568 LAWS OF MARYLAND. [CH. 358

nances; 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 annum. If said
certificates of indebtedness are issued in series maturing
at stated periods, and a proportion of the principal is made
payable annually, the Mayor and City Council of Baltimore
shall annually raise by taxation the amount of money re-
quired to meet the interest and the proportion of the prin-
cipal payable in each year. If said certificates of indebted-
ness 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 author-
ized. If said certificates of indebtedness are issued in series,
the net premiums resulting from the sale of the entire loan
shall be placed to the credit of any existing 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 or for the issue of any part thereof, and
shall further provide for the expenditure of the proceeds
thereof in accordance with the provisions of the Charter
of Baltimore, and by the municipal agency designated in
the annual ordinances of estimates of the Mayor and City
Council of Baltimore.

SEC. 5. And be it further enacted, That this Act shall
take effect June 1, 1941.

Approved April 28, 1941.

CHAPTER 358.
(Senate Bill 379)

AN ACT to repeal and re-enact, with amendments, Section
8 of Article 77 of the Annotated Code of Maryland (1939
Edition), title "Public Education", sub-title "Formation
of Boards", relating to the appointment of trustees for
the district boards of school trustees in Allegany County,

(Vetoed. )