ALBERT C. RITCHIE, GOVERNOR.                 1099

($"5, 000, 000), said certificates of indebtedness to be issued from
time to time and for such amounts, payable at such periods, and
to bear such rate or rates of interest, all as the Mayor and City
Council of Baltimore shall by ordinance provide; but said certifi-
cates of indebtedness shall not be issued in whole or in part un-
less 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 Constitu-
tion 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 Balti-
more city, may submit and re-submit the same at any municipal
as well as at any general election to be held in Baltimore City,
including. the municipal election 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 defraying the cost and expenses of condemning, open-
ing, widening, straightening, closing, grading, curbing and pav-
ing streets, avenues and alleys, and for the construction of new
bridges, the reconstruction of existing bridges and the abolishing
of grade crossings in Baltimore City.

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 propor-
tion 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 pro-
vided by or under the authority of such ordinance or ordinances,
not exceeding, however, five per centum per annum. If said cer-
tificates of indebtedness are issued in series maturing at stated
periods, and a proportion of the principal is made payable an-
nually, the Mayor and City Council of Baltimore shall annually
raise by taxation the amount of money required to meet the in-
terest and the proportion of the principal payable in each year.
If said certificates of indebtedness are not issued in series, any
premiums realized above the par value of the whole amount of
said certificates of indebtedness shall constitute a part of the
sinking fund created for the purpose of paying the loan herein