HERBERT R. O'CONOR, GOVERNOR. 45

place as may be fixed by said ordinance or ordinances 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 Constitu-
tion of Maryland, and the Mayor and City Council of Balti-
more in submitting the ordinance or ordinances for the issu-
ance of said certificates of indebtedness to the legal voters of
Baltimore City may submit the same at any Municipal Elec-
tion as well as at any General Election.

SEC. 2. And be it further enacted, That the proceeds of said
certificates of indebtedness, not exceeding their par value,
hereby authorized to be issued shall be used for the acquisi-
tion by purchase or condemnation of land in the City of Balti-
more, and erecting thereon such building, buildings, structure
or structures as may be provided from time to time by ordi-
nance or ordinances of the Mayor and City Council of Balti-
more. A portion of the proceeds of said certificates of indebt-
edness may be used for erecting on land now owned by the
Mayor and City Council of Baltimore such building, buildings,,
structure or structures as the Mayor and City Council shall
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 author-
ize the issuance of said certificates of indebtedness in series
maturing at stated periods and may make payable annually
a portion 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
or ordinances, 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 or ordi-
nances. If said certificates are issued in series maturing at
stated periods, and a portion 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 portion 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 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.