218                                LAWS OF MARYLAND                       [CH. 145

within the Greater Baltimore Region, the proper agency thereof
COUNTY COMMISSIONERS OR COUNTY EXECUTIVE AS THE
CASE MAY BE.

(6) (F) Sell or lease, or otherwise transfer or convey in any man-
ner deemed appropriate by the Authority, any land or property now or
hereafter owned by it to carry out the purposes of this subtitle; but
if any such land or property is sold to any legal entity for any such
purpose, the purchaser of the land or property shall pay to the
Authority or the State an amount of money at least equal to the
full appraised value of the land or property, and if any such land or
property is leased by the Authority to any legal entity for any of the
purposes hereinbefore mentioned, the lessee shall pay annually to the
Authority an amount of money equal to the reasonable rental value
of the land or property. If any such land or property is sold as afore-
said and land or property is then conveyed to the Authority as
security for a loan made by the Authority to the purchaser under
the provisions of this subtitle, the purchaser shall pay to the State of
Maryland, or any of its political subdivisions, the amount deter-
mined by any contract entered into by and between the Authority
and the State of Maryland, or the political subdivision, as the amount
to be paid to the State of Maryland or the political subdivision in

lieu of taxes. All payments made in lieu of taxes shall be made at

the time real estate taxes of the political subdivision in which the
property is located ordinarily are due and payable. THE PROVI-
SIONS OF THIS ACT, THE PURCHASER SHALL BE SUBJECT
TO STATE AND LOCAL PROPERTY TAXES ON SUCH LAND
OR PROPERTY FROM THE DATE OF SUCH SALE.

(7) (G) Use the proceeds of bonds of the Authority, or FUNDS
otherwise available or to become available under the provisions of
this subtitle, or such proceeds and any other grant from the United
States of America or the State, or any agency or instrumentality of
either, for the purposes contemplated by the provisions of this sub-
title; or finance any private, public, or quasi-public corporation, part-
nership, association, person, or other legal entity in carrying out such
purposes, either on land or property that is owned or otherwise held or
controlled by the Authority or State, or on, under, or in any land or
property owned or otherwise held or controlled by any private, pub-
lic, or quasi-public corporation, partnership, association, person, or
other legal entity provided, however, if the Authority finances any
private, public, or quasi-public corporation, partnership, association,
person or other legal entity to carry out the purposes of this subtitle
as hereinabove provided, no part of the proceeds shall be expended
for actually constructing, erecting, altering, expanding, improving,
or equipping any building, structure, or facility for the purposes
contemplated by this subtitle (as distinguished from funds which
are necessary to be expended in connection with the acquisition of
land or property or the preparation of plans or the employment of
assistants, aides, or employees of the Authority, or other matters or
things which are usually and generally preliminary to the commence-
ment of actual construction work) until the Authority, with the
approval of the Board of Public Works of the State, has entered into
a binding contract with the private, public, or quasi-public corpora-
tion, partnership, association, person or other legal entity secured
to the satisfaction of the Board of Public Works under the terms of
which the private, public, or quasi-public corporation, partnership,