SPIRO T. AGNEW, Governor                          747

(i) Duties of treasurer. The Treasurer shall receive the moneys
of the Authority, and, until otherwise prescribed by law, deposit
them, as soon as received, to the credit of the Authority in such bank
or banks as he may, from time to time, with the approval of the
Authority select, and he shall disburse the same for the purposes
of the Authority according to law, upon his warrant and not other-
wise. He shall make arrangements for the payment of the interest
of the Authority debt. Every bond, certificate, or other evidence of
the debt of the Authority shall be signed by the Treasurer, and
countersigned by the Chairman of the Authority; and no new cer-
tificate or other evidence intended to replace another shall be issued
until the old one shall be delivered to the Treasurer and Authority
executed in due form for the transfer of same filed in his office,
and the transfer accordingly made on the books thereof, and the cer-
tificate or other evidence cancelled. The Treasurer shall render his
accounts semi-annually to the Authority.

(j) Quorum. Three members of the Authority are a quorum for
the transaction of business, and the affirmative vote of at least three
members is necessary for any substantive action taken by the Author-
ity. No vacancy in the membership of the Authority impairs the
right of a quorum to exercise all the rights and perform all the duties
of the Authority.

(k) Bond of treasurer. Before the issuance of any revenue bonds
under the provisions of this Article, the treasurer of the Authority
shall execute a surety bond in the penal sum of one hundred thousand
dollars ($100,000), to be conditioned upon the faithful performance
of the duties of his office, to be executed by a surety company author-
ized to transact business in the State of Maryland as surety, to be
approved by the Attorney General, and to be filed in the office of
the Secretary of State. The premium on the bond shall be treated
as a current expense of the Authority.

(l) Compensation; expenses of members. The members of the
Authority shall not receive any compensation for their services, but
each member shall be reimbursed for his necessary and proper ex-
penses incurred in the performance of his duties as such.

4. Definitions—Generally.

(a)  As used in this Article, the following words and terms in this
section have the following meanings indicated, unless the context
indicates another or different meaning or intent:

(b)  Authority. The word "Authority" means the Maryland Air-
port Authority, created by Section 3 of this Article, or, if the
Authority is abolished, the board, body or commission succeeding
to the principal functions thereof or to which the powers thereof
are given by law.

(c)  Cost. The word "cost," as applied to any airport facility
financed under the provisions of this Article or any extensions,
enlargements, or improvements of any project, embraces the cost of
construction or acquisition, the cost of all labor, materials, machin-
ery, and equipment, the cost of all lands, property rights, easements,
and interests acquired by the Authority in connection with the
project, financing charges, interest prior to and during construction
and for one year after completion of construction, cost of revenue
estimates and of engineering and legal services, plans, specifications,