Marvin Mandel, Governor                        1279

(B)  THE PURCHASE PRICE OF TWENTY-TWO MILLION
DOLLARS ($22,000,000) SHALL BE PAID TO THE CITY OF
BALTIMORE IN FOUR (4) EQUAL PAYMENTS. THE FIRST
PAYMENT IN THE AMOUNT OF FIVE MILLION FIVE HUN-
DRED THOUSAND DOLLARS ($5,500,000) SHALL BECOME
DUE ON THE DATE OF TRANSFER OF DEED TO FRIEND-
SHIP INTERNATIONAL AIRPORT FROM THE MAYOR AND
CITY COUNCIL OF BALTIMORE TO THE AUTHORITY, 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 CONDITIONS SET
FORTH IN SUBSECTION (A) OF THIS SECTION HAVE BEEN
FULFILLED.]

7. Lease of Friendship International Airport.

(a) The Authority shall lease from, and the Mayor and City
Council of Baltimore shall lease to the Authority any and all of the
right, title and interest which the Mayor and City Council of Balti-
more has in the land and improvements comprising Friendship In-
ternational Airport upon the following terms and conditions:

(1)   The term of the lease shall be not less than forty years,
commencing on September 1,1970.

(2)   The annual rental shall be One Million Four Hundred Thou-
sand Dollars ($1,4.00,000) payable in equal quarterly installments
on July 1, October 1, January 1 and April 1 in each and every year.
Four Hundred. Thousand Dollars ($400,000) of such rent is equal
to the approximate average annual payments which the City must
make in order to amortize the principal and interest on outstanding
bonds of the City which were issued and the proceeds of which were
used for capital improvements at Friendship International Airport.

(3) The lease may provide that the composition of the Authority
shall not be changed without the consent of the city.

(4) (3) The lease shall contain such other terms and conditions not
inconsistent with the provisions of this article as shall be agreed
upon by the parties thereto, and shall become effective only upon
the approval by Resolutions of the Mayor and City Council of
Baltimore and the Board of Public Works.

(4) THE LEASE PROVIDED HEREIN SHALL BE SUBJECT
TO RENEWAL UPON THE AGREEMENT OF THE MAYOR
AND CITY COUNCIL OF BALTIMORE AND THE AUTHORITY
FOR AN ADDITIONAL TERM OF FORTY YEARS UNDER THE
SAME TERMS AND CONDITIONS SET FORTH IN THIS SUB-
SECTION (A). IN THE EVENT THAT THE LEASE IS NOT
RENEWED, THE MAYOR AND CITY COUNCIL OF BALTI-
MORE SHALL BE OBLIGATED TO PAY TO THE AUTHORITY A
SUM EQUAL TO THE DEPRECIATED VALUE OF THE CAPI-
TAL ASSETS OWNED OR CONTROLLED BY THE AUTHOR-
ITY, OR SUBJECT TO THE LEASE PROVIDED FOR HEREIN,
TO THE EXTENT THAT SUCH ASSETS: (1) WERE AC-
QUIRED, CONSTRUCTED OR IMPROVED AFTER THE EFFEC-
TIVE DATE OF THIS ACT; AND (2) WERE NOT FINANCED