BALTIMORE CITY. 1311

and City Council of Baltimore shall by ordinance prescribe. The pro-
ceeds of the sale of said stock shall be used for the purposes of this Act
in such manner as may be provided by ordinance of the Mayor and City
Council of Baltimore. The certificates of stock shall not be issued unless
or until the ordinance which the Mayor and City Council of Baltimore is
hereby authorized to pass for the purpose aforesaid, shall be approved by
a majority of the votes of the legal voters of the City of Baltimore cast
at the time and place named in said ordinance.

Thom v. Balto., 154 Md. 274.

1920, ch. 560, sec. 2. 1929, ch. 242, sec. 2.

841LL. The proceeds of the stock hereby authorized to be issued shall
be applicable to and used for the purpose of developing, extending and
improving the harbor of Baltimore and its facilities, the purchase of such
lands and other property, the construction and establishment of such ex-
tensions, alterations, or changes in the wharves, docks and piers of the
City of Baltimore, and the construction and establishment of new wharves,
docks, piers and such warehouses, sheds, structures and buildings as may
be deemed proper or desirable in connection with the objects and purposes

of this Act in such manner and under such conditions as may be provided
by ordinance of the Mayor and City Council of Baltimore, subject to
the conditions of this Act.

1920, ch. 560, sec. 3. 1929, ch. 242, sec. 3.

841MM. No part of the proceeds of the loan hereby authorized shall
be spent except upon the recommendation of the Commission hereinafter
required to be appointed, which recommendation shall state the character
of the improvements to be made, the terms upon which the property im-
proved shall be rented, leased or otherwise let or conveyed; and until the
Mayor and City Council of Baltimore, with the approval of the Board of
Estimates, shall have entered into a binding contract, with any person,
firm or corporation, public, quasi public, or private, covering a period
of not less than ten (10) years, secured to the satisfaction of said Board
for the rental of the property so acquired, or to be acquired, improved or
to be improved, at an annual rental charge equal to or greater than the

sum of the annual interest on the expenditure for the acquisition, con-
struction or improvement of the said property and the annual sinking or
retirement fund charged thereon; and should the construction or improve-
ment be upon or appurenant to land or other property now owned by the
City, the appraised value of such land or other property shall be included
as a part of the cost of construction or improvement.

Thom v. Balto., 154 Md. 274.

1920, ch. 560, sec. 4.

841NN. Before the question of the issue of the City stock hereinabove
provided for or any part thereof shall be submitted to the legal voters of
the City of Baltimore, the Mayor and City Council of Baltimore shall