BALTIMORE CITY. 1305

1906, ch. 401, sec. 6. 1908, ch. 202.

841Z. That in order to provide money for the work to be done by said
Commission under this Act, as and when portions of such work are from
time to time being done, the Mayor and City Council of Baltimore is
hereby authorized to issue the stock of said corporation to an amount not
exceeding $5,000,000, said stock to be issued from time to time and in
such amounts as the Mayor and City Council of Baltimore shall by ordi-
nance prescribe; provided, however, that not more than $1,000,000 of
said stock shall be issued in any one year, and to be payable at such times
and to bear such rate or rates of interest as the Mayor and City Council
of Baltimore shall by ordinance provide; said amounts of stock shall be
sold and issued by the Commissioners of Finance of the City of Baltimore
at the best prices obtainable in their judgment therefor, and any premiums
derived from the sale thereof shall remain in their hands as parts of the
sinking fund hereinafter mentioned; the residue of the money received
from the sale of said amounts of stock shall be turned over by them to
the Comptroller, to be by him deposited with the City Register and to be
placed to the credit of a fund to be known as the "New Paving Fund,"
which shall be exclusively applicable to the cost of the work authorized
by this Act and shall be chargeable with no other items of cost or expense
whatsoever. Appropriations for the cost of said work, based upon the
estimates of said Commission, shall be annually included by the Board
of Estimates, in the usual way, in the Ordinance of Estimates; and upon
the written requisitions, supported by proper vouchers of the chairman of
said Commission, or of the chairman pro tempore of said Commission,
countersigned by the secretary of said Commission, or by the secretary
pro tempore of said Commission, either of which temporary officers said
Commission is hereby authorized to appoint, by vote or resolution, in the
event of the absence, sickness or other disability for the time being of its
chairman or secretary, respectively, the Comptroller shall draw his war-
rants upon the City Register, payable out of such appropriations from said
special fund for the amounts of all items of cost or expense properly charge-
able upon said special fund; but no part of said stock shall be issued, nor
any member of said Commission appointed, until the ordinance of the
Mayor and City Council of Baltimore providing for the issuance thereof
shall be submitted to the legal voters of the City of Baltimore at such time
and place as may be fixed by said ordinance, and be approved by a majority
of the votes cast at such time and place as required by Section 7 of Article
11 of the Constitution of Maryland; if issued pursuant to such approval,
the Mayor and City Council of Baltimore shall levy in each and every
year, upon all property liable to taxation in the City of Baltimore, a sum
sufficient to pay the interest accruing on said amounts of stock and to
create a sinking fund sufficient, with the aid of any premiums on the sale
thereof, to redeem said amounts of stock at their respective dates of
maturity.

841AA. Formerly 841Q. Repealed by Act of 1908, Chapter 202.