728 LAWS OF MARYLAND. [CH. 221

of Baltimore shall annually raise by taxation the amount of
money required to meet the interest and the proportion of the
principal payable in said year. If said certificates are not
issued in series, any premiums realized above the par value of
the whole amount of said certificates shall constitute a part of
the sinking fund created for the purpose of paying the loan
herein authorized; if said certificates of indebtedness are is-
sued in series, such premiums shall be placed to the credit of
any existing sinking funds established for the payment of
any loans of the Mayor and City Council of Baltimore.

Approved April 9, 1924.

CHAPTER. 221.

AN ACT to authorize the Mayor and City Council of Baltimore
to issue certificates of indebtedness of said corporation to an
amount not exceeding one million five hundred thousand
dollars ($1, 500, 000. 00) for the purpose of providing exten-
sions to its underground conduit systems; and to authorize
the submission of an ordinance for that purpose to the legal
voters of the City of Baltimore and granting to the Mayor
and City Council of Baltimore the right to provide by ordi-
nance for the expenditure of the proceeds of said loan.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Baltimore be, and
it is hereby authorized to issue the certificates of indebtedness
of said corporation to an amount not exceeding one million five
hundred thousand dollars ($1, 500, 000. 00), said certificates of
indebtedness to be issued from time to time as the Mayor and
City Council of Baltimore shall by ordinance provide, and to
be issued for such amounts and to be payable at such times as
the Mayor and City Council of Baltimore shall by ordinance
provide; but no stock or bonds shall be issued in whole or in
part unless the ordinance of the Mayor and City Council of
Baltimore providing for the issuance thereof shall be submitted
to the legal voters of Baltimore City at such time and place as
may be fixed by said ordinance and be approved by a majority
of the votes cast at such time and place as required by Section
7 of Article 11 of the Constitution of Maryland.

SEC. 2. And be it further enacted, That the proceeds of
the certificates of indebtedness not exceeding their par value
hereby authorized to be issued shall be used for the purpose of