ALBERT C. RITCHIE, GOVERNOR. 439

of interest, all as the Mayor and City Council of Baltimore
shall by ordinance or ordinances from time to time provide;
but such stock or certificates of indebtedness shall not be issued
in whole or in part unless the ordinance or ordinances 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 or times and place as may be fixed therein
and be approved by a majority of the votes cast at such time
or times 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
stock or certificates of indebtedness hereby authorized to be
issued, not exceeding the par value thereof, shall be used for
the purpose of defraying the costs and expenses of condemning,
opening, widening, straightening, closing, grading and paving
streets, avenues and alleys, and for the construction of new
bridges, the repairing of existing bridges, and the abolishing
of grade crossings in Baltimore City, all as the Mayor and
City Council of Baltimore may by ordinance or ordinances
provide.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may by ordinance or ordinances
authorize the issuance of such stock or certificates of indebted-
ness in series maturing at stated periods and may make pay-
able annually a proportion of the principal of such stock or
certificates of indebtedness; and any portion or all of such
stock or certificates may or may not be registered, and such
stock or certificates or any portion thereof may or may not have
interest coupons attached, all as may be provided by or under
the authority of such ordinance or ordinances, and such stock
or certificates when issued shall bear interest at such rate or
rates as may be provided by or under the authority of such
ordinance or ordinances, not exceeding, however, five per cent.
(5%) per annum. If such stock or certificates are issued in
series maturing at stated periods, and a proportion of the prin-
cipal 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 each year. If such stock or certificates
are not issued in series, any premiums realized above the par
value of the whole amount of such stock or certificates shall
constitute a part of the sinking fund created for the purpose of