtedness to be
used for or in connection with planning, developing, executing
and making operative the urban renewal program of the Mayor
and City Council of Baltimore, including, but not limited to, the
acquisition, by purchase, lease, condemnation or any other legal
means, of land or property, or any right, interest, franchise, ease-
ment or privilege therein, in the City of Baltimore; the payment
of any and all costs and expenses incurred in connection with or
incidental to the acquisition and management of said land or