LLOYD LOWNDES, ESQUIRE, GOVERNOR. 293

nance shall be passed by the Mayor and City Council of Balti-
more in the month of November in each year, and as soon as
practicable after the passage of the ordinance of estimates, the
Mayor and City Council of Baltimore shall fix a rate of taxa-
tion not less than the rate stated in the aforesaid report; so that
it shall not be necessary at any time for the City, its officers or
agents, to create a floating debt to meet any deficiency, and it
shall not be lawful for the City, its officers or agents, to create
a floating debt for any such purpose. The tax'es levied under
said ordinance in the month of November in each year shall
be the taxes to be collected for the fiscal year next ensuing after
the said month of November, and may be paid to the City Col-
lector on or after the first day of January next ensuing said
levy. The taxes included in said levy on real estate or chattels
real shall be in arrears on the first day of July next ensuing the
date of their levy, and the taxes included in said levy on all
forms of personal property shall be in arrears on the first day of
May next ensuing the date of their levy, and the taxes on both
forms of said property after they become in arrears as aforesaid
shall bear interest at the rate of six per centum per annum.

41. The Commissioners of Finance shall be the head of the
fourth sub-department of Finance, and shall be a Board com-
posed of the Mayor, Comptroller, Register and two persons
appointed by the Mayor in the mode prescribed in section 25
of this Article, and who shall hold their offices as therein pro-
vided. Both of said two last-named persons shall serve with-
out pay. The Mayor and Register shall sign all obligations of
the City and all City stock. One of the persons appointed by the
Mayor as aforesaid, and so designated, shall be President of said
Board. The Deputy Register shall act as clerk to said Board
and keep the accounts and a record of proceedings of said
Board, and for which service, in addition to the salary of said
Deputy Register herein provided, he shall be paid a salary of
five hundred dollars per annum, payable monthly. This Board
shall select the depository banks for City funds. It shall au-
thorize all temporary loans to be made not inconsistent with
this Article. It shall have charge, control and custody of all
sinking funds of the Mayor and City Council of Baltimore,