750 LAWS OF MARYLAND. [CH. 243

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may by ordinance or ordinances
authorize the issuance of the stock or certificates of indebted-
ness hereby authorized to be issued, in series maturing at stated
periods, and may make payable 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 ordi-
nances, 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 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 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 paying the loan herein authorized; if such
stock or certificates are issued in series, the net premiums re-
sulting from the sale of the entire loan shall be placed to the
credit of any existing sinking funds established for the pay-
ment of any loans of the Mayor and City Council of Baltimore.

SEC. 4. And be it further enacted, That in the expendi-
ture of the proceeds of such stock or certificate of indebtedness,
the Mayor and City Council of Baltimore shall observe the
following conditions:

(1) The Board of School Commissioners of Baltimore 'City
shall approve the sites for the erection of the school buildings
hereby authorized before such sites are acquired by the Mayor
and City Council of Baltimore, which said approval shall be
recorded by said Board of School Commissioners in its official
minutes.

(2) All plans and specifications for the erection or recon-
struction of school buildings or additions or improvements
thereto erected, constructed or reconstructed out of the pro-
ceeds of the loan herein authorized shall be subject to approval
by said Board of School Commissioners prior to final accept-