1164                             Laws of Maryland                      [Ch. 352

of interest on the bonds during the first three years following the
date of the bonds.

(b)  In the event an industrial building or port facility is to be
leased, [T] the municipality or county may make an agreement or
contract with the industrial concern, public service company or port
facility tenant or tenants which is to occupy and use the industrial
building, buildings, and other facilities provided for in this sub-
heading, that at the time the principal of and interest on the bonds
(or so much thereof as may be applicable to the particular [indus-
trial concern or port facility] tenant) have been paid in full, the
[industrial concern or port facility] tenant may or shall purchase
or otherwise acquire whatever industrial building, buildings, and
other facilities were acquired with the proceeds of these bond funds.
In such event, the consideration for the conveyance or acquisition
may be set at a nominal figure. Such agreement or contract may
include such provisions as the municipality or county may deem
appropriate making its rights in the industrial building, buildings
or other facilities provided for in this subheading senior or junior
to or ranking equally with, any liens, security interest or rights of
others, including any party or parties to any agreement in connec-
tion with such lease and/or their respective security holders and
indenture or mortgage trustees.

(c)  In the event an industrial building or port facility is to be
sold, the municipality or county may make an agreement or contract
with the purchaser with respect to such sale. The agreement or
contract of purchase may include such provisions as the municipality
or county may deem appropriate to effect the financing of the pro-
posed undertaking, including a provision for payment of the purchase
price in installments and the securing of the obligation for such
payment by lien or security interest in the undertaking either senior
or junior to, or ranking equally with, any lien, security interest or
rights of others, including any party or parties to any agreement
in connection with such purchase and/or their respective security
holders and indenture or mortgage trustees.

266F.

If there is any default in the payment of principal or interest
of any bond, any court having jurisdiction of the action may appoint
a receiver to administer the industrial building or buildings or port
facility on behalf of the municipality or county, with power to
charge and collect rents or payments (in installments or otherwise)
on the purchase price sufficient to provide for the payment of any
bonds or obligations [outstanding against] issued to finance the
acquisition of the industrial building or buildings or port facility,
and for the payment of operating expenses, and to apply the income
and revenue in conformity with this subheading and the ordinance
or resolution adopted pursuant thereto.

266G.

(a) At or before the issuance of bonds the legislative body of the
municipality or county, by ordinance or resolution, shall set aside
and pledge the income and revenue of the industrial building or
buildings or port facilities into a separate and special fund to be
used and applied in payment of the cost thereof and, if hereinafter