1272                             Laws of Maryland                       Ch. 529

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, en-
largements, 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 proj-
ect, financing charges, interest prior to and during construction and
for one year after completion of construction, cost of revenue esti-
mates and of engineering and legal services, plans, specifications,
surveys, estimates of cost and of revenues, expenses necessary or
incident to determining the feasibility or practicability of the project,
administrative expense, and other expenses necessary or incident to
the construction or acquisition of the airport facility or its exten-
sions, enlargements or improvements, the financing thereof and the
issuance of bonds under the provisions of this article and placing
the project in operation.

(d)   Current expenses.—The term "current expenses" means the
Authority's reasonable and necessary costs of maintaining, repairing
and operating [the projects] Airport facilities and includes, without
limiting the generality of the foregoing, the rental payments due
the City under Section 7 hereof, all administrative expenses, insur-
ance premiums, engineering expenses relating to operation and
maintenance, legal expenses, accounting charges of the paying agents
in connection with the bonds issued by the Authority, taxes which
may be lawfully imposed on the Authority or its income or opera-
tions or the property under its control and reserves for such taxes
and payments in lieu of taxes, ordinary and usual expenses of main-
tenance and repair which may include expenses not annually re-
curring, expenses incurred in the performance of the powers and
duties under the provisions of this article, and other expenses re-
quired to be paid by the Authority under the provisions of any
trust agreement securing revenue bonds, or by law, but it does not
include any allowance for depreciation or transfers to the credit
of the sinking fund for the revenue bonds.

(e)  Existing airport facilities.—The term "existing airport facili-
ties" means the properties which are [acquired] leased by the Au-
thority from the Mayor and City Council of Baltimore under the
provisions of Section 7 of this article.

(f)  Fiscal year.—The term "fiscal year" is the period commen-
cing on the first day of July of any year and ending the last day of
June of the following year.

(g)  Airport facility.—The term "airport facility" means, without
intending thereby to limit the generality of the term, any one or
more of the following or any combination thereof: lands, airfield
improvements, terminal area improvements, general aviation facili-
ties, air cargo facilities, general site improvements, utilities, roads,
streets, parking lots, easements, rights-of-way and all other facili-
ties necessary or useful in connection with the operation of a modern
airport and every and all other appurtenances and equipment now
in use or hereafter designed for use in the handling of air carrier
service, general aviation [activities and others] and other activities