38 LAWS OF MARYLAND [CH. 9

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 real-
ized above the par value of the whole amount of said cer-
tificates of indebtedness shall constitute a part of the sink-
ing 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 sub-
mitting 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 accordance with the provisions
of the Charter of the Mayor and City Council of Balti-
more, 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 in the expen-
diture of the proceeds of sale of said certificates of indebt-
edness, the Mayor and City Council of Baltimore shall
observe the following conditions:

(a) Subject to the provisions of the Charter of Balti-
more City relating to the Planning Commission, the Board
of School Commissioners of Baltimore City shall have the
authority to select sites for the construction of the new
school buildings hereby authorized;

(b) All plans and specifications for the construction or
reconstruction of school buildings, or for additions or
improvements to school buildings, to be financed out of
the proceeds of the loan herein authorized, shall be subject
to the approval of said Board of School Commissioners
prior to final acceptance of such plans and specifications,
and the endorsement of approval by said Board of such
plans and specifications shall be made thereon, and shall
also be recorded by said Board in its official minutes.