SPIRO T. AGNEW, Governor                       753

AND THEREAFTER PAYMENT SHALL BE MADE IN THREE
(3) ANNUAL PAYMENTS.

(c) Payment of funds to the City of Baltimore shall be made by
the Board of Public Works upon their determination that the con-
ditions set forth in subsection (a) of this Section have been fulfilled.

8. Payment of current expenses; expenditure of surplus.

The monies received to the credit of the Maryland Airport Au-
thority Fund shall be applied and such monies shall be and hereby
are specifically appropriated to the payment of current expenses,
including payments to the City, of the Authority. Any surplus of
such monies after providing for the payment of current expenses,
may be expended by the Authority for paying the cost of acquiring,
constructing, rehabilitating, enlarging, extending, reconstructing, or
improving any project owned or controlled by the Authority or to
be owned or controlled by the Authority.

9.

(a)  In order to add to and improve the existing facilities of
Friendship International Airport and to encourage the growth of
passenger traffic and export and import commerce at the airport,
the Maryland Airport Authority may borrow money by issuing
negotiable revenue bonds for the purpose of defraying the cost of
the additions or improvements, and may contract with individual
airlines or groups of airlines or others for the use of these additions
or improvements. The contract shall provide for periodic payments
to be used to defray the cost of payment of the outstanding bonds.
The contracts negotiated shall be subject to the approval of the
Board of Public Works and by the Attorney General of Maryland
as to sufficiency and form.

(b)  For the purpose of financing, the Authority may SHALL sub-
mit annually to the Governor a program for development of the air-
port facilities for implementation in the annual State budget. Subject
to the approval of the Board of Public Works, receipts and revenues
in excess of required operating expenses, contractual obligations,
reasonable capital improvement programs, or other financial re-
quirements of the Authority shall revert to the general funds of the
State.

10. Revenue bonds.

(a)  Power to issue; purposes; manner of execution.

The Authority may provide by resolution for the issuance at one
time, or in series from time to time, of revenue bonds of the Au-
thority for the purpose of providing funds for paying the cost of
any airport facilities, or for paying the cost of any extensions, en-
largements or improvements of any project then under the control
of the Authority. The bonds and any interest coupons to be attached
thereto shall be executed in such manner as determined by the
Authority.

(b)  Interest rate; maturity.

The bonds of each series issued under this section shall bear in-
terest, payable semi-annually, and shall be stated to mature at such
time or times, not exceeding forty (40) years from their date, as
determined by the Authority.