HARRY HUGHES, Governor

3461

7 of this article shall deduct one-half of one percentum
from the total amount of money wagered on all races during
each and every meeting and shall pay to the Maryland Racing
Commission, for the use of the State of Maryland, such sums
so deducted as a tax; the payment of said tax shall be
accompanied by a statement of the licensee or its duly
authorized agent, under oath, showing the amount of money
wagered each day during the preceding meeting. All
deductions and tax payments made hereunder shall be held in
and comprise a fund to be known as the "Racing Fund," and
shall be deposited by the Commission in one or more banks or
trust companies in the State. The members of the Commission
shall have no personal liability for loss to such Fund by
reason of the failure or insolvency or other fault of any
depository if they shall use ordinary care in the selection
of the depository. The Commission shall require any
depository to secure by collateral any deposit therein
comprising a part or all of the Fund.

(b)  The Commission shall not be required to remit any
part of the Racing Fund on hand at any time to the
Comptroller or to the Treasurer of the State, unless and
until said Fund shall revert to the general treasury of the
State in the manner hereinafter provided.

(c)  The amount of the Racing Fund on hand at any time,
representing the deductions made by any particular licensee
from the mutuel pool, previously deducted by such licensee
and paid to the State as a tax, may, with the prior written
and express permission of the Commission, upon such terms
and conditions as it may prescribe, be granted by the
Commission to that particular licensee as a contribution to
its capital for any substantial alterations, addition,
changes, improvements or major repairs to or upon the
property owned or leased by such licensee and by it used for
the conduct of racing. The Commission shall in no case grant
permission- for the above-mentioned projects unless the
licensee shows that the contract for such work was let under
an unrestricted bidding procedure unless the project is
exempted by the Racing Commission because of its unusual
nature. In determining whether to make such grant or grants
as contributions to capital of any portion of the Racing
Fund, the Commission shall give due consideration to whether
its expenditure in each instance will promote the safety,
convenience and comfort of the racing public and horse
owners and generally whether it will tend toward the
improvement of racing in this State. In no case shall
improvements be made at a racetrack in the State of Maryland
under a contract or otherwise with any construction company
owned wholly or in part by any individual, partner, or
corporation which owns or operates a racetrack in the State
of Maryland. Capital improvements and repairs to property
owned or leased by licensees licensed under the provisions
of § 7 of this article are not to be limited by the amounts
contributed to the Racing Fund or by the amounts granted by