58 LAWS OF MARYLAND. [CH. 45

including the municipal election to be held on the first
Tuesday after the first Monday in May, 1947.

SEC. 2. And be it further enacted, That the proceeds
of said certificates of indebtedness hereby authorized to
be issued, not exceeding the par value thereof, shall be
used for the purchase, acquisition, installation and erec-
tion of any and all kinds of classroom, educational or
auxiliary equipment for the educational system of the
Mayor and City Council of Baltimore or for "alterations to,
or the replacement of, any such existing equipment now
owned by the Mayor and City Council of Baltimore.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may, by ordinance or ordi-
nances, authorize the issuance of said certificates of in-
debtedness in series maturing at stated periods, and may
make payable 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 there-
of, may or may not have interest coupons attached, all as
may be provided by or under the authority of said ordi-
nance 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 ordi-
nance or ordinances. If said certificates of indebtedness
are issued 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 pur-
pose of paying the loan herein authorized, and if said
certificates of indebtedness 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 estab-
lished 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, submit a part of said loan to the legal voters
of said City at different times; and any ordinance or