758                               LAWS OF MARYLAND                         CH. 451

bonds then outstanding which were issued under this Article, in-
cluding the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of such bonds,
and, if deemed advisable by the Authority, for either or both of
the following additional purposes: (i) Constructing improvements,
extensions or enlargements of any project or projects and (ii) pay-
ing all or any part of the cost of any additional airport facility or
facilities. The issuance of the bonds, the maturities and other de-
tails thereof, the rights of the holders thereof, and the rights, duties
and obligations of the Authority in respect thereto shall be gov-
erned by the provisions of this Article which relate to revenue bonds
insofar as applicable.

18.    Exemption from taxation.

Bonds. The exercise of the powers granted by this Article will
be in all respects for the benefit of the people of the State of Mary-
land, for the increase of their commerce and prosperity, and for
the improvement of their health and living conditions, and as the
operation and maintenance of the projects by the Authority will
constitute the performance of essential governmental functions, the
bonds issued under this Article, their transfer and the income there-
from (including any profit made on the sale thereof) shall be free
at all times from all State, municipal, and local taxation.

19.    Annual reports; audits.

On or before the first day of December in each year the Au-
thority shall make an annual report of its activities for the preced-
ing fiscal year to the Governor and to the General Assembly. Each
report shall include a complete operating and financial statement
covering its operations during the year. The Authority shall cause
an audit of its books and accounts to be made at least once in each
year by certified public accountants, and the cost thereof shall be
treated as an item of current expenses.

20.    Interest in contracts; authorizing resolutions; payment of ex-
penses; use of State land; right of entry.

(a)  Interest of members or employees in contracts, etc.

Any member, agent or employee of the Authority who contracts
with the Authority or is interested, either directly or indirectly, in
any contract with the Authority or in the sale to or the purchase
from the Authority of any property either real or personal, is
guilty of a misdemeanor upon conviction thereof shall be punished
by a fine of not more than one thousand dollars or by imprisonment
for not more than one year, or both.

(b)  Resolutions authorizing action. Any action taken by the
Authority under this Article, except as to the adoption or promul-
gation of rules and regulations, may be authorized by resolution at
any regular or special meeting, and each resolution shall take effect
immediately and need not be published or posted.

(c)  Incurring liabilities or obligations. All expenses incurred in
carrying out this Article shall be payable solely from funds pro-
vided under the authority of this Article, and no liability or obli-
gation shall be incurred by the Authority hereunder beyond the ex-
tent to which monies are provided under this Article.