ALBERT C. RITCHIE, GOVERNOR.                 1087

it is hereby authorized to issue the certificates of indebtedness
of said corporation to an amount not exceeding one million five
hundred thousand dollars ($1, 500, 000), said certificates of in-
debtedness to be issued from time to time and for such amounts,
payable at such periods, and to bear such rate or rates of in-
terest, all as the Mayor and City Council of Baltimore shall by
ordinance provide; but said certificates of indebtedness shall not
be issued in whole or in part unless an ordinance of the Mayor and
City Council of Baltimore providing for the issuance thereof shall
be submitted to the legal voters of Baltimore City at such time and
place as may be fixed therein, and 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 any ordinance for
the issuance of said certificates of indebtedness, or any part
thereof, to the legal voters of Baltimore City, may submit and re-
submit the same at any municipal as well as at any general elec-
tion to be held in Baltimore City, including the municipal elec-
tion to be held on the first Tuesday after the first Monday in
May, 1931.

SEC. 2. And be it further enacted, That the proceeds of sale
of the certificates of indebtedness hereby authorized to be issued,
not exceeding the par value thereof, shall be used for the pur-
pose of enlarging, extending and improving the municipal con-
duit system of the Mayor and City Council of Baltimore, includ-
ing the acquisition, by purchase or condemnation, of existing
conduit systems, and of any and all land and property, and of
any right, interest, franchise, easement or privilege therein, as
-may be necessary for the enlargement, extension and improve-
ment of said municipal conduit system, the acquisition of all
such existing conduit systems, land, property, rights, interests,
franchises, easements and privileges, including such as are de-
voted to public or quasi public use, being hereby expressly
authorized.

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 matur-
ing at stated periods, and may make payable annually a pro-
portion of the principal of said certificates of indebtedness, and
any portion or all of said certificates of indebtedness may or
may not be registered, and said certificates of indebtedness or
any portion thereof may or may not have interest coupons at-
tached, all as may be provided by or under the authority of
such 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 such ordinance or ordi-
nances, not exceeding, however, five per centum per annum. If