74 LAWS OF MARYLAND [CH. 29

particular project involved, and for all interest charges
paid or to be paid by the Mayor and City Council of Balti-
more on all funds borrowed by it and expended in connec-
tion with the particular project involved, and for all esti-
mated real estate taxes that the Mayor and City Council
of Baltimore will lose as a result of it acquiring any land
or property involved in the particular project. Any such
contract, after it has been executed on behalf of the Mayor
and City Council of Baltimore by the Mayor of Baltimore
City and the corporate seal of the municipality affixed
thereto duly attested by the Treasurer of the municipality
and approved by the said Board of Estimates, shall consti-
tute a legal and binding obligation of the Mayor and City
Council of Baltimore. In case any construction or improve-
ment be made on, under, in or appurtenant to any land or
other property now or hereafter owned by the Mayor and
City Council of Baltimore, the appraised value of said land
or other property shall be included and considered as a
part of the expenditures of money made by the Mayor and
City Council of Baltimore in connection with the particu-
lar project involved and shall be given full consideration in
any such contract entered into by the Mayor and City
Council of Baltimore.

SEC. 5. And be it further enacted, That the Mayor and
City Council of Baltimore is hereby authorized, in its dis-
cretion, by ordinance or ordinances to: (1) authorize the
issuance of said certificates of indebtedness in series matur-
ing at stated periods; (2) make payable annually a portion
of the principal of said certificates of indebtedness; (3)
provide that any portion or all of said certificates of in-
debtedness may or may not be registered; (4) provide that
any portion or all of said certificates of indebtedness may
or may not have interest coupons attached; all as may be
provided by or under the authority of said ordinance or
ordinances. Said certificates of indebtedness, when issued,
shall bear such date or dates and shall bear interest at such
rate or rates as may be provided by or under the authority
of an ordinance or ordinances of the Mayor and City Coun-
cil of Baltimore, not exceeding, however, five per centum
(5%) per annum. All of said certificates of indebtedness,
or any portion thereof, may be issued subject to being de-
clared or becoming due prior to the maturity date thereof
and all of said certificates of indebtedness, or any portion
thereof, may be redeemed prior to their maturity date with
or without the payment of any premium in connection
therewith, all as may be determined by the Commissioners
of Finance of the Mayor and City Council of Baltimore at