ALBERT C. RITCHIE, GOVERNOR. 251

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
and the Mayor and City Council of Baltimore in submitting
the ordinance for the issuance of said stock or bonds to the
legal voters of Baltimore City may submit the same at the
Municipal Election to be held in Baltimore City on the first
Tuesday after the first Monday in May, 1927.

SEC. 2. And be it further enacted, That the proceeds of the
certificates of indebtedness not exceeding their par value here-
by authorized to be issued shall be used for the purpose of
constructing additions and extensions to the underground
conduit systems of the Mayor and City Council of Baltimore,
and for the purpose of acquiring by purchase or condemnation
any existing conduit systems.

SEC. 3. And be it further enacted, That the Mayor and City
Council of Baltimore may by ordinance authorize the issuance
of said certificates of indebtedness in series, maturing at stated
periods, and may make payable annually a proportion of the
principal of said certificates of indebtedness; and any portion
or all of said certificates may be registered, or not registered,
and said certificates or any portion thereof, shall have interest
coupons attached, or said certificates or any portion thereof
shall not have interest coupons attached, as may be provided
by or under the authority of said ordinance; and said certifi-
cates of indebtedness when issued shall bear interest at such
rate or rates as may be provided by or under the authority of
said ordinance. If said certificates are issued in series matur-
ing at stated periods, and a proportion of the principal is made
payable annually, the Mayor and City Council 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
premium 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 issued 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.

SEC. 4. And be it further enacted. That this Act is hereby
declared to be an emergency law and necessary for the immedi-
ate preservation of the public health or safety, and passed
upon a yea and nay vote supported by three-fifths of all the