424                              Laws of Maryland                      [Ch. 141

involved in the particular project. Any such contract, after it has
been executed on behalf of the Mayor and City Council of Baltimore
by the Mayor of Baltimore City and the corporate seal of the
municipality affixed thereto duly attested by the Treasurer of the
municipality and approved by the said Board of Estimates, shall
constitute a legal and binding obligation of the Mayor and City
Council of Baltimore.

(c) In case any land or property now or hereafter owned by the
Mayor and City Council of Baltimore is sold by it to any legal entity
for the purpose of establishing and constructing on, under or in said
land or property any structure or facility contemplated by the provi-
sions of this Act, then the purchaser of said land or property shall
pay to the municipality at least an amount of money equal to the full
appraised value of said land or property, and in case any such land or
property is leased by the municipality to any legal entity for any of
the purposes hereinbefore mentioned, then the lessee shall pay an-
nually to the municipality an amount of money equal to the reasonable
rental value of said land or property. In the event any such land or
property is sold by the municipality as aforesaid and such land or
property is then reconveyed back to the municipality as security for
any loan made by the municipality to the purchaser under the provi-
sions of this Act, then such purchaser shall pay annually to the
municipality in lieu of taxes a sum of money equal to an amount
arrived at by multiplying the assessed valuation of said land or
property for the year in which the municipality sells such land or
property by the then current tax rate of the municipality. All
payments made in lieu of taxes shall be made when real estate taxes
of the municipality ordinarily become due and payable.

Sec. 6. And he it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate pres-
ervation of the public health and safety, and having been passed by
a yea and nay vote supported by three-fifths of the members elected
to each of the two Houses of the General Assembly of Maryland, the
same shall take effect from the date of its passage.

Approved April 26, 1972.

CHAPTER 141
(House Bill 603)

AN ACT to authorize the Mayor and City Council of Baltimore to
create a debt, and to issue and sell its certificates of indebtedness
as evidence thereof, to an amount not exceeding Three Million Five
Hundred Thousand Dollars ($3,500,000.00), the proceeds derived
from the sale of the certificates of indebtedness to be used for the
purpose of extending, enlarging, developing and improving the
municipal water supply and the water system of Baltimore City,
including, but not limited to, the construction, reconstruction and
extension of transmission conduits, tunnels, and distribution mams,
the increasing of the source or sources of supply, the construction
of additional storage reservoirs, additions to and extensions of
existing reservoirs, the construction of additional pumping sta-