1632

LAWS OF MARYLAND

Ch. 608

payments, subject to the prior use and application of the
proceeds of said tax under the provisions of [§§ 8 and 8A
of this article] §§ 1 AND 2 OF THIS SUBHEADING RELATING
TO THE MARYLAND PORT AUTHORITY LOAN OF 1958 AND THE
MARYLAND PORT AUTHORITY SECOND LOAN OF 1961,
RESPECTIVELY. The balance of the proceeds of such tax,
if any, shall be deposited to the credit of the Maryland
Port Authority Fund, created by said § 288 (f).

(i) Determination of matters by Board of Public
Works. —All matters committed by this section to the
discretion of the Board of Public Works shall be
determined by a majority of said Board.

(j) Authority to borrow in anticipation of receipts
from sale. —In anticipation of the receipt of the
proceeds of the sale of the bonds or certificates of
indebtedness authorized by this section, the Authority
may borrow money at one time or from time to time in an
amount not exceeding the estimated tax revenue to be
received from the proceeds of the tax upon the net income
of certain corporations imposed by § 288 (f) of Article
81 of the Annotated Code of Maryland (1957 Edition, as
amended) within the following twelve months, for the
purpose for which said bonds or certificates of
indebtedness are to be issued, and to provide funds for
paying the current expenses of the Authority prior to the
time when monies will be available for such purpose under
the provisions of this section, and issue its tax
anticipation notes for the monies to be borrowed. Such
notes may be renewed or extended from time to time. All
such notes shall be signed by the State Treasurer with a
facsimile signature and by the chairman of the Authority
or with a facsimile signature of said chairman and
countersigned by the State Comptroller with a facsimile
signature, and a facsimile of the official seal of the
Authority shall be imprinted on the notes and attested by
the secretary—treasurer of the Authority. Upon the
issuance of said bonds or certificates of indebtedness a
sufficient amount of the proceeds thereof (excluding
accrued interest) shall be applied to the payment of such
notes.

(K) [(l)] Meaning of "any project owned or
controlled by the Authority". As used herein, the term
any project owned or controlled by the Authority" shall
mean and include, without intending thereby to limit the
generality of such term, any cargo—handling facilities,
as defined in § 18 (b) of [this] article 62B OF THE
ANNOTATED CODE OF MARYLAND (1957 EDITION, AS AMENDED),
which are acquired by the Authority from the owner
thereof by purchase or lease whether or net such prior
owner shall have the right to reacquire such
cargo—handling facilities, and any extensions,
enlargements, improvements or additions thereto, by
purchase, repurchase, or upon the expiration of any such
lease.

§4. [§ 18.] Exemption from taxation.

[ (a) Bonds. —] The exercise of the powers granted