752                             LAWS OF MARYLAND                       CH. 451

(1)  The Mayor and City Council of Baltimore shall convey by
lawful instrument all land and improvements comprising Friend-
ship International Airport to the Maryland Airport Authority.

(2)  All outstanding bonds in the amount of Three Million Seven
Hundred Thousand Dollars ($3,700,000) resulting from the Seventh
Bond Issue, known as the Seventh Airport Serial Loan Issue by the
City of Baltimore in connection with the past development and
operations of Friendship International Airport, AND ALL INTER-
EST PAYABLE IN CONNECTION WITH THESE BONDS shall
be paid by the City of Baltimore and reimbursed by the Authority
on an annual basis.

(3) The City of Baltimore shall complete the current capital im-

provements programs in progress by utilizing authorised unexpended
State and Federal grants together with agreed matching funds of

(3) UNTIL THE DATE OF TRANSFER HEREINBEFORE
MENTIONED, THE CITY OF BALTIMORE SHALL CONTINUE
THE CURRENT CAPITAL IMPROVEMENTS PROGRAMS IN
PROGRESS BY UTILIZING AUTHORIZED UNEXPENDED
STATE AND FEDERAL GRANTS TOGETHER WITH FUNDS OF
the City of Baltimore. It is understood that these improvements pro-
grams are those financed or to be financed by the City of Baltimore
Airport Serial Loans identified as Airport Serial Loans Seven and
Eight. It is further understood that the City of Baltimore will not
issue the Eighth Airport Serial Loan in the amount of Four Million
Dollars ($4,000,000). The Authority shall reimburse the City of
Baltimore for the aforementioned expenditures under this section,

upon completion of construction, in an amount not to exceed a max-

imum of Four Million Dollars ($4,000,000). IN AN AMOUNT NOT
TO EXCEED A MAXIMUM OF FOUR MILLION DOLLARS
($4,000,000.). IT IS THE INTENT OF THE STATE TO MAKE
THE CITY WHOLE FOR CAPITAL IMPROVEMENTS.

(4) The current operating revenue of Friendship International
Airport from January 1, 1968, to the date of transfer hereinbefore

mentioned shall remain in the Airport Account which is understood

to be designated as General Fund Account AA-81 850, and be trans-
ferred to the Authority by the City of Baltimore, JULY 1, 1968,
SHALL REMAIN IN AN AIRPORT ACCOUNT, WHICH WILL
BE DESIGNATED AS A SPECIAL AIRPORT FUND ACCOUNT,
FROM WHICH OPERATING EXPENSES WILL BE PAID
AND THE BALANCE TURNED OVER TO THE AUTHORITY
UPON TRANSFER OF THE AIRPORT BY THE CITY TO THE
AUTHORITY AS PROVIDED IN THIS SECTION.

(b) The purchase price of twenty-two million dollars ($22,000,000)

shall be paid to the City of Baltimore in five (5) equal payments.

The first payment shall become due on the date of transfer of the

deed to Friendship International Airport from the Mayor and City
Council of Baltimore to the Authority, and thereafter payment shall
be made in four (4) annual payments. SHALL BE PAID TO THE
CITY OF BALTIMORE IN FOUR (4) EQUAL PAYMENTS. THE
FIRST PAYMENT IN THE AMOUNT OF FIVE MILLION FIVE
HUNDRED THOUSAND DOLLARS ($5,500,000.) SHALL BE-
COME DUE ON THE DATE OF TRANSFER OF DEED TO
FRIENDSHIP INTERNATIONAL AIRPORT FROM THE MAYOR
AND CITY COUNCIL OF BALTIMORE TO THE AUTHORITY,