WM. PRESTON LANE, JR., GOVERNOR. 45

for the acquisition, by purchase, condemnation or any other
legal means, of land or property, or any rights therein,
in the City of Baltimore, and constructing and erecting on
said land or property, or on any land or property now or
hereafter owned by the Mayor and City Council of Balti-
more, new school buildings, athletic and other auxiliary
facilities, and for additions and improvements to,
or the reconstruction of, existing school buildings,
and for equipment for any and all new facilities
authorized to be constructed or erected by the provisions
hereof. Provided, however, that a portion of the proceeds
of said certificates of indebtedness not exceeding One
Million Dollars ($1,000,000.00) may be used for deferred
maintenance, modernization and improvement of existing
school buildings and facilities.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may, by ordinance or ordinances,
authorize the issuance of said certificates of indebtedness
in series maturing at stated periods, and may make pay-
able annually a portion of the principal of said certificates.
of indebtedness, and any portion or all of said certificates
of indebtedness may or may not be registered, and said
certificates of indebtedness, or any portion thereof, may
or may not have interest coupons attached, all as may be
provided by or under the authority of said ordinance or
ordinances, and said certificates of indebtedness, when
issued, shall bear interest at such rate or rates as may
be provided by or under the authority of said ordinance
or ordinances. If said certificates of indebtedness are is-
sued in series maturing at stated periods, and a portion
of the principal is made payable annually, the Mayor and
City Council of Baltimore shall annually raise by taxation
the amount of money required to meet the interest and
the portion of the principal payable in each year. If said
certificates of indebtedness are not issued in series, any
premiums realized above the par value of the whole amount
of said certificates of indebtedness shall constitute a part
of the sinking fund created for the purpose of paying the
loan herein authorized, and if said certificates of indebted-
ness are issued in series, the net premiums resulting from
sale of the entire loan shall be placed to the credit of any
existing sinking funds established for the payment of any
loans of the Mayor and City Council of Baltimore.

SEC. 4. And be it further enacted, That the Mayor and
City Council of Baltimore may, by one ordinance, submit
the whole of this loan to the legal voters of Baltimore City
at one time, or it may, by one or more separate ordinances,