BALTIMORE CITY. 859

(25) STOCKS, LOANS AND FINANCE.

P. L. L. (1860), Art. 4, sec. 867. 1861, ch. 75. 1876, ch. 167. 1880, ch. 94.
P. L. L. (1888), Art. 4, secs. 801, 804.

To levy upon the assessable property within the city, and collect by
tax any sum which may be necessary to pay and discharge the principal
and interest of any loan which may heretofore have been obtained, or
which may hereafter be obtained by said city according to law. It shall
create a sinking fund to meet the liabilities thus incurred, and may also
levy upon the assessable property of the City of Baltimore, from time to
time, such sums as may be necessary to provide therefor, and for the pay-
ment of the principal and interest of the liabilities to be incurred under
this section, and may pass all ordinances necessary to carry out the pur-
pose of the same. Whenever the Commissioners of Finance shall be
authorized by the city to invest moneys belonging to the sinking fund
of said city, in annuities or ground rents, reserved out of the lands leased
to the city and payable by the said city, the said Commissioners may
purchase such rents or annuities and reversions of such lands; and the
conveyances thereof taken may be made to the Mayor and City Council
of Baltimore, in trust for the benefit and purpose of the said sinking fund;
and in every such case, such conveyances shall not work a merger of the
lease or term, but, until otherwise provided by law, the rent shall con-
tinue to be payable to the city as if such purchase had not been made,
but shall be received and applied by the Commissioners of Finance as.
the income of other investments of the sinking fund may be applied.
Whenever and as often as it may be necessary hereafter to issue certifi-
cates of indebtedness or city stock or bonds of the City of Baltimore,
either for loans of the said city, already created and authorized by law,
but not yet negotiated and issued, or for loans which may be hereafter
created and authorized to be issued as aforesaid, provision may be made,
in the discretion of the city for the payment of any taxes which the
holders of said certificates or bonds may be legally liable; provided, how-
ever, that the rate of interest payable on said loan shall not exceed the
rate of five per cent, per annum; and provided, further, that nothing
herein contained shall prevent the said city from negotiating said loans,
or any part thereof, already authorized by law, but not yet actually issued,
or which may be hereafter created and authorized by law, at a lower rate
of interest than five per cent, per annum, whenever it may appear to the
said city practicable and advisable to do so.

Baltimore v. Gill. 31 Md. 375, Douty v. Baltimore. 155 Md 136,

City has no implied power to change rate of interest on stock authorized but
unissued where rate of interest is fixed in ordinance submitting loan.—Stanley v.
Balto., 146 Md. 277. See, however, para. 25A hereunder, enacted after Stanley v.
Balto.

(25-A)
1927, ch. 155.

To provide by ordinance, or ordinances, whenever it may appear prac-
ticable and advisable to do so, for negotiating its loans, evidenced by