542 CITY OF BALTIMORE. [ART. 4.

said mayor and city council, for the payment of any taxes to
which the holders of the. said certificates or bonds may be legally
liable; provided, however, that the rate of interest payable on

said loans shall not exceed the rate of five per centum per annum;
and provided further, that nothing herein contained shall prevent
the said mayor and city council 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 centum per annum,

whenever it may appear to the said mayor and city council prac-
ticable and advisable so to do.

1886, ch. 509.

805. The mayor and city council of Baltimore are author-
ized and empowered to endorse the bonds of the Baltimore and
Eastern Shore railroad company, to the extent of ten thousand
dollars per mile of said railroad, as the same is completed; pro-
vided, that no such endorsement shall be made until an ordi-
nance of the mayor and city council of Baltimore, authorizing
and directing the same, and the terms and conditions and mode
and manner of making said endorsement, shall have been sub-
mitted to the legal and qualified voters of the city of Baltimore,
at such time and place as may be fixed by said ordinance, to be
approved by a majority of votes cast at such election at such
time and place; provided further, that the aggregate amount of

such endorsements shall not exceed the sum of five hundred
thousand dollars, and that the bonds so endorsed shall be secured
by first mortgage on the property and franchises of said Balti-
more and Eastern Shore railroad, and shall bear interest at a
Tate not exceeding three and one-half per cent, per annum; and
provided further, that before the said ordinance shall be passed
by the mayor and city council of Baltimore, or submitted to the
voters of said city, the propriety of making said endorsement
shall receive the approval and endorsement of the board of trade
of the city of Baltimore, of the corn and flour exchange, of the
merchants and manufacturers' association of said Baltimore city,
and of the merchants and manufacturers' association of old
town, expressed by a majority vote of said associations, respec-
tively, and duly certified to the mayor and city council.