136

LAWS OF MARYLAND.

SECTION 1. Be it enacted by the General As-
sembly of Maryland, That the mayor and city
council of Baltimore are hereby authorized and

What to de-
iver.

empowered, upon the transfer and surrender to
them by the board of trustees of the McDonough
educational fund and institute of the city stock,
or certificates of indebtedness, in which the
said educational fund is now under the city
ordinances invested, in consideration of such
transfer and surrender, to issue and deliver to
the said board of trustees the stock, or certifi-
cates of indebtedness, of the mayor and city
council of Baltimore, to the amount of one mil-
lion of dollars in the form prescribed for such
certificates by the Baltimore City Code of eigh-
teen hundred and seventy-eight, redeemable in
the year of our Lord nineteen hundred and
thirty-eight, and bearing interest, payable quar-
terly, at the rate of five per cent, per annum.
SEC. 2. And be it enacted, That the mayor and
city council of Baltimore are hereby authorized

Provide for
transfer.

and empowered to pass an ordinance providing
for the said transfer and surrender of the city
stock, or certificates of indebtedness, in which
the educational fund derived under the will of
John McDonough is now invested, and for the
issue and delivery to the board of trustees of
the McDonough educational fund and institute,
in consideration of such transfer and surrender
of stock or certificates of indebtedness of the
mayor and city council of Baltimore, to the
amount of one million of dollars, as authorized
by the preceding sections.
SEC. 3. And be it enacted, That before the or-
dinance which the mayor and city council are

How effective.

by this act authorized and empowered to pass
shall take effect, it shall be approved by a ma-
jority of the votes of the legal voters of said
city cast at the time and places to be appointed
by said ordinance for submitting the same to
the legal voters of said city, as required by sec-
tion seven of article eleven of the Constitution
of Maryland.

Approved March 23. 1888.