Marvin Mandel, Governor                        1173

loan associations, investment companies and others carrying on a
banking business, all insurance companies and insurance associations
and others carrying on an insurance business, all personal represent-
atives, guardians, trustees and other fiduciaries and all other per-
sons may legally and properly invest funds, including capital in
their control or belonging to them. Such bonds are hereby made
securities which may properly and legally be deposited with and
received by any State or municipal officer or any agency or politi-
cal subdivision of the State for any purpose for which the deposit
of bonds or other obligations of the State is now or may hereafter
be authorized by law.

22.    Bonds not to be deemed state debt.

Revenue bonds issued under the provisions of this subheading
shall not be deemed to constitute a debt or a pledge of the faith
and credit of the State, but such bonds shall be payable solely
from the funds herein provided therefor from revenues. All such
bonds shall contain on the face thereof a statement to the effect
that the State is not obligated to pay the same or the interest there-
on except from revenues and that neither the faith and credit nor
the taxing power of the State is pledged to the payment of the
principal of or the interest on such bonds.

23.    Exemption from taxation.

The exercise of the powers granted by this subtitle is and will
be in all respects for the benefit of the people of the State of Mary-
land, for the improvement of their health and living conditions, and
since the activities of the Authority and the operation and mainte-
nance of its projects will constitute the performance of essential gov-
ernmental functions, the Authority shall be exempt from any payment
of or liability for any and all ordinary or special taxes, whether
Federal, State or local, now or hereafter levied or imposed, and any
assessments or other governmental charges, EXCEPT WATER AND
SEWER CHARGES IMPOSED BY THE STATE OR ANY OF ITS
AGENCIES OR SUBDIVISIONS. The bonds and notes of the Au-
thority issued pursuant to the authority of this subheading, their
transfer, the interest payable thereon, and any income derived there-
from, including any profit realized in the sale or exchange thereof,
shall at all times be exempt from taxation of every kind and nature
whatsoever within this State by the State of Maryland or by any of
its political subdivisions, municipal corporations or public agencies
of any kind.

Sec. 3. And be it further enacted, That Sections 3 and 35 of
Article 1A of the Annotated Code of Maryland (1957 Edition, 1968
Replacement Volume and 1969 Supplement), title "Aeronautics,"
subtitles "State Aviation Commission" and "General Provisions" BE
AND THEY are hereby repealed in their entirety, and that Section
SECTIONS 4 AND 5 of the same Article be and it is THEY ARE
hereby repealed and reenacted with amendments, to be under the
same title but under the new subtitle "State Aviation Administra-
tion," to read as follows:

4.

THE [COMMISSION] ADMINISTRATION SHALL HAVE
GENERAL SUPERVISION OVER AERONAUTICS WITHIN