1096                           LAWS OF MARYLAND                       CH. 575

said land or property any structure or facility contemplated by the
provisions 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 afore-
said 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 munic-
ipality 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
declared to be an emergency measure and necessary for the imme-
diate preservation of the public health and safety, and having been
passed by a yea and nay vote supported by three-fifths of the mem-
bers elected to each of the two Houses of the General Assembly of
Maryland, the same shall take effect from the date of its passage.

Approved May 7, 1968.

CHAPTER 575
(Senate Bill 461)

AN ACT to reduce the total amount of debt which the Mayor and
City Council of Baltimore is authorized to create under the terms
and provisions of Chapter 1 of the Laws of Maryland of 1963, as
the same was amended and reduced by Chapter 186 of the Laws
of Maryland of 1967, from the amount of Six Million Five Hun-
dred Thousand Dollars ($6,500,000.00) to an amount not exceeding
Four Million Seven Hundred Thousand Dollars ($4,700,000.00),
and providing that nothing in this Act shall change, alter, modify
or release: (a) Any of the terms and provisions of said Chapter 1
of the Laws of Maryland of 1963, as amended by Chapter 186 of
the Laws of Maryland of 1967, except in the manner and to the
extent set forth in this Act; (b) Any of the obligations or liabili-
ties which said municipality has incurred or may incur under the
terms and provisions of any Certificates of Indebtedness which
said municipality has heretofore issued and sold pursuant to said
Chapter 1, as amended, and certain ordinances; and (c) Any of
the power and authority vested in said municipality to hereafter
issue and sell its Certificates of Indebtedness in accordance with
the terms and provisions of said Chapter 1, as amended, and a
certain ordinance.