ALBERT C. RITCHIE, GOVERNOR.                 1101

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 unless
an ordinance of the Mayor and City Council of Baltimore provid-
ing 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 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 acqui-
sition, by purchase or condemnation, of school house sites, the
construction of new school buildings, and for additions and im-
provements to and the reconstruction of existing school buildings..

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
maturing at stated periods, and may make payable annually a
proportion 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
ordinances, not exceeding, however, five per centum per an-
num. If said certificates of indebtedness are issued in series
maturing at stated periods, and a proportion of the principal is
made payable annually, the Mayor1 and City Council of Balti-
more 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 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 authorized. If said certificates of in-
debtedness are issued in series, the net premiums resulting from
the sale of the entire loan shall be placed to the credit of any