§ 12-2 1951 Act: Approvals required.

No part of the proceeds of sale of the certificates of indebtedness hereby authorized to be issued <em>{cf. Ch. 29, Acts of 1951}</em> shall be expended until after the Off-Street Parking Commission of Baltimore City has submitted its written recommendation, which shall set forth the purposes for, and the terms and conditions upon, which each particular sum of money is to be expended, to the Board of Estimates of the Mayor and City Council of Baltimore and such recommendation has been approved by said Board of Estimates.

In addition, no part of the proceeds of sale of the certificates of indebtedness hereby authorized to be issued shall be expended for actually constructing, erecting, altering, expanding, enlarging, improving or equipping any building, structure or facility on, under or in any land or property, regardless of who owns or otherwise holds or controls any such land or property, for storing, parking and servicing self-propelled vehicles (as distinguished from funds which are necessary to be expended in connection with the acquisition of land or properly or the preparation of plans or the employment of assistants, aides and employees of the Off-Street Parking Commission of Baltimore City or other matters or things which are usually and generally preliminary to the commencement of actual construction work) until after the municipal corporation, with the approval of its Board of Estimates, shall have entered into a binding contract with a private, public or quasi-public corporation, partnership, association, person or other legal entity secured to the satisfaction of the said Board of Estimates, under the terms of which the Mayor and City Council of Baltimore will be reimbursed for at least all expenditures of money made by it in connection with the particular project involved, and for all interest charges paid or to be paid by the Mayor and City Council of Baltimore on all funds borrowed by it and expended in connection with the particular project involved, and for all estimated real estate taxes that the Mayor and City Council of Baltimore will lose as a result of it acquiring any land or property 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 <em>{City Finance Director} </em>and approved by the said Board of Estimates, shall constitute a legal and binding obligation of the Mayor and City Council of Baltimore. In case any construction or improvement be made on, under, in or appurtenant to any land or other property now or hereafter owned by the Mayor and City Council of Baltimore, the appraised value of said land or other property shall be included and considered as a part of the expenditures of money made by the Mayor and City Council of Baltimore in connection with the particular project involved and shall be given full consideration in any such contract entered into by the Mayor and City Council of Baltimore.