AIRPORT RECEPTION. Several members of the second annual Verrazzano Festival Com mittee were on hand Thursday as Count Eugenio Racellai and former Queen Farida of Egypt, official guests of the festival, arriv ed at the Ocean City Airport, Count Racellai of Florence, Italy, a descendant of the ex- Morer Giovanni di Verrazzani, believed to be the first whitesman to set foot on the Deli marva Peninsula, will take part in the fes tival. He will participate in a re-enactment of the original landing. The fes od for Sunday, from 1:20 pm, and after dark, will raise funds for the Mentally Retarded Association, the Ocean City College and the Emergency Center Hospital Organization. Shown above from left to right are Count Rucellai; Mrs. Thomas €. Johnson, co-chair man of the committee; Queen Porida and Mrs. (. FE. Mumford, co-chairman of the committee; (Times Photo}