Marvin Mandel, Governor                        1285

enforce any and all rights under the laws of this State or granted
hereunder or under the trust agreement, and may enforce and compel
the performance of all duties required by this article or by the
trust agreement to be performed by the Authority or by an officer
thereof, including the fixing, charging and collecting of rentals and
other rates, fees, and charges for the use of the projects.

16.  Bonds eligible for investment and deposit.

Bonds issued under this article are hereby made securities in
which all public officers and public agencies of the State and its
political subdivisions and all banks, trust companies, savings and
loan associations, investment companies and others carrying on
a banking business, all insurance companies and insurance associa-
tions and others carrying on an insurance business, all administra-
tors, executors, guardians, trustees and other fiduciaries, and all
other persons may legally and properly invest funds, including
capital in their control or belonging to them. The 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
political 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.

17.    Revenue refunding bonds.

The Authority may provide by resolution for the issuance of
its revenue refunding bonds for the purpose of refunding any
revenue bonds then outstanding which were issued under this arti-
cle, including 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] airport
facility or facilities, and (ii) paying all or any part of the cost of
any additional airport facility or facilities. The issuance of the
bonds, the maturities and other details thereof, the rights of the
holders thereof, and the rights, duties and obligations of the Au-
thority in respect thereto shall be governed by the provisions of
this article which relate to revenue bonds insofar as applicable.

18.    Bonds exempt from taxation.

The exercise of the powers granted by this article will be in all
respects for the benefit of the people of the State of Maryland, for
the increase of their commerce and prosperity, and for the im-
provement of their health and living conditions, and as the operation
and maintenance of [the projects] airport facilities by the Au-
thority will constitute the performance of essential governmental
functions, the bonds issued under this article, their transfer and
the income therefrom (including any profit made on the sale there-
of) shall be free at all times from all State, municipal, and local
taxation.

19.    Annual Reports and Audit of Authority.

On or before the first day of December in each year the Authority
shall make an annual report of its activities for the preceding fiscal