550 LAWS OF MARYLAND.

McDonogh Educational Fund and Institute and Other Institutions.

816. The Mayor and City Council of Baltimore is author-
ized, upon the transfer and surrender to it, by the Board of
Trustees of the McDonogh 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 de-
liver to the said Board of Trustees, the stock or certificates of
indebtedness of the Mayor and City Council of Baltimore, to
the amount of one million of dollars, in the form prescribed by
law for such certificates, redeemable in the year of our Lord
nineteen hundred and thirty-eight, and bearing interest, pay-
able quarterly, at the rate of five per cent, per annum. To pass
an ordinance providing for the said transfer and surrender of
said City stock or certificates of indebtedness, in which the
educational fund derived under the will of John McDonogh, is
now invested, and for the issue and delivery to the Trustees of
the McDonogh Educational Fund and Institute, in considera-
tion of such transfer of said City stock or certificates of indebt-
edness of the Mayor and City Council of Baltimore, to the
amount of one million of dollars. Before the ordinance which
the Mayor and City Council of Baltimore is authorized and
empowered to pass, shall take effect, it shall be approved by a
majority of the votes of the legal voters of the said City, cast at
the time and places to be appointed by said ordinance for sub-
mitting the same to the legal voters of said City, as required by
section 7 of Article XI, of the Constitution of Maryland. To
appropriate annually for the Baltimore Manual Labor School
for Indigent Boys, sum or sums of money not exceeding fifteen
hundred dollars per annum. Upon transfer and surrender to
it, by the Peabody Institute of the City of Baltimore, of six per
cent City stock, to an amount not exceeding five hundred
thousand dollars, to issue and deliver to the said Peabody In-
stitute, in consideration of such transfer and surrender, City
stock in the form prescribed for such certificates by the Balti-
more City Code of eighteen hundred and seventy-nine, re-
deemable in the year of our Lord nineteen hundred and fifty,