786 LAWS OF MARYLAND. [CH. 431

est, all as the Mayor and City Council of Baltimore shall by
ordinances from time to time 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 issu-
ance 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 Y of Article 11 of the Consti-
tution of Maryland, and the Mayor and City Council of Balti-
more in submitting the ordinance for the issuance of said stock
or bonds to the legal voters of Baltimore City may submit the
same at any Municipal Election as well as any General Elec-
tion.

SEC. 2. And be it further enacted, That the proceeds of said
certificates of indebtedness not exceeding their par value here-
by authorized to be issued shall be used for the acquisition by
purchase or condemnation of land and/or improvements on land
for the purpose of establishing and maintaining for public pur-
poses an Airport in the City of Baltimore to thereby afford
suitable landing facilities for accommodating land and sea planes.

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 certificates
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 maturing
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
premiums realized above the par value of the whole amount of
said certificates shall constitute a part of the sinking fund cre-
ated for the purpose of paying the loan herein authorized; if
said certificates of indebtedness are issued in series, such pre-