SPIRO T. AGNEW, Governor                         229

all rights under the laws of Maryland or granted hereunder or under
the resolution or trust indenture, and may enforce and compel per-
formance of all duties required by this subtitle or by the resolution
or trust indenture to be performed by the Authority, the State, any
political subdivision thereof, or any officer thereof, including the fix-
ing, charging, and collecting of rates and charges for the use of the
facilities of the Market.

14.

Bonds issued under the provisions of this subtitle are securities in
which all public officers and public agencies of the State and its polit-
ical subdivisions and all banks, trust companies, savings and loan
associations, investment companies, and others carrying on a bank-
ing business, all insurance companies and insurance associations and
others carrying on an insurance business, all administrators, execu-
tors, guardians, trustees, and other fiduciaries, and all other persons
may legally and properly invest funds, including capital in their
control or belonging to them. The bonds are securities which prop-
erly and legally may be deposited with and received by any State or
municipal officer or any agency or political subdivision of the State
for any purpose for which the deposit or bonds or other obligations
of the State is authorized by law.

15.

The establishment of the Market under the provisions of this sub-
title is in all respects for the benefit of the inhabitants of the State of
Maryland or its political subdivisions and is a public purpose, and
the State of Maryland and its political subdivisions and the Author-
ity will be performing an essential governmental function in the
exercise of the powers conferred by this subtitle, and WITH THE
EXCEPTION OF STATE AND LOCAL REAL ESTATE TAXES
AS REQUIRED BELOW the Authority shall not be required to pay
any taxes or assessments upon the Market or any part thereof or upon
its activities in the operation and maintenance of the Market or upon
any revenues therefrom, and the bonds of the Authority ISSUED
UNDER THIS ACT, and the interest thereon are forever exempt from
all state, municipal, and local taxation; but the Authority shall ay to
the State of Maryland or any of its political subdivisions within three
months after the close of the fiscal year of the Authority, the amount
determined by any contract entered into by and between the Authority
and the State of Maryland or the political subdivisions as the amount
to be paid to the State of Maryland or the political subdivisions in lieu
of taxes; such payments, however, to be made only from the net rev-

enues, if any, of the Authority, for each of the fiscal years which

remain after (1) paying all current expenses of the Market, (2)

making all required payments or transfers of money to the credit of
the Sinking Fund for the revenue bonds issued under the provisions
of Section 11 and then outstanding, and (3) setting aside reserves for
these purposes, all as may be required by any contract or by the reso-
lution authorizing the bonds or by the resolution authorizing the trust
indenture securing them. PROVIDED HOWEVER, THAT WHER-
EVER THE AUTHORITY SELLS OR LEASES LAND OR MAR-
KET FACILITIES TO ANY PRIVATE ENTITY OR ENTITIES
SUCH LAND OR MARKET FACILITIES SHALL BE SUBJECT
TO STATE AND LOCAL PROPERTY TAXES FROM THE TIME
OF SUCH SALE.