1930 LAWS OF MARYLAND [CH. 658

valid and sufficient for all purposes to the same extent as if
such officer had remained in office until such delivery. Should
any officer authorized by such ordinance to execute such bonds
die or become disabled after the passage of such ordinance
and prior to the execution of the bonds, the City may, by a
supplemental ordinance, designate any other officer, in its
discretion, to execute the same. Said bonds may be issued
in coupon form, registerable as to principal or interest, or
both, and may contain provisions for the redemption thereof,
at par or par plus a premium, prior to maturity, all as deter-
mined by such ordinance. Said bonds shall be sold in accord-
ance with the provisions of Sections 35 and 36 of Article 31
of the Annotated Code of Public General Laws of Maryland
(1939 Edition), except that the limitations on the length of
maturities in said Section 36 shall not apply.

SEC. 3. And be it further enacted, That before issuing any of
said bonds, the City shall, by ordinance, determine the project
or projects for which funds are required, and the money so
borrowed, or the indebtedness incurred, in evidence of which
said bonds shall be issued, shall be used by the City exclusively
and solely for the project or projects described in said ordi-
nance. If the funds derived from the sale of any issue of such
bonds shall exceed the amount needed to finance the project
or projects described in the ordinance, the excess funds shall
be set apart by the City and shall be applied in meeting prin-
cipal maturities or in redemption of the bonds so issued.

SEC. 4. And be it further enacted, That all of the bonds
issued under the provisions of this Act shall be issued upon
the full faith and credit of the City and shall be payable from
unlimited ad valorem taxes levied upon all assessable prop-
erty within the corporate limits of the City as now or hereafter
defined. In each and every fiscal year that any bonds issued
pursuant to the authority of this Act are outstanding, the
City shall levy, or cause to be levied, ad valorem taxes upon
all the assessable property within the corporate limits of the
City in rate and amount sufficient to provide for the payment,
when due, of the interest and principal of all such bonds
maturing in each such fiscal year. In the event the proceeds
from the taxes levied in any such fiscal year shall prove
inadequate for the above purposes, additional taxes shall be
levied in the succeeding fiscal year to make up any such
deficiency.

SEC. 5. And be it further enacted, That all bonds issued pur-
suant to the authority of this Act, and the interest thereon,
and the income derived therefrom, in the hands of the holders
thereof from time to time, shall be and are hereby declared to