258 LAWS OF MARYLAND [CH. 17

tary sewerage and storm water drainage systems of Balti-
more City.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may, by ordinance or ordinances,
authorize the issuance of said certificates of indebtedness in
series maturing at stated periods, and may make payable
annually a portion of the principal of said certificates of in-
debtedness, and any portion or all of said certificates of in-
debtedness may or may not be registered, and said certificates
of indebtedness, or any portion thereof, may or may not have
interest coupons attached; all as may be provided by or under
the authority of said ordinance or ordinances, and said cer-
tificates of indebtedness when issued, shall bear interest at
such rate or rates as may be provided by or under the authority
of said ordinance or ordinances. If said certificates of in-
debtedness are issued in series maturing at stated periods, and
a portion of the principal is made payable annually, the Mayor
and City Council of Baltimore shall annually raise by taxation
the amount of money required to meet the interest and the por-
tion 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 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 funds established
for the payment of any loans of the Mayor and City Council
of Baltimore.

SEC. 4. And be it further enacted, That the Mayor and City
Council of Baltimore may by one ordinance, submit the whole
of this loan to the legal voters of Baltimore City at one time,
or it may by one or more separate ordinances submit a part
of said loan to the legal voters of said City at different times;
and any ordinance or ordinances submitting the whole or any
part of this loan to the legal voters of Baltimore City shall
provide for the expenditure of the proceeds thereof in accord-
ance with the provisions of the Charter of the Mayor and City
Council 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 ordered ENACTED, That this
Act is hereby declared to be an acute emergency law and
necessary for the immediate preservation of the public health
and safety, and having been passed by a yea and nay vote,