THEODORE R. MCKELDIN, GOVERNOR 265

SEC. 3. And be it further enacted, That the Mayor and City
Council of Baltimore may, by ordinance or ordinances, author-
ize 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 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
attached; all as may be provided by or under the authority of
said ordinance or ordinances, and said certificates of indebted-
ness 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 indebtedness 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 portion
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 desig-
nated in the annual Ordinance of Estimates of the Mayor and
City Council of Baltimore.

SEC. 5. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and having
been passed by a yea and nay vote, supported by three-fifths
of all the members elected to each of the two Houses of the
General Assembly of Maryland, the same shall take effect from
the date of its passage.

Approved March 15, 1951.