770

LAWS OF MARYLAND

Ch. 253

PROPERTY AT THE AIRPORT AND PROVIDE THE ASSESSOR OF
MINERAL COUNTY AND OTHER PROPER GOVERNMENTAL OFFICIALS
WITH FULL PARTICULARS IN REGARD TO THE INVENTORY.

11-107. PARTICIPATION.

(A)    THE COUNTY COMMISSIONS OF MINERAL COUNTY AND
OF COUNTIES CONTIGUOUS TO MINERAL COUNTY, AND THE
GOVERNING BODIES OF MUNICIPALITIES SITUATED IN THOSE
COUNTIES, OR ANY ONE OR MORE OF THEM, JOINTLY AND
SEVERALLY, MAY APPOINT MEMBERS OF THE AUTHORITY AND TO
CONTRIBUTE TO THE COST OF ACQUIRING, EQUIPPING,
MAINTAINING AND OPERATING THE AIRPORT AND APPURTENANT
FACILITIES.

(B)    ANY OF THE FOREGOING COUNTY COMMISSIONS OR
MUNICIPAL CORPORATIONS MAY TRANSFER AND CONVEY TO THE
AUTHORITY PROPERTY OF ANY KIND ACQUIRED PREVIOUSLY BY THE
COUNTY COMMISSION OR MUNICIPAL CORPORATION FOR AIRPORT
PURPOSES.

11-108. FUNDS AND ACCOUNTS.

(A)    CONTRIBUTIONS MAY BE MADE TO THE AUTHORITY
FROM TIME TO TIME BY THE VARIOUS BODIES CONTRIBUTING TO
ITS FUNDS AND SHALL BE DEPOSITED IN WHATEVER BANK OR
BANKS A MAJORITY OF THE MEMBERS OF THE AUTHORITY DIRECT
AND MAY BE WITHDRAWN FROM THEM IN WHATEVER MANNER THE
AUTHORITY DIRECTS.

(B)    THE AUTHORITY SHALL KEEP STRICT ACCOUNT OF ALL
OF ITS RECEIPTS AND EXPENDITURES AND SHALL MAKE QUARTERLY
REPORTS TO THE PUBLIC AND PRIVATE BODIES CONTRIBUTING TO
ITS FUNDS CONTAINING AN ITEMIZED ACCOUNT OF ITS
OPERATIONS IN THE PRECEDING QUARTER. THE ACCOUNTS OF THE
AUTHORITY SHALL BE REGULARLY EXAMINED BY THE STATE TAX
COMMISSIONER IN THE MANNER REQUIRED BY ARTICLE NINE,
CHAPTER SIX OF THE CODE OF WEST VIRGINIA.

11-109. PROPERTY AND OBLIGATIONS OF AUTHORITY EXEMPT
FROM TAXATION.

THE AUTHORITY IS EXEMPT FROM THE PAYMENT OF ANY
TAXES OR FEES TO THE STATE OF WEST VIRGINIA OR ANY
SUBDIVISIONS OF THAT STATE OR TO ANY OFFICER OR EMPLOYEE
OF THE STATE OF OTHER SUBDIVISION OF IT. THE PROPERTY OF
THE AUTHORITY IS EXEMPT FROM ALL LOCAL AND MUNICIPAL
TAXES. NOTES, DEBENTURES AND OTHER EVIDENCE OF
INDEBTEDNESS OF THE AUTHORITY ARE DECLARED TO BE ISSUED
FOR A PUBLIC PURPOSE AND TO BE PUBLIC INSTRUMENTALITIES,
AND, TOGETHER WITH INTEREST ON THEM, ARE EXEMPT FROM
TAXES.

11-110. SALE OR LEASE OF PROPERTY.

IN THE EVENT ALL OF THE PUBLIC CORPORATIONS
CONTRIBUTING TO THE FUNDS OF THE AUTHORITY SO DETERMINE,
THE AUTHORITY SHALL MAKE SALE OF ALL OF ITS PROPERTIES