LLOYD LOWNDES, ESQUIRE, GOVERNOR. 259

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 prop-
erty of the City of Baltimore, from time to time, such sum as
may be necessary to provide therefor, and for the payment of
the principal and interest of the liabilities to be incurred under
this section, and may pass all ordinances necessary to carry out
the purpose of the same. Whenever the Commissioners of
Finance shall be authorized by the City to invest moneys be-
longing 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 the 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 continue 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 Balti-
more, 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, however, that the rate of interest
payable on said loans shall not exceed the rate of five per cent,
per annum; and provided, further, that nothing herein con-
tained 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 author-
ized 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.