1298                        LAWS OF MARYLAND.                  [CH. 520

SEC. 2. And be it further enacted, That the proceeds from the
sale of the certificates of indebtedness hereby authorized to be
issued, not exceeding the par value thereof, shall be used for
the purpose of extending, enlarging, developing and improving
the municipal water system of Baltimore City, including the
purchase and installation of water mains; for which pur-
pose authority is hereby conferred upon the Mayor and City
Council of Baltimore to acquire, by purchase or condemnation,
any real or personal property and/or any right or interest
therein or appurtenant thereto, situated and located in the City
of Baltimore and/or in the Metropolitan District of Baltimore
County, as now or hereafter established, and/or in the Metro-
politan District of Anne Arundel County, as now or hereafter
established, and/or in Howard County.

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
provided by or under the authority of such ordinance or ordi-
nances, not exceeding, however, five per centum per annum. If
said certificates of indebtedness are issued in series maturing at
stated periods, and a proportion of the principal is made pay-
able 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 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 consti-
tute a part of the sinking fund created for the purpose of pay-
ing the loan herein authorized. If said certificates of indebted-
ness are issued in series, the net premiums resulting from the
sale of the entire loan shall be placed to the credit of any exist-
ing sinking fund established for the payment of any loans of the
Mayor and City Council of Baltimore.

SEC. 4. And be it further enacted, That any ordinance of the
Mayor and City Council of Baltimore submitted to the legal
voters of Baltimore City under the authority of this Act, shall
provide for the entire issue of certificates of indebtedness, and
shall further provide for the expenditure of the proceeds there-
of in accordance with the provisions of the Charter of Baltimore