78 LAWS OF MARYLAND [CH. 31

SEC. 2. And be it further enacted, That the proceeds of said
certificates of indebtedness hereby authorized to be issued not
exceeding the par value thereof shall be used for the installa-
tion, improvement and conversion of gas street lighting units
and facilities into electric street lighting units and facilities
and the purchase, acquisition, installation and erection of any
and all equipment, units and facilities for the lighting of
streets and public ways and places in the City of Baltimore
and doing any and all things necessary in connection there-
with or pertaining thereto.

SEC. 3. And be it further enacted, That the Mayor and City
Council of Baltimore may, by ordinance or ordinances, au-
thorize 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 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 prin-
cipal 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 indebted-
ness are not issued in series, any premiums realized above the
par value of the whole amount of said certificates of indebted-
ness shall constitute a part of the sinking fund created for the
purpose of paying the loan herein authorized, and if said cer-
tificates 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 pay-
ment 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