32 LAWS OF MARYLAND. [CH. 25

any one year, and not to exceed, in the aggregate 90% of the
estimated revenue from said special Paving Tax. Upon the
face of any such note or notes there shall be written or printed
the statement "Secured by pledge of Paving Tax to accrue
under Act of 1912, Chapter 688" and said statement shall con-
stitute a pledge of the proceeds of said paving tax to the pay-
ment of the interest on all such loans until maturity, and for
the payment of the principal thereof at maturity. Every such
loan shall be authorized by a resolution of the Paving Commis-
sion entered upon its Minutes, accompanied by a statement of
the revenue to be anticipated from said special paving tax and
the amount of any loan or loans theretofore obtained in pur-
suance of this Act. Said Resolution shall state the amount
of the loan so to be obtained and the time for which the notes
shall be given. Said Resolution shall then be referred to the
Board of Estimates of Baltimore City, and, if approved by
said board, shall constitute an authority to the Mayor to pro-
cure the loan and give the notes as hereinabove provided. The
notes hereby authorized may be made payable so as to mature
at a date when sufficient receipts will be in hand from said
special paving tax to pay them, or short time notes may be
given and renewed from time to time until there are sufficient
proceeds in hand from said special paving tax to pay them.
The proceeds of every such loan shall be turned over to the
Comptroller, to be by him deposited with the City Register
and placed to the credit of the new paving fund provided for
in the Act of 1906, Chapter 401, and amendments thereto, and
in the Act of 1912, Chapter 688. The proceeds of said loans
shall be appropriated in the Ordinance of Estimates and used
by the Paving Commission in all respects as provided in said
Act of 1906, Chapter 401. Or, in lieu of borrowing money
notes, as hereinabove provided, the said Mayor and City
of Baltimore may issue certificates of stock of said
on, provided that the total amount of said loans and
shall not exceed $1, 000, 000 in any one year and
in the aggregate 90% of the estimated revenue
paving tax. Said certificates of stock to be
nance, and to be issued for such amounts,
such time or times within the time when
ax is payable under said Act of 1912,
ear such rate of interest (not exceeding
d City Council of Baltimore shall, by
The money so realized from the sale of
for the purpose specified in the Act of