1148 L.AWS OF MARYLAND [CH. 560

struction thereon of wharves, docks, piers, warehouses
and all facilities in connection with the operation and use
of the same, providing that said funds shall be spent by a
commission herein provided for which shall have such
power and authority as the Mayor and City Council of
Baltimore may by ordinance provide, and providing that
none of the proceeds of said loan shall be spent for any of
the purposes for which it is authorized to be used until
after the Mayor and City Council of Baltimore, with the
approval of the Board of Estimates, shall have entered
into a contract for the rental of the property acquired or
improved at an annual charge which shall not be less
than the sum of the annual interest on the expenditure
and the annual sinking or retirement fund charged; and
authorizing and empowering said commission to acquire
by gift, purchase, lease or condemnation any property,
franchise, easements, rights or privileges, and to author-
ize the submission of an ordinance for these purposes
to the legal voters of Baltimore City.

SUCTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Baltimore
be and it is hereby authorized to issue its stock to an amount
not exceeding fifty million ($50,000,000) dollars, said stock
to be issued from time to time and payable at such times and
bearing such rate of interest as the said Mayor and City Coun-
cil of Baltimore shall be ordinance prescribe. The proceeds
of the sale of said stock shall be used for the purposes of this
Act in such manner as may be provided by ordinance of the
Mayor and City Council of Baltimore. The certificates of
stock shall not be issued unless or until the. ordinance which
the Mayor and City Council of Baltimore is hereby author-
ized to pass for the purpose aforesaid, shall be approved by
a majority of the votes, of the legal voters of the City of
Baltimore cast at the time and place named in said ordinance.

SEC. 2. And be it further enacted, That the proceeds of
the stock hereby authorized to be issued shall be applicable
to and used for the purpose of developing, extending and im-
proving the harbor of Baltimore and its facilities, the pur-
chase of such lands and other property, the construction and
establishment of such extensions, alterations or changes in the
public wharves, docks and piers of the City of Baltimore, and