980

LAWS OF MARYLAND.

ing in the aggregate to four million three hundred thousand
dollars ; and

WHEREAS, The present condition of the sinking funds pro-

Preamble.

vided by law for the redemption of said loans at maturity pre-
cludes any possibility that said sinking funds shall be sufficient
to redeem said loans when the same mature ; and
WHEREAS, It will become necessary to issue new city stock

Preamble.

for the purpose of redeeming said loans, which stock it is
desirable should be issued at a lower rate of interest than the
said loans about to mature now bear ; therefore,
SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Baltimore be and

Authority
given to
sell securi-
ties.

they are hereby authorized to sell such of the securities held
by them in the general sinking fund as it may be necessary or
desirable in their judgment to dispose of in redemption at
maturity of the following loans, viz : City Hall six per cent,
loan, maturing March 15, 1900 ; Jones' Falls six per cent, loan,
maturing April 9, 1900 ; Jones' Falls tive per cent, loan, ma-
turing April 9, 1900 ; Jones' Falls three and sixty-five hnn-
dredths per cent. loan, maturing April 9, 1900 ; Jones' Falls
three and one-half per cent, loan, maturing April 9, 1900 ;
Jones' Falls three per cent loan, maturing April 9, 1900;
funding six per cent, loan, maturing July 1, 1900; provided,
that if in the judgment of the said Mayor and City Council
of Baltimore it should be desirable so to do, the securities in
said general sinking fund may be retained to provide for the
redemption of other loans for which the general sinking fund
is intended to provide other than those above mentioned.

Stock to be
leaned.

SEC. 2. And be it further enacted, That the Mayor and City
Council of Baltimore be and they are hereby authorized to
issue the stock of the city to an amount not exceeding the sum
of four million three hundred thousand dollars, and that the
said stock shall be sold or disposed of by the Mayor and City
Council of Baltimore at not less than par, and the proceeds
therefrom applied to the redemption of the various loans here-
inbefore recited, at and immediately after their maturity.
SEC. 3. And, be it further enacted. That the said stock shall

How issued.

be issued in sums of not less than one hundred dollars, redeem-
able by the Mayor and City Council of Baltimore on or after
the first day of January, A. D. nineteen hundred and forty,
bearing interest in the meantime at a rate not to exceed three
and one-half per centum per annum, payable semi-annually,
on the first day of January and the first day of July in each