(e) Baltimore City shall retain the operating revenue earned by

and shall pay all expenses of operation of friendship International
Airport until July 1, 1972. All expenses incident to the operation
of Friendship International Airport after July 1, 1972, will be paid

by the Director of Finance of Baltimore City until such time as the

date of transfer of deed and the Department of Transportation
advises the City that it is able to assume the collection and disburse-
ment functions. All revenues earned by Friendship International

Airport after July 1, 1972 shall be deposited in a special fund main-
tained by the Treasurer of Baltimore City until such time of the

date of transfer of deed and the Department of Transportation is

able to take over the collection and disbursement section as afore-
said. If at the time the Department takes over the collection and

disbursement functions there is a balance in the special fund main-

tained by the City Treasurer as aforesaid, such balance shall be paid
over to the Department; but it there has been an excess of disburse-
ments by the Director of Finance to meet expenses as aforesaid
over and above the amount in said special funds, the amount of such

months of the date on which the Department assumes responsibility
for the collection and disbursement functions.

3. Payment of the funds to the City of Baltimore provided for

in subsection 2 (b) above shall be made by the Board of Public

Works upon its determination that the conditions set forth in sub-
section 2 above have been fulfilled.

SEC. 6 7. And be it further enacted, That until all of the interest
on fee AND principal of any bonds issued under this Act has SHALL
HAVE been paid in full, there is hereby levied and imposed an
annual State tax on each $100 of assessable property at the rate to
be determined in the following manner: on or before May 1, 1972
1973, and on or before May 1, in each taxable year thereafter, the
Board of Public Works shall certify to the governing bodies of each
of the counties and Baltimore City the rate of State tax on each
$100 of assessable property necessary to produce revenue to meet
interest and principal which will be payable to the close of the next
ensuing taxable year on all bonds heretofore THERETOFORE issued
or authorized by resolution of the Board of Public Works to be

ITS SUCCESSOR shall continue the current capital improvements
programs in progress by utilizing authorized unexpended State and
federal grants together with funds of the City of Baltimore AND
THE FRIENDSHIP INTERNATIONAL AIRPORT AUTHORITY
AND ITS SUCCESSOR. It is understood that these improvement
programs are those financed or to be financed by the City of Balti-

more airport serial loans identified as Airport Serial Loan Eight.
It is further understood that the City of Baltimore will not issue

the Eighth Airport Serial Loan in the amount of four million dollars
($4,000,000). The expenditures by the City of Baltimore for capital

improvements against the Eight Airport Serial Loan shall be re-

imbursed to the City of Baltimore by the State of Maryland through
the Maryland Transportation Authority of the Department of

Transportation in an amount not to exceed four million dollars

($4,000,000) at the time of the sale by the Maryland Transporta-
tion Authority of the first revenue bonds for airport facilities, pro-
vided, however, that such reimbursement shall be made in no event

later than two (2) years from the date of transfer of the deed.

Marvin Mandel, Governor                           527