§ 25-7 Payment in lieu of county taxes.

Immediately upon the approval of the loan of $5,000,000, hereinafter mentioned, by the legal voters of Baltimore City, but not otherwise, the Mayor and City Council of Baltimore shall pay to the treasurer of Baltimore County, out of the proceeds of said loan, the sum of thirty-five thousand dollars, in lieu, and release of, and, as full compensation for, all county taxes due, or to become due, on any and all land, property, or things, acquired or held, or thereafter to be acquired or held, by said Mayor and City Council of Baltimore, under the loan hereinafter provided for and under the provisions of this subheading, or in connection with the work herein contemplated, and thereafter such land, property, or things, when so held or acquired by said City, shall be exempt from taxation for county purposes; all laws, or parts of laws, inconsistent herewith being hereby repealed to the extent of such inconsistency.

The object of <cite data-path="25|§25-7">this section</cite> is to indemnify Baltimore County against all loss in taxes, immediate or prospective, that may be entailed upon it by the appropriation for public use, by the Mayor and City Council of Baltimore, of any and all such land, property or things.