The board shall not expend, within any one calendar year, from the funds derived from the sale of bonds, in excess of $500,000 to meet the operating expenses of the Port of Portland. As used in this section ‘operating expenses’ means the maintenance of plant, structures and equipment and such dredging as may be required to preserve or restore at or to its artificial depth a channel previously excavated by the port. [Amended by 1971 c.728 § 113]

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